Ali Ata Commercial Building Burns in Chicago, in Process of Being Remodeled
Industry: Real Estate
A Windy City commercial building owned by Ali Ata, the owner of AAIM Development, was recently damaged in a fire. However, the building is now undergoing a remodel to restore its function and beauty by the end of 2020.
Chicago, IL (PRUnderground) September 22nd, 2020
The fire that damaged the commercial building, located at 1600 W. 59th St. in Chicago, occurred in late May. The tenants of the building include four restaurants and four retail stores. Since the fire, cleanup of the site of the fire has been completed, and repairs will start shortly. According to Ata, the completion of the repairs is expected before the end of the year.
Ata said that all tenants plant to reopen their businesses so that they can continue to serve the local community.
According to Ali Ata, now remains an ideal time for investors to purchase well-capitalized properties directly. Part of the reason for this is that the current global COVID-19 pandemic might be leading to bargain buys in the world of hotel and retail properties in particular.
When it comes to the top types of commercial properties to pursue, investors are also targeting Class A properties, which represent the commercial pool’s high-end options for renters. That’s because these properties will likely house tenants who will be able to meet their rent obligations long term and in a timely fashion. In light of this, rent payment rates have remained relatively steady since the pandemic struck in March.
Other popular properties to invest in include warehouses as well as those in the cold-storage and grocery market.
Ali Ata said he continues to analyze the property market and seek creative ways of maintaining a robust bottom line for AAIM Development. With a viable approach, the company is expected to keep flourishing no matter what happens in the economy in the weeks and months 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. Please consult a registered investment advisor or CFP before making any investment. This is not a solicitation.