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commercial land

This week marks the end of an era: this Friday, I am selling a tract of commercial land for a lifelong client. A 3.4 acre tract north of the Airport. In a market that is short on available land, you would imagine selling this would be easy. However, it has not been easy. For a variety of reasons and for no particular reason, the site has been hard to sell. I have listed the land for sale for over 3 years. It may be longer than that, yet the seller was really serious about it for three years and really, really serious about it for the last 15 months. With three failed contracts behind us, I have my fingers crossed that this one will close.

I met the seller over 27 years ago. In fact, I may have cold called him while I was pregnant with my first daughter. His eldest daughter was also pregnant so we bonded over that. I leased a portion of that building for him, then helped him sell another building and buy this tract of land. We’ve know each other for nearly all of my commercial real estate career.

Not having this site in my inventory of available properties will create a true void in my life. I am not sure how I will fill my time without it. Seriously, I have a large file with lots of great information for development in it. I have studied this site from a multitude of angles: what was the highest and best use for it, how many square feet can it handle, what are the development challenges? The seller and I know the answers to these questions. Now with the sale pending, I am considering my next move.

You may remember this commercial some years back. A proprietor of a rug shop had only one rug to sell. I think he was named Arnie and the rug, naturally, was Arnie’s Rug. He opened the shop every day and had this one rug for sale. He appeared reluctant to actually sell the rug, since his raison d’etre would vanish. His was a real dilemma. Not exactly the same for me, although this tract is a lot like Arnie’s rug for me. Without the site, I am going to have to craft a new life for myself and fill that void.

I am working on doing just that. My view of the horizon is clear, and I have lots of capacity to sell more real estate. I am going to miss my client and conversations about life, as well as this tract. I hope the new owner lets me keep my sign on the property for a while longer.

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