The United States isn’t short on undeveloped land, but in some areas, vacant lots appropriate for commercial use are quite a rare sight. To make matters more complicated, infrastructure in already developed areas is aging. In fact, one-third of all commercial space is more than 50 years old. Existing spaces are in need of a serious face-lift to support our growing population.
So, how can companies access a highly sought after location in high-traffic areas that are already developed?
Build-to-suit real estate development companies like Quattro Development are helping these brands redevelop commercial real estate in high-traffic areas. Not only does this repurpose outdated or run-down buildings in desirable locations, but it also makes it possible for businesses to expand their footprint within targeted metropolitan areas.
Quattro Development’s co-founders, Rob Walters and Mike Liyeos, share how they redeveloped two outdated properties to help revitalize the commercial landscape in which they’re located.
Quattro Development Acquires and Leases a Florida Car Wash Site
In early March 2023, Quattro Development announced that it purchased a 1.69-acre property in Bradenton, FL that will be redeveloped as a state-of-the-art car wash facility that will be leased to Mammoth Car Wash.
The new business, set to open by the end of Q1 2023, is located at 4217 State Road 64 W. This is a prime location just off State Road 64, which sees well over 50,000 vehicles a day. Quattro Development also chose the site because it’s close to retail centers like Walmart and Starbucks, which will encourage even more traffic.
“This is a unique acquisition for Quattro Development. Typically we buy properties to capitalize on the value that we create through build-to-suit construction and property renovation for our tenants, however this was a purchase aimed at deploying capital in order to genereate long-term cash flow. We like the tenant and the market. We think we’ll do well with the property in the long term,” says Mike Liyeos.
Quattro Development Redevelops a Brewery Into a School
In February 2023, Quattro announced that it sold a commercial property that it redeveloped in Purcellville, Virginia, for $7.7 million. The 1.23-acre property at 130 East Main Street accommodates a 7,700 square foot building that is now leased to Guidepost Montessori.
“Guidepost Montessori has become one of the premier early childhood education providers in and around the nation’s capital. They have had strong enrollment growth and continue to provide a service that is in high demand,” Rob Walters explains.
What was unusual about this deal is Quattro Development renovated an old vacant brewery to make the space operate appropriately for the Montessori school. Construction started in Q3 2022 and the builder expects the location to be ready for Guidepost Montessori in Q2 2023.
Real estate revitalization is a complex issue. However, it takes real estate developers like Quattro Development to bring new life to existing, underutilized spaces. Although it’s a small business with nine employees in total, Quattro Development’s co-founders believe they have the chops to continue revitalizing properties across the United States.
