Commercial Real Estate Specialists

Current News



span

Cornerstone Launches New Website!


Apr 16, 2013

Always in YOUR Corner!

We are proud to announce the launch of our new website. Designed to help our clients - old and new - find and market properties.

Please send us any suggestions, as we are always happy to hear from you.

Existing clients can now use the "Make a Payment" tab at the top of the page to pay their rent. We welcome you to use the "Contact Us" tab to strike up a conversation with us, your comments will be just between you and us so ask for anything you need.

Thank you,
The Cornerstone Team
Always in your corner!


sep

A New Market? Or Just a Meager Recovery?


Apr 16, 2013

Doing market analysis for a local brokerage firm is kind of like being one of a group of blind men examining an elephant. One man, holding the trunk, says he is like a hose; another, gripping a massive leg, says he is like a tree trunk; another, being swished by the tail, says he is like a broom; another, feeling the nice breeze generated by a huge ear, says he is like a fan; the last, patting his side, says he is like a wall. All of them were right, but all of them were inaccurate in summing up the whole picture of what an elephant really looks like.
 
So also are our local market viewpoints. Recognizing that truth, and not being a gatherer of massive volumes of statistics (we will leave that job to those better situated to see the whole elephant with the eyes of a better perspective), we opine on what is happening on the ground in central Palm Beach County, and particularly in the light industrial market.
 
We have been engaged in the leasing, sale and purchase of mostly light industrial properties for decades. In the past three years, we have shifted gears somewhat and begun selling light industrial REO properties for several banks and REITS, and while we can commiserate with the sad affairs of some of the former property owners, foreclosures have become a fact of life, and a huge river of potential sales moving through our local market. We have tried to tap into it, thankfully, and have seen some degree of success.
 
To cast out a few seeds of facts: we sold thirteen condo units in a small twenty four unit industrial park near Jog and Southern starting in 2010. The sales ranged from $35 psf at the lowpoint, to $50 psf in mid-2012. All our inventory has been sold. But recently an owner indicated he would consider a sale for $70 psf cash. So the market is beginning to respond to a shortage of inventory of small (< 2400 sf) IL units, and the pricing is going up. At another light industrial park nearby, we recently sold some units (1210 sf) for $66 psf. A neighboring unit, to those two, just sold this month for $77 psf. In both cases, there has been substantial appreciation in the selling numbers. Since the last quarter of 2012, we have observed a growing desire of small service businesses, plumbers, electricians, etc. to lease small spaces.   Many of them have cash to purchase units and are finding a scarcity of available product: Thus, the prices are recovering.
 
That is a good sign and at least in central Palm Beach County, we are encouraged by the slowly growing demand for small light industrial spaces that are one of our specialties. We also sell larger properties, having closed in the last three months a 29,000 sf industrial property in  Business Parkway, (Bank Owned) in Royal Palm Beach ($37 psf); a 17,000 sf industrial building at Jog and Southern, $58 psf, and a number of smaller sales.
 
Cornerstone Realty Inc. provides many services; we invite your inquiry to see how we may serve your needs.


sep



sep

Todays Date:


The information contained herein has been obtained from sources believed to be reliable, but no warranty or representation, expressed or implied, is made.
All sizes and dimensions are approximate. Any prospective buyer or lessee should exercise prudence and verify independently all significant data and property information.
Notice is herewith provided to any licensed real estate broker that this is NOT an offer of sub-agency.

About Us

Cornerstone Realty, Inc. is a longstanding, family owned Commercial Real Estate Company serving South Florida since 1977.  The “Cornerstone Team” has over a century of combined experience in all facets of the commercial real estate industry.


Read More »
Copyright © 2012 Cornerstone Realty Inc. Affordable Website Design by Skinny Pixel About Us | Services | Properties | Admin Dash

Warning: Unknown: open(/home/content/08/4924608/tmp/sess_vumhvk6998ldo5498r75esf156, O_RDWR) failed: No such file or directory (2) in Unknown on line 0

Warning: Unknown: Failed to write session data (files). Please verify that the current setting of session.save_path is correct () in Unknown on line 0