“With inflation concerns making headlines, have you reviewed your lease lately for CPI escalations? Benchmark Commercial offers complimentary lease reviews to better understand your exposure to lease language with CPI (Consumer Price Index) escalation clauses. The more informed you are, the better you can prepare your business for the year ahead.”
Our newest broker, Tish, has been a major asset to the Benchmark team after just one month! We are so thrilled to have her. As we set out on this blog journey, it was important to start from the beginning. I simply asked Tish to give me a short statement about what she has learned/ encountered her first month. Words from the wise!
“As a new broker you will enter a new world of acronyms. Don’t worry, you will learn it. Write it down. Look it up and if you still don’t know, ask. I think if you love learning and you enjoy people this can be such a wonderful career. I was surprised at the diverse nature of personalities in this industry. It has been such a great experience to get so many perspectives on the approach to being a successful broker. The one thing that is key, is patience. So don’t look at this as a sprint but rather a marathon.”- TISHA BRADY
It’s fairly common to see a company buy a building or buy land with the future intent of remodeling the space or building on the land. They ballpark what they think it will cost without talking to a reputable general contractor. Then, they purchase the property, and low and behold, the pricing for what they want is often double or triple what their back of the napkin estimate was. It’s a setup for disaster.
I met a group that had bought land with “good” advice from their family member architect…who is out of state. In the same situation, that architect knew their local market, not this one. The pricing was double what they thought it would be. They have yet to build and are thinking about selling the land. Too bad, lots of brain damage, time, and money were not spent wisely.
Here’s the lesson: Plan what you want to get done upfront as soon as you go under contract on a building or buy a piece of land to build on. Assemble your contractor and architect team. Plan it, approve a plan, get pricing. Be aware of the upcoming dates in the purchase contract and communicate with the seller what you are doing and the timeframe needed to complete this due diligence. Make sure the city/county you are in will approve this work. Only then will you be moving forward with eyes wide open and confidence in your project.
Contact Tanner Mason at 303-395-0112 for more information about this commercial buying property.
New construction! The thought of a new space can be very appealing. Starting with a clean slate and creating something that suits your needs right now can be very seductive. A new industrial space may offer:
Clear height – often over 30 feet
Column spacing – usually 40 feet (or more) between columns
Cross docks – especially important when the distribution is a major element of your business
Larger truck plazas mean that is easier (and faster) for truckers to get in and out
The same may be true for offices, retail space, or any type of commercial property.
Of course, this all comes with a price. Unless you have a commercial construction background you may be fooled by the “steel building ads” that often don’t include the basics like land, utilities, entitlements, the interior finish, landscaping, and many, many more items.
It is usual for new construction to be more expensive than older spaces. You must be sure you need the advantages that are provided. We can help with tools that compare the cost to build vs the cost to buy existing. Or, we can help evaluate the cost of leasing vs the cost of purchasing. We also have many contacts in construction, architecture, banking … or you name it.
So, call or email us because we can help with those decisions … if they are in Colorado or across an ocean.
Contact Jeff Mason with any of your new construction questions at 303-395-0113 or email Jeff at Jeff@CREBenchmark.com.
In this episode, learn the ins and outs of a sale-leaseback transaction. Jaimee also talks about how it benefits the buyer and seller at the same time. One factor to consider — tenants are already in your property which means stable cash flow for you. Jaimee also shares her journey in real estate — starting as a real estate appraiser to a real estate broker. She also emphasizes the need to focus on the network that you already have and nurture the relationship with them. Tune in!
Key Points From This Episode:
Jaimee shares her background in the commercial real estate industry — from being a commercial appraiser to a real estate brokerage career.
Jaime explains what sale-leaseback is and how it can bring potential to some buyers right now.
What’s going to be the incentive with the sale-leaseback option?
How companies benefit from the sale-leaseback option?
The pros and cons of sale-leaseback for the buyer and the owner of the property.
The asset classes where sale-leasebacks usually work — industrial, office buildings.
Why is it important to forge relationships with the brokers?
How Jaimee likes to see operators prepare for a downturn?
Jaimee’s predictions in the real estate market over the next six to twelve months.
The daily habit that helps Jaimee achieve success — nurturing her networks.
Jaimee’s best source for meeting new investors right now — referrals.
The number one thing that contributed to Jaimee’s success.