Marketing a Commercial Property to Locate Buyers
Hello BP, This question isn't exactly about investing, but it could be relevant for someone looking to develop or flip commercial properties. My brokerage is listing a vacant commercial lot on a busy highway in a rapidly growing area about a half mile from a brand new Walmart. This lot is 1 acre and is adjacent to the corner lot, also 1 acre, occupied by a dilapidated gas station that could possibly be torn down and developed. Two new Mapco's occupy two of the other corners. The lot is narrow and deep so the possible uses are limited for something such as fast food or a single tenant office, however together with the adjacent corner lot it would be perfect for a pharmacy or small retail development.
Does anyone have suggestions on how to go about marketing this property? What kind of business/investor should I be targeting for such a property: franchise owners, businesses, developers, etc., and how would I go about contacting such individuals? Do pharmacies such as CVS and Walgreens develop their own building, or would they rather do a ground lease with an investor developing the building?
Thanks,
Hugh