One of the nice things about the United States is the size of the country means a variety of economic situations. Investors in California are having a nice go currently, which allows them to invest in other areas that can really use the help. This is a great example of Americans helping each other. It also shows how one state’s economy effects another.
Recently commercial real estate investors from California made a huge purchase in Chicago. The downtown area has been suffering from a bit of a downturn in its real estate market. This particular building has been on the market for quite some time. While bids have been coming in, they have not hit the target for the seller until the California group came along.
The offer is lowering than the full asking price, but high enough to be effective in moving the sale along. The skyscraper will soon change ownership, which is a win for everyone who owns big office buildings in the downtown area. Since sales have been lagging, the sale of this building could signal a rebound, which is something everyone can get behind.
Sometimes all it takes is an outsider to come in and change things. That will hopefully be the case for the real estate market in Chicago, and it is all thanks to investors from California who saw potential and made a deal. While this type of deal offers benefits to both the seller and buyer, not every real estate deal is as equal. That is especially true when it involves investment partnerships, which may benefit from consulting an attorney before finalizing deals.
Source: Crain’s Chicago Business