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NWC’s coverage of retail-commercial properties places
emphasis on neighborhood-level or rural-sited projects;
these are properties whose values are driven by the
market forces of their immediate surrounding area rather
than by regional or national influences. These types of
properties are commonly purchased by smaller investors
for either owner occupancy or lease to local businesses
and franchisees of national chains.
This level of real estate provides unique challenges for
valuation assignments located in the non-metropolitan
areas of Arizona since the influences on value can vary
significantly between communities across the state.
Knowing the community is critical to the analysis.
We believe that even small retailers can no longer rely
simply on a “follow the leader” or a “me too” approach
for their store-selection process. Instead of trusting the
locational decisions made by the larger “players” in the
marketplace; the ever increasing competitiveness of the
retail environment now requires companies to develop
and implement their own site selection strategies.
Retail-commercial property sub-types that we cover
include the following:
- Strip retail centers
- Grocery-anchored centers
- Neighborhood centers
- Freestanding buildings
- Highway commercial
- Downtown buildings (rural communities)
- Tourist shops and galleries
- Country markets
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