Midtown Common erases all signs of Sears

“I think we’re eating in linens right now,” I said casually to my mom recently.

We were taking in the tastes offered by Midtown Common, the new Midtown Plaza food court located in the Sears vacancy.

Any semblance of the historic retailer, however, has all but disappeared.

The shopping space has been replaced with exposed concrete and a modern look.

Basically everything Sears wasn’t.

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Do I have a deal for you

There are many real estate investors who wish they’d just got into a market before a boom.

Appreciation of real estate investments has made many people wealthy over time.

For those willing to take the risk, the reward can be real.

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When time is not on your side

A focus on deal timelines are a necessary evil in our commercial real estate world.

They are the thread that binds conditional lease and sale transactions.

But what happens when issues arise beyond your control that negate those agreed upon timelines?

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Could a long-term national lease devalue your commercial real estate?

We were recently called in to value and market a single tenant property with an existing lease in place. The tenant had been granted an option to renew during their last renewal negotiation.

I informed the owner that we would have been able to achieve a higher price if we were able to go to the market as a vacant property.

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3 ways to make sure you DON’T lease up a vacancy

Oh sure, everyone has ideas about how to get a space leased up.

But when is the last time someone made a list about how not to get a space filled?

Wait no more, landlords, I have a list as such for you.

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What to know before you buy a business

There are important elements to consider when reviewing a business with the intent to purchase.

Taking the time complete a thorough investigation is critical to discover the hidden facts.

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Sage advice for the entrepreneur

As I looked into the eyes of a classroom of entrepreneurs last week I wondered what wisdom I could impart.

My first thought was, good on you. You’ve found a passion and you want to share it with the world!

My secondary thought was, awesome, here comes a commercial real estate agent ready to deflate all your hopes and dreams.

I jest.

But I have heard this comment before, so let’s get it out in the open and have a chat about it.

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Disruption to retail, not death

It’s easy to see the bad news stories about brick and mortar stores shuttering from the overwhelming move of consumers to e-commerce.

But I don’t think retail will ever die completely.

Rather, there is a disruption to the way we’ve known it to be and commercial real estate landlords will have to navigate their way through this new landscape.

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Long term stability for Saskatoon & Regina’s CRE retail sector

While both the industrial and office sectors have displayed somewhat volatile vacancy rates over the past five years, the retail sector has consistently performed well.

Aside from Regina straying slightly over 4 per cent in 2017, both cities have otherwise achieved a number below 4 per cent since 2013.

Let’s take a closer look at each city.

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When not to buy commercial real estate

There are times when it is not wise to invest in commercial real estate.

Alternatively, many potential investors don’t take the plunge out of fear of the unknown and years later regret it.

Let’s look at some examples of when you’d be advised not to purchase.

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