Land Development on Commercial Real Estate (Strip Mall?)
I have plot of commercial real estate off of a highway that I'm unsure about what to do with. Half the property has a CVS Pharmacy on it (the parcel closest to the highway), while the back half is undeveloped. There's access to the back via a road off of the highway. I've been thinking about either building a strip mall myself, or finding someone else to do it, but I'm not sure where to start. Any advice pointing me to the right direction would be much appreciated.
Most Popular Reply
You need to identify what there is a demand for.
Not a good plan to build a strip mall just because it feels right or because there is room for it.
Dive deep into all of the sub market analytics like average income, demographics, traffic counts on this highway, etc. Talk to local commercial brokers, particularly ones who specialize in placing tenants. Build a map of what other property types exist in a 2-3 mile radius.
Maybe a strip mall is the answer. Maybe self storage. Maybe an industrial building. Maybe a medical complex. Maybe a bar/restaurant.
Just make sure you don't rush into this decision!