Many commercial property buyers pause during coronavirus pandemic - The Dallas Morning News

The COVID-19 pandemic is causing some commercial property to hit the pause button on making new deals.

But many investments already in the works are moving ahead.

Just in the last couple of weeks, buyers in North Texas have completed purchases on investment properties in Irving, North Dallas and other locations.

Still, some sellers are delaying putting their properties on the market, and buyers are taking a wait-and-see approach to signing purchase contracts.

“We had one deal that went hard last week on Friday,” with the buyer putting up nonrefundable funds, said John Alvarado with Newmark Knight Frank. “In all, deals that were on the one-inch line seem to be getting done.

“Others have died or gone on pause.”

In markets around the country, some purchases of hotel properties have been called off. Hospitality and retail properties are suffering the most during the slowdown caused by the pandemic.

Douglas Harmon, chairman of capital markets at Cushman & Wakefield, said commercial property transactions will be muted.

“Transaction volumes are down and will be down until we get a floor under us,” Harmon said in a webcast with the commercial property firm’s clients. “Within the spectrum of potential asset value diminution, every asset class is being affected.“

Still, some purchases are going ahead, he said. And some investors are readying capital to make acquisitions when the worst of the pandemic is over.

“We have deals that look like the seller wants to sell and the buyer still wants to buy and they are proceeding,” Harmon said. “Business is not frozen — it is active, even when the majority of transactional work is on some form of hold.”

Creighton Stark of Colliers International’s Dallas office said not all deals in the works are getting canned.

“But there are a few that have been pushed out, or in many cases have allowed some additional time,” Stark said. “We actually just closed one yesterday.”

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Many commercial property buyers pause during coronavirus pandemic - The Dallas Morning News
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