Forecast the vision
Sometimes with little or no warning, the economy can crumble and ground nearly all real estate transactions. We saw that in the early years of the Great Recession, which created unexpected hold periods for investors. We were involved in a project involving a former World War II munitions depot in Charlotte that once assembled Cold War era missiles when that happened to us.
My group bought the Hercules Industrial Park on Halloween 2007. With 440,000 square feet, the industrial/warehouse property is located in Charlotte’s NorthEnd, an industrial area with lower income residences nearby. We were ahead of the market. The area wasn’t yet in great demand but we knew it would be one day. A sign of the future was the Brightwalk urban residential development that was being built and which, when finished, would be + 1,000 homes, principally for middle-income families.
In hindsight, our vision was spot on. It was just bad timing. Fortunately, another real estate entity endorsed our thinking and purchased Hercules along with the former Rite Aid Distribution Center and an adjoining parcel for a total of + 70 acres. ATCO, which has renamed the real estate Camp North End, is doing a great job creating buzz for the area (North End).
Best wishes to ATCO