Repurposing Properties: Creating New Uses from Old Buildings
Investors have long been interested in adaptive reuse which is the process of repurposing a vacant or underutilized building and converting it into another use. Vacant malls, for example, are now being transformed into medical uses, schools and even housing.
Adaptive reuse offers many advantages to developers. It’s sustainable because there is less construction materials needed to convert a building than to create a new one, thus resulting in savings on construction materials. Even better, adaptive reuse allows the historic character of a neighborhood to be maintained.
The commercial real estate market is also changing. While rising interest rates are posing a risk to economic growth, the commercial market is growing well and will continue to do so during the fourth quarter. Commercial real estate such as office parks, malls, and industrial plants are now being bought and sold with the idea of repurposing for more needed uses.
So, what is repurposing real estate? Entrepreneurs have long been interested in adaptive reuse which is repurposing a vacant or underutilized building and converting it into another use. Some recent examples we did here at Fortna Auctioneers:
- In Adams County Pennsylvania, we sold a 22,000 square-foot tractor dealership, and it was turned into a church.
- In Palmyra, Pennsylvania, we sold a restaurant that was then turned into a driving school.
- In Brooksville Ohio, we sold a 62,000 square-foot factory that was then turn into a distribution center.
As the commercial market advances and grows, retail and office become less vital, repurposing of these sites are the key to bringing these properties back to life. Auctions are the proven choice in the buying and selling of such unique properties. by contacting an experienced auction and marketing team for the past 45 years. Let us create a new life for your property.
Contact us, Fortna Auctioneers, with 45 years in auctions and marketing we can create a new life for your property!
