MACY’S TO CLOSE UP TO 10 DOWNTOWN STORES

As a result of the “work from home” era and massive drops in tourism, Macy’s looks to close the doors of 10 of its downtown locations.  With the increase in digital sales, there is a massive decrease in foot traffic.  However, there is hope.  The rate at which people are returning to work is nearly doubling each quarter.  MACY’S is not the only retailer facing closures.  CVS is planning to close an excess of 900 stores in the next 3 years.

 

THOUGHT OF THE WEEK !

“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.”

 

-Jaimee Keene, Benchmark Commercial

 

Advice From A Newbie!

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

 

 

PLANNING AHEAD, DATE WATCHING…AND KNOWING WHAT YOU’RE GETTING INTO  

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.