Recently the Daily Herald’s Business Ledger published an pertaining to a hotel in Palatine being transformed into a senior living facility. The plan is to take the current 191 room hotel and renovate it to offer 168 senior resident units. It is this “out of the box” thinking that often transforms into ideal real estate transactions.
O’Donnell Commercial often applies this out of the box method to their educational, institutional, and hospitality transactions. For instance, a growing church in Aurora needed a meeting place for worship as well as administrative offices on a lease basis. However, the main necessity for the church was the high parking requirement. Our firm was able to procure a retail/office site for the church that provided ample parking due to the retail component of the property. However the office component presented a lower rental rate.
This thinking is extremely advantageous in today’s market where leasing or purchasing vacant property and renovating it are often times cheaper than build to suit options. Sites where big-box developers have vacated are ideal locations for large church groups or institutional uses, even on short term basis. Having a tenant to cover taxes and general maintenance is more advantageous to landlords when compared to vacant sites.
Through our years of operation, we’ve expanded our network of professionals so we stay abreast of out of the box opportunities. If your group has a unique use, we’d be more than happy to help you find an ideal site at the right price.