Virtually all commercial real estate markets, including those in Los Angeles, have sites that appear to remain vacant no matter the curb appeal or location quality. In fact, these sites may stay vacant for several years and eventually develop a stigma among real estate buyers. However, savvy investors in real estate investment partnerships may be able to turn these sites into profitable treasures.
A little statistically strong data and imagination are all that real estate investors need. For instance, real estate professionals can use geospatial analyses to facilitate urban gentrification and revitalization. Revitalization is possible by pinpointing successful businesses that can take up vacant spaces rather than dealing with the hassle and cost of new construction.
When aiming to revitalize a struggling site, examining the marketplace locally to determine what might be missing in the way of services or products is critical. However, in addition to deciding on what is missing, considering the demand for these products or services is also important. For instance, in some areas, pet supply shops, specialty food stores and frozen yogurt shops are simply not in high demand compared with other locales.
Entering a real estate investment partnership to embark on a commercial project can be a daunting process. However, an attorney can provide guidance with the acquisition of commercial real estate and the formation of real estate investment partnerships. The attorney can additionally help with addressing partnership disputes so that one’s personal goals and best interests are ultimately protected in the potentially promising Los Angeles real estate market.
Source: bizjournals.com, “How real estate professionals can revitalize a failed site“, Alexander Martonik, June 15, 2017