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Tag Archive: For Sale

  1. Did you know…The Commercial Real Estate Market has Four Cycles

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    Did you know understanding market cycles is crucial to commercial real estate?

    The commercial real estate market cycle has four phases: recovery, expansion, hyper supply and recession. Understanding these market cycle phases can help guide decision making when it comes to commercial real estate investing.

    Professor Glenn Mueller of the University of Denver’s Burns School of Real Estate is considered the authority on market cycle phases. He describes the phases as:

    Recovery – This is the first phase (normally following a recession), it is characterized by low demand for commercial real estate and minimal new construction products.

    Expansion – This phase is characterized by balanced supply and demand levels and a stabilized GDP.

    Hyper Supply – During the hyper supply phase, supply begins to outpace demands and construction slows.

    Recession – The recession phase is an extreme continuation of hyper supply with supply outpacing demand. This phase is characterized by falling prices and a declining market; this is when commercial real estate prices hit their lowest.

    (The Commercial Real Estate Cycle & CRE Investment Strategies, 2023)

    What CRE sector is popular right now? According to a recent Moody’s report, because of the popularity of ecommerce, industrial properties like warehouses and distribution centers are in demand (LaSalvia, 2024). Industrial properties with efficient, flexible designs that can be used as warehouses and distribution centers will be the go-to choices to fill ecommerce needs.

    Check out some of Black Diamond Realty’s versatile industrial properties:

    13, 15, 17 Excavation Lane – This industrial warehouse in Morgantown has versatile features to meet your business needs. The 7,500 (+/-) square foot property boasts four overhead doors, is available for sale or lease and can be divided into three separate spaces if desired. Learn more about 13, 15, 17, Excavation Lane. 

    1700 Grafton Road – 1700 Grafton Road is a newly built industrial building available for lease in Morgantown. The 12,000 (+/-) square foot building sits on 2.5 (+/-) acres. Features like five overhead doors, a storage yard and 20’ ceilings add to the efficiency of this property. Learn more about 1700 Grafton Road. 

    56 Distributor Drive – This industrial warehouse/office building is comprised of 28,480 (+/-) square feet and located in Morgantown. The building is equipped with five overhead doors, full drive-through capability, two loading docks, a security system and ample signage opportunity. 56 Distributor Drive can provide the efficiency and functionality your business needs! Learn more about 56 Distributor Drive.

    452 Industrial Park Road – This for lease warehouse building in Jane Lew offers versatility in a convenient location. The property is 7,626 (+/-) square feet on 3.36 (+/-) acres with easy access to I-79, Exit 105. 452 Industrial Park Road features two overhead doors, office space and a large industrial area that would make it a great option for stocking and inventory uses. Learn more about 452 Industrial Park Raod

    123 Turkey Run – 123 Turkey Run Road is a 5.5 (+/-) acre industrial property located in Salem, WV. It consists of two buildings totaling 7,800 (+/-) square feet, two flat, fenced areas for outdoor storage, two covered storage buildings and around 2.5 acres of additional land that could be developed. Learn more about 123 Turkey Run. 

    164 Eyster Road – This offering is a Jefferson County mill that has been in continuous operation since 1869! 164 Eyster Road in Halltown is comprised of 201,380 (+/-) gross square foot industrial manufacturing facility. Learn more about 164 Eyster Road. 

    We are the experts in commercial real estate, to speak to a specialized Associate, call 304.413.4350. Click HERE to visit us online.

    Did You Know: Market Cycles from Black Diamond Realty on Vimeo.

     

    Resources
    For detailed market cycle analysis – Mueller Real Estate Market Cycle Monitor

    References
    LaSalvia, T. (2024, July 2). Q2 2024 Preliminary trend announcement. Moody’s CRE. https://cre.moodysanalytics.com/insights/cre-trends/q2-2024-preliminary-trend-announcement/

    The Commercial Real Estate Cycle & CRE Investment Strategies. (2023, February 3). Avistone. https://avistone.com/learn/understanding-the-four-phases-of-the-commercial-real-estate-cycle/

     

     

     

  2. Did you know…Build-to-Suit is a Type of Commercial Real Estate Lease Agreement

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    Do you know what a “build-to-suit” opportunity on a commercial real estate property entails?

    Build-to-suit is a commercial real estate lease agreement in which the landowner agrees to construct a property according to the requirements of the lessee (ElGenaidi, 2021). A build-to-suit option can be a win-win for both the owner and the lessee. When the owner/developer builds the property for the lessee, they are guaranteeing immediate tenancy on the property, while the lessee is able to reduce their capital investment. Below are some of Black Diamond Realty’s offerings that are available with a build-to-suit option:

    Morgantown Industrial Park – Morgantown Industrial Park is strategically located between two interstates, offering high visibility, and caters to all industrial sectors, including manufacturing, distribution warehouse and general warehousing needs. Large pads (20 + acres) are available and there are for sale, lease and build-to-suit options. Morgantown Industrial Park could be the perfect location your business needs. View the marketing flyer at https://www.yumpu.com/en/document/view/67391782/morgantown-industrial-park-marketing-flyer-phase-i-ii.

    429 Grafton Road – This property is made up of 10.25 (+/-) acres of undeveloped land with a build-to-suit opportunity. Raised 8 – 10 feet off the ground above Route 119, this land boast superior visibility, and a future property will offer impressive views of the Mon River and surrounding landscape. View the marketing flyer at https://www.yumpu.com/en/document/read/59420089/route-119-commercial-land-marketing-flyer.

    Speedway Avenue Business Park – Speedway Business Park is a 23.7 (+/-) acre Fairmont industrial property with a build-to-suit opportunity. The impressive tract of land was once home to a vibrant manufacturing plant and is ready to be restored to its former glory. The land is cleared of trees and brush and ready for a new use. The entire property lies within the city of Fairmont and is zoned for industrial use. View the marketing flyer at https://www.yumpu.com/en/document/read/57185397/speedway-business-park-land-warehouse-marketing-flyer.

    Parcel 12 – White Oaks – Parcel 12 in White Oaks Business Park in Bridgeport is comprised of 1.57 acres of flat land, ready to develop, with a build-to-suit opportunity. The park has been designed in a modern campus-style with green space and outdoor areas and is centrally located along I-79. View the marketing flyer at https://www.yumpu.com/en/document/read/66580713/parcel-12-white-oaks-marketing-flyer.

    192 Pool Drive – 192 Pool Drive is a versatile 10.5 acres of land in Mount Clare, WV available as a build-to-suit opportunity. Located immediately along I-79 just off Exit 115 in Mount Clare, the property offers interstate visibility and easy access to major thoroughfares. It’s the perfect option for an industrial retailer looking for a high-traffic, highly visible, accessible location. View the marketing flyer at https://www.yumpu.com/en/document/read/68736580/192-pool-drive-marketing-flyer.

    1-3 Acres Triadelphia – This flat land is ready for development and offered as a build-to-suit opportunity. This Triadelphia offering boasts easy interstate access, excellent visibility and  benefits from its location in a bustling commercial area of Ohio County that includes a nearby Sheetz, a sports complex, an open-air shopping complex and many big box retailers. 1-3 Acres Triadelphia is a perfect home for a retail, restaurant or office building. View the marketing flyer at https://www.yumpu.com/en/document/view/62364511/118-303-acres-wheeling-marketing-flyer.

    We are the experts in commercial real estate, to speak to a specialized Associate, call 304.413.4350. Click HERE to visit us online.

     

    Did You Know: Build-to-Suit is a Type of CRE Lease Agreement from Black Diamond Realty on Vimeo.

    ElGenaidi, D. (2021, September 30). Is a Build-to-Suit Lease Right for You? Lev. Retrieved August 4, 2024, from https://www.lev.co/blog/build-to-suit-bts

  3. Tax Incentives on Opportunity Zones Sunset in 2026, But There Is Still Time to Invest

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    Qualified Opportunity Zones (QOZs) were created by Congress in the 2017 Tax Cuts and Jobs Act to spur investment into distressed communities around the country. Investors are allowed to place capital gains from the sale of stocks, real estate or businesses into OZ funds without having to pay taxes on those capital gains. This is an investment strategy similar to 1031 exchanges except OZs allow the elimination of tax obligation whereas 1031s only defer tax obligations.

    If the investment is held for five years, a 10% exclusion of the deferred gain is realized; after 7 years that exclusion increases to 15%. After holding the investment in the fund for 10 or more years, the investor can realize a benefit of paying no taxes on the investment.

    Seven years into the 2017 Act, what do investors, future investors and potential land holders in QOZ areas need to know now, and is it still a wise investment?

    While one of the bigger benefits of investing in OZ funds expired at the end of 2021 (the ability to qualify for a 10 percent step-up in investment), the opportunity provided in the 2017 Tax Cuts and Jobs Act is still beneficial. The tax cut incentive has gained traction slowly, but 2022 marked the strongest year for OZ investment since its inception. Through 2026, investors can still access OZ incentives with no capital gains taxation if they hold the investment for at least a decade. The 2017 Tax Cuts and Jobs Act was designed with a 10-year lifespan and will sunset on December 31, 2026. Investing in Opportunity Zones is a generational opportunity to improve your community and reap tax incentives, and, with the Act sunsetting in 2026, investors have a limited time to take advantage. How to get started:

    To invest in an OZ, the investor must either:

    Create a Qualified Opportunity Zone Fund or

    Invest directly into a QOZ fund where at least 90% of the holdings are invested into businesses located within a QOZ.

    OZ funds can invest in either real estate development or start-up/spin-off businesses whose primary office/place of business is located inside the boundaries of the OZ.

    In West Virginia, 55 areas have been designated as Opportunity Zones over 30 counties. Regionally, parts of Morgantown, Fairmont, Clarksburg, and Grafton have been designated as OZs. Click here for a map of OZs.

    In commercial real estate, there are a couple ways to invest into a QOZ. The goal of the program is to spur development into distressed communities; therefore, one cannot purchase land under the QOZ program and just sit and hold the property. A developer can purchase raw land and make improvements to the land by developing a site where a working business entity is to be located. A developer can also purchase property with existing structures but must make investment into the property to ‘significantly’ increase the value of the property; significant is defined as at least doubling the value of the property.

    A popular new trend in Opportunity Zone investing is the chance to take advantage of the Act’s class of land identified as “the energy sector”. The energy sector includes fossil fuels and many designated QOZs are in areas renowned for energy production, like the Marcellus Formation in Pennsylvania.

    The details of the OZ fund program are fairly extensive. Please contact us at Black Diamond Realty or call your accountant or financial planner/advisor to further discuss the benefits of the OZ program.

    The properties below are Black Diamond Realty offerings that are available and located with an Opportunity Zone. Click on the addresses below to learn more about each offering.

    MORGANTOWN

    FAIRMONT

    CLARKSBURG

    GRAFTON

    MARTINSBURG

    Important Dates
    June 28, 2025 – Eligible capital gains recognized in 2024 must be invested by this date.
    June 28, 2026 – Eligible capital gains recognized in 2025 must be invested by this date.
    December 31, 2026 – Capital gains deferral benefit on Opportunity Zones expires.
    December 31, 2047 – The program is scheduled to fully sunset; after this date QOZ zones designations become inactive.

    Helpful Links
    IRS Website – Opportunity Zones
    Map of Opportunity Zones

  7. It’s a wash: Don Stenger selling longtime car wash businesses

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    Two longtime Morgantown car washes are for sale after their owner decided it was time to retire and enjoy the next chapter of his life. “I don’t fish, hunt or play golf,” said Don Stenger, owner of the shuttered Stenger’s on Chestnut Ridge Road and South High Turbo-Matic on High Street. “It’s going to be a hard transition.”

    Stenger, 69, said he decided to close Stenger’s in April after it became too hard for him to find help to staff the business he has owned since 1982. “That was the deciding factor,” he said. “The help I did have was always short-handed.” Stenger has owned South High Turbo-Matic since 1952. It was the site of his family’s store — Stenger’s Inc. — and was converted to an automated car wash after Stenger said his father showed him one in Huntington, where the line was three blocks long.

    “He said to me ‘Donnie if I open one, will you give me a hand?’ ” said Stenger, who was 16 at the time. “I said sure.” The South High Street location will remain open until bad weather hits the area later this year, he said. “For the past seven years, business has dwindled,” Stenger said. “Students today don’t wash their cars. A clean car is a happy car, but I don’t think that is the case today.”

    Both the Chestnut Ridge and South High properties have been listed for sale with Black Diamond Realty LLC. The asking price for the 767 Chestnut Ridge property is $1.95 million. According to the marketing brochure, the total available space is 7,805 square feet and 32,493 vehicles pass the site daily. The ground level of the main building is 6,623 square feet that was used mostly as cashier space and a waiting area. The second floor is 1,049 square feet of storage space. The building also includes five 14-foot-by-nine-foot overhead doors and a large tunnel with an automatic car wash bay. A detached, 133-square-foot building is also on the property. It was previously used as a pet grooming station.

    The asking price for the automatic car wash located at 132 S. High St. is $1.225 million, Black Diamond said. Even though the business dates back to 1952, the current 5,883-square-foot building was constructed in 1980. The car wash, which sits on .67-acre parcel, has nine car wash stalls and 10 vacuum stalls. The additional parking space is available for interior cleaning and detailing. The interior of the building has office and laundry space.

    “I don’t think I could have held on without my wife, Jackie,” Stenger said. “I also want to thank Morgantown for its business over the years.”

     

    Article by Suzanne Elliott, The Dominion Post

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    Interested in purchasing either one of these locations? See the detailed marketing flyer links below and call Black Diamond Realty at 304.413.4350 to schedule a tour.

    View 132 South High Street Marketing Flyer: CLICK HERE

    View 767 Chestnut Ridge Road Marketing Flyer: CLICK HERE

     

    132 South High Street132 South High Street132 South High Street132 South High Street767 Chestnut Ridge Road767 Chestnut Ridge Road767 Chestnut Ridge Road767 Chestnut Ridge Road

     

     

  10. White Oaks continues development in 3-phase build-out

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    White Oaks continues development in 3-phase build-out. The White Oaks planned business community comprises 470 acres that are home to offices, FBI support services, medical support services, oil ad gas businesses, national retailers, restaurants and vital amenities.

    Located at the intersection of Interstate 79 and W.Va. 279, the busy corridor sees an estimated average of 48,500 vehicles per day. It is adjacent to the $350 million United Hospital Center, at the doorstep of the FBI’s CJIS Division and the Biometric Center of Excellence. White Oaks is also located in the heart of Marcellus Shale play.

    Retail Village Building 1 is fully occupied, with the newest tenants being Rominger Dental, Bonnie Belle’s Pastries and Hermasilla’s Deli. They all opened their doors in 2017.

    Retail Village Building 2 is under construction, with the first tenant to be Starbucks, Bridgeport Community Development Director Andrea Kerr said.

    Starbucks occupies 2,200 square feet of the 8,749-square-foot building located directly across from Building 1, she said.

    “Starbucks is estimated to cost about $175,000, while the entire Retail 2 shell is $884,320. The second building will be similar in size to the first one, with room for additional tenants,” Kerr said.

    Thrasher said Starbucks will be located in the far right end of Retail Village 2 and feature a drive-through.

    “We are looking to turn over that portion of the building to the company by June 1,” Thrasher said. “It will also have a 550-square-foot patio. I anticipate it opening late this year.”

    Cove Run Construction is doing the site work on Retail 2. Lee Reger Builds is the building construction contractor.

    “There are four more bays available, with interested parties in discussion. We have no final contracts at this time,” Thrasher said.

    Clear Mountain Bank will be located directly behind Retail Village 2. Cove Run is doing the site work.

    “They are about ready to bid the architectural work,” Thrasher said. “Regional Eye Associates will be located near Friday’s, with Cove Run preparing the site and Elite Custom Builders doing the construction.”

    Phase II and Phase III are being marketed now, with Elite Custom Builders to be located across from the W.Va. 131 entrance to White Oaks near Bear Express and the Shell fuel station in an area referred to as The Wedge, Thrasher said.

    5ab53ed92de38.image

    A large vehicle dealership, Freedom Kia, opened in 2017 in Phase III of White Oaks, located off W.Va. 131.

    Hermasilla’s Deli Market, a longtime staple of the Fairmont community, recently opened the doors to a 32-seat second location at White Oaks.

    Along with its signature sandwiches — which feature hand-sliced meats, a wide selection of cheeses and an array of toppings, condiments and vegetables — the establishment also offers salads and sells meats and cheeses in bulk.

    “White Oaks has been very aggressive in developing their property. They don’t stop in the winter. It is a year-round operation,” Kerr said. “It is good for them and great for us. It is a fantastic partnership that we hope to see continue for many more years.”

    Craig Baker, Architecture Division manager for the Thrasher Group, agreed with that sentiment.

    “White Oaks should be commended for their steadfast commitment to the architectural design covenants of the park. They had a vision of what they wanted the park to be and stuck with it,” Baker said. “One thing that makes White Oaks special is how they continually strive to maintain their identity as one of West Virginia’s premier business locations. With the addition of the park and trail system, White Oaks has maintained its identity as a great place to work and play.”

    White Oaks Phase II does not currently have any lots sold. It is located just past the Manchin Clinic Assisted Living Facility that opened late last year.

    Thrasher explained that while Phase I and II are primarily billed as a high-end business park, Phase II will also be for industrial use. Freedom Kia is the first business to locate in that area.

    Freedom Kia was previously located on Emily Drive. However, it began to outgrow its space and decided to move in October.

    “It came to a point where the volume of sales, our service department could not support. It was a situation where to continue to grow and provide our customers the support and service we want them to continue to have, we needed to give them a facility to be able to do that,” General Manager Jadd Buchanan said.

    The dealership facility cost around $5 million, an investment that allowed the company to stay local.

    “This became our home. We built a business here, and we didn’t want to abandon the customers we had sold to or serviced over the years,” Buchanan said. “We wanted to provide a location that was much more user-friendly as far as access — now it’s right off I-79, Exit 125 on Saltwell Road. It’s easier to get to for our employees who live in the area, and our residents in this direct area, so I think that was an easy decision.”

    In its new location, Freedom Kia has tripled the size of its service department, having gone from four lifts to 12, and added a substantial amount of inventory. The space also includes a car wash, which is complimentary when a car is brought in for servicing, and it’s generally more accessible.

    General Sales Manager Dorsey Larew said the larger facility has several perks.

    “We can house more mechanics, and therefore get you in and out faster. Sales display was a little tough when you’re parking in a parking lot versus an actual dealership that was built for that, so that’s been good,” Larew said. “With the lot, you can drive around and be able to look at all of our cars without having to get out of yours.”

    Located at 97 Joy Lane near Bridgeport, accessibility is a prime feature of the new location.

    “We’re a lot more convenient to get in and out of,” Larew said. “Going down Emily Drive, it was tough to get in and out.”

    In addition to offering online credit applications and service appointments, a two-year maintenance plan and a lifetime of state inspections on every car purchased at the location, Freedom Kia also has people who truly enjoy their work, said Jeannie Boyles, who has been the receptionist for six years.

    “We have great people who work here. They’re dedicated, friendly, and are happy to be here,” Boyles said. “That’s important for the company — to be able to come to work and know what you’re doing. It brings a lot of customers in from around the area, and the customers appreciate that, knowing we care about them that much.”

    For the future, Buchanan is looking forward to continued growth and being able to enhance customer service even more, staying focused on giving every individual personal help. At the new location, Freedom Kia offers several complimentary amenities, including local transportation, a kids entertainment room, and more.

    Baker-Hughes owns a parcel in Phase III, but there has been no word on the future plans of the company for the site, Thrasher said.

    “We work with other developers, but own main developer is White Oaks Business Park and we work with Black Diamond Realty, Morgantown.

    Staff writer Darlene J. Swiger, The Exponent Telegram

  12. September Newsletter

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    View our September Newsletter: Black Diamond Trophy Reenergizes a Rivalry While Industrial Demand Ramps Up

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  13. Valley Worlds of Fun Searches for New Owner – WBOY12

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    PLEASANT VALLEY – Valley Worlds of Fun has been part of Marion County’s history for decades. Now, the property is for sale and it has residents worried about what it means for the future of the entertainment center.

    Since 1972, Bruce Martin’s family has been the name behind Valley Worlds of Fun. It started as Valley Lanes, a 32-lane bowling alley. Then came the entertainment center, which Bruce’s father, Bob, started with a purpose. “He just had always felt some kind of a mission in life to provide the kids in the neighborhood a place to play. He thought we were pretty lacking in recreational stuff in the area and he just always wanted to give back in that way,” said Bruce Martin, Co-Owner of Valley Worlds of Fun. But several years ago, Bob suffered a stroke. It was around the time of the recession, when families cut expenses for recreational activities. Bruce said the aging population did not help, either. “One of the challenges we’ve had over the years is since the population doesn’t change on a regular basis, we needed to change so that it didn’t become boring or old had to people. We needed to make it new and exciting all the time and that’s certainly a challenge,” said Bruce Martin.

    Now, it is for sale for $1.9 million, plus $200,000 for the attractions. The Martin family is looking for someone who will buy the property as is and improve it as a family entertainment center. Within the last several years, new attractions like archery tag, knocker balls and a new laser tag system have been installed. “We’ve just reached a point where I’d love to find somebody that this is their primary focus want to carry on the tradition for the neighborhood,” Bruce Martin said.

    Bruce said all events scheduled at Valley Worlds of Fun will continue as planned and his family will continue with ownership until a sale is finalized.

    Click here to view the article and video at WBOY.

  15. June Newsletter

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    View our June Newsletter: Summer Fun Awaits! See Where…

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Morgantown, WV 26505

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Martinsburg, WV 25404

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