Special purpose commercial real estate refers to any property type that falls outside the traditional sectors. Amusement parks, churches, self-storage, and bowling alleys are all examples of CRE special-purpose facilities.

The term 'special purpose' becomes even broader from a lending standpoint with the SBA defining a special purpose property as:

 

"a property that is appropriate for one use or limited use: a building that cannot be converted to another use without a large capital investment."​

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According to their SOP, the SBA considers only the following as a limited or special purpose property:

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• Amusement Parks

• Bowling Alleys

• Car wash properties

• Cemeteries

• Clubhouses

• Cold storage facilities where more than 50% of total square footage is equipped for refrigeration

• Dormitories

• Farms, including dairy facilities

• Funeral homes with crematoriums

• Gas stations

• Golf courses

• Hospitals, surgery centers, urgent care centers and other health or medical facilities

• Hotels and motels

• Mines

• Museums

• Nursing homes, including assisted living facilities

• Oil wells

• Quarries, including gravel pits

• Railroads

• Sanitary landfills

• Service centers (e.g., oil and lube, brake or transmission centers) with pits and in ground lifts

• Sports arenas

• Swimming pools

• Tennis clubs

• Theaters

• Wineries

• Marinas

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The above is a comprehensive list for SBA (504 loan) however some conventional lenders may consider certain properties special use when the SBA does not. One example is a gun range as it does not fall within the above criteria, however many conventional lenders would classify it as such.

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VCG can assist in any of the following areas:

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• NNN Lease Services

• Investment Acquisitions & Dispositions

• Market & Demographic Analysis

• Feasibility Studies / Site Selection

• Asset Re-positioning

• 1031 Exchange Transactions

• Landlord & Tenant Services

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