This week comes news that Microsoft Corp. has exercised an option to purchase its Northlake data center for $185 million. Crain's Chicago Real Estate Daily reports that the deal represents a growing trend in commercial real estate in Chicago: cash-rich tenants acquiring investment property from their landlords. We can attest to this trend, and furthermore, if you’re a tenant, you don’t need $185 million to take advantage. The distressed commercial real estate market in Chicago is creating unprecedented opportunities for businesses and individuals to acquire investment property.
As a tenant who occupies commercial property day in and day out, you're in the best position to understand your landlord's financial situation, inability to manage a building, or other factors that could motivate a sale. Still, don't make the false assumption that dealing directly with your landlord will net you the best deal. More often than not, it won't. If you're thinking about buying your leased retail, office, industrial or multifamily property in Chicago, contact a Chicago commercial real estate broker to discuss your options and develop a plan. A broker will not only help you value the property and negotiate the best deal, but they will also be able to help you identify good deals on alternative properties, giving you more options and potentially more leverage.
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Peter Lynn & Dan Rosenberg | ||
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Building Equity Commercial Real Estate | |
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