Let me help you every step of the way. When purchasing a commercial property, you are faced with a multitude of decisions! The primary one is whether you are well prepared to purchase an ICI property. Locating the perfect commercial property is not an easy task, especially when many potential ICI properties for sale on not listed on MLS. Even if you find it, the process of obtaining a commercial mortgage loan is a complex and tiring process. The commercial mortgage process involves a detailed building inspection of the structure, electrical and mechanical systems, environmental reports (Phase 1 or Phase 2), appraisals and your financial accounting information to name a few. These investigations of the property, including Title and City Zoning and Permits are necessary, even if financing from a financial institution is not required. These ‘Due Diligence’ investigations commonly range from $10,000 to $20,000, with some cases being higher depending the property conditions and previous uses in or around the property. Purchasing a Commercial or Industrial Condo is slightly easier to finance, due to the structure and common area repairs and maintenance being managed by the Condo Corporation and the mandatory upkeep of the Reserve Fund.
Having been involved in all of these processes for my Clients every step of the way, has provided me with the experience to acknowledge many potential issues and have the professionals and solutions to resolve them.
Leasing an ‘ICI’ property is an easier transaction to complete than purchasing. Landlord’s want Tenants and Tenant’s need space. However, Tenant’s should not assume that Landlord’s will entertain all Offers. The most common misconception Tenant’s have is that they assume, because a Landlord is losing income with a vacant premises, that they will entertain low offers, especially if the vacant premises has been empty for some time. That is simply not true. To their surprise many Landlord’s will not even sign back an Offer that is too low. Another misconception is that Tenant’s assume Landlord’s will automatically offer free rent. On the contrary, Landlord’s don’t want to give anything for free. These assumptions negatively impact the Tenant’s negotiation position and opportunity to lease the property. Landlord’s want good Tenant’s. Presenting a Tenant’s fine qualities like business experience, equity and credit (Covenant) makes the Landlord more willing to negotiate their terms. Having a detailed Commercial Offer to Lease complete with Credit Information and Articles of Incorporation is a good way to start. Having negotiated many commercial lease transactions ranging from small to multi-national Landlords, both listed on MLS and ‘off-market’ opportunities, my experience, attention to detail and negotiation skills has allowed me to serve my Tenant Clients well.
Having negotiated many commercial lease transactions ranging from small to multi-national Landlords, both listed on MLS and ‘off-market’ opportunities, my experience, attention to detail and negotiation skills has allowed me to serve my Tenant Clients well.
Your Buyer / Tenant Representative!
As your Vice President of Real Estate I will search for listed and ‘off-market’ opportunities. Visit suitable properties and investigate potential concerns or issues. Draft and strategically negotiate an Agreement of Purchase and Sale or Offer to Lease in your best interest, using supportive market data. Assist with investigations during the due diligence period and be a driving force to resolutions, working in concert with other professionals on your team. If at any time, I fear the risk or costs are too great, as your representative, I will advise you not to continue with the particular property, so we can avoid and or minimize time and expenses and concentrate our efforts in finding your perfect real estate acquisition.