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Alia Ata of AAIM Development, a leading property development firm, recently purchased a new mixed-use property in Illinois. The newly purchased property is situated along Burbank’s Harlem Avenue, a heavily trafficked corridor in the Cook County city.
The building offers a unique combination of residential, office, and retail space. It is currently being rented to relatively small office and retail users. The property also features eight apartments on its second floor. However, it will soon undergo major redevelopment changes to the tune of $2.5 million, according to Ata.
For starters, Ata is currently going through the lease negotiating process with a medical user and financial institution for the property’s retail space. In addition, AAIM Development is planning a major rehabilitation of the property’s residential units.
Ata’s recently purchased building is not the first one to have been purchased lately in the area. Multiple redevelopments of existing buildings there have recently taken place, as real estate investors are eager to capitalize on Harlem Avenue’s heavy traffic.
According to Ata, the current environment is a perfect time for well-capitalized real estate investors to purchase properties directly. Office spaces are especially valuable due to their unique ability to foster productivity, shared cultures, and collaboration in person, unlike remote workspaces. In addition, office tenants usually have leases that are long term, which is excellent for investors. Furthermore, smaller retail spaces, as opposed to sizable department stores, should remain in demand because business owners can conveniently use them to offer services to local communities, according to Ata.
Ali Ata continues to assess the current real estate market and search for innovative ways of keeping AAIM Development’s bottom line as robust as possible from one day to the next. According to Ata, with the right approach, the firm can continue to flourish no matter how the financial market may change in the months and years ahead.
Disclaimer: The news site hosting this press release is not associated with Ali Ata or AAIM Development. It is merely publishing a paid press release announcement submitted by a company, without any stated or implied endorsement of the person, product, service, or information above.
