“The buyers who got into the market that bought some of these bank-owned deals have very quickly been able to re-tenant those,” said Rebecca Wells, an executive vice president of Jones Lang LaSalle’s capital markets group. “In some cases, these owners are going to be able to double their money.”
The commercial real estate ecosystem is having a “Lion King” moment. The circle of life continues, after the brush fire of the recession left some of the sturdier office properties available for a song. Opportunistic critters took ownership, spruced them up, brought in new tenants, and now are profiting handsomely by reselling the buildings in our healthier market. IBJ’s Scott “Simba” Olson explains why the flippers are singing “Hakuna Matata.” And they’re not done.