Leasing:
The ability to attract and retain the best tenants is always the highest priority for any property owner. Since 1977 we have made this a hallmark of our efforts on behalf of any owner we represent, for our own properties, and for other owners when we represent the tenant.
Over this period of time we have successfully negotiated several hundred leases. We have worked with tenants such as Starbuck's, Michael's, Gold's Gym, Continental Baking Co., Chin Chin Restaurants, Mail Boxes, Etc., Pep Boys, Jack in the Box, Standard Oil, Public Storage, Arby's, Dairy Queen, Home Federal Savings & Loan, Quizno's, and many other local and national tenants.
What we do:
The local market is researched by the leasing agent who does an in-depth analysis of the property, the current tenant mix, current leases, and leases set to expire in the near future. A summary of leases is made to get a more complete picture of the income and expense aspects of the property.
This summary shows the inception and expiration of each lease, the type of lease (NNN, Modified Gross or Gross Lease - or some other hybrid type of lease), and other data such as amount of deposit, CAM charges if applicable, when CAM charges are paid and how they are calculated if applicable, and other pertinant lease clauses.
This information is then presented to the property owner and a marketing plan is prepared by the agent, keeping in mind the overall plan that will be in the best interests of the client.
The owner is then asked to sign an exclusive agreement allowing the agent to represent the owner and begin the leasing process.
The listed property is placed in the computer database.
The agent actively generates a list of potential lessees and marketing packages are sent to these prospects.
Brochures are also sent to local real estate companies and the property is advertised in regional commercial real estate web sites for greater exposure.
Additionally, brochures are sent to previous clients who have leased similar properties in the market area.
The property is then shown to pre-qualified lessees, and follow-up calls are made to all interested lessees. Weekly progress reports are given to the owner detailing the types of potential lessees, their comments, and the results.
All offers to lease are then presented to the owner and a lessee is selected that best represents the goals of the owner, as well as being compatible with other tenants in the center. Having the proper tenant mix is important to the success of any retail center. The negotiated lease is acccepted and the tenant makes plans to move in.
We coordinate the move-in, the type of tenant improvements required to be made, and work with the contractors and subcontractors that are chosen and make sure that they are bonded and licensed for the type of work they are undertaking. We require that the contractor /subcontractor provide us with a copy of their license, insurance and bond, as well as a copy of their workman's comp policy if they have employees.
We make sure the required permits are issued, that a Notice of Non-responsibility is placed at the site of the improvements, that all inspections are passed, and that the Certificate of Occupancy is issued before the tenant is allowed to open the business.