A certain element of success in Commercial Real Estate is that of simple perseverance! With the stresses of the economy over the past few years, both Tenants & Landlords, as well as Buyers & Sellers are being very cautious as they make financial decisions.
All too often, we see both sides having unrealistic expectations as to the realities of the current market. At times, this results in negotiations slowing down, stalling or even terminating. In these types of delicate situations, we’ve been particularly effective in finding ways to break endure through challenging negotiations, resulting in a win/win deal for our clients.
A few examples:
Our client, a long time local family and retail business, decided to sell their building.
Working with a growing technology firm, as well as their development partner, we went through an eleven month negotiation process that had multiple phases and iterations. There were several times when the situation stalled. However, we were persistent and continued to work diligently through the issues, eventually resulting in all sides winning.
In late 2010, a small 4,500 square foot building came onto the market in downtown Vancouver. This building was an ideal space for an owner/user of a professional firm. We quickly moved into action, contacting four firms we had relationships with, resulting in a high quality financial planning firm purchasing the property… all happening within six weeks of the listing being posted!
A well regarded local accounting firm’s lease was expiring. They wanted to do a study to determine if they should re-new their lease or seek new quarters, as they desired to be in the downtown Vancouver area. We quickly got to work, putting together a comprehensive inventory of options for them to consider. We arranged for site inspections, helped them evaluate the proposal from their current landlord, and structured an offer on a more modern, high profile space. Due to the long negotiating period and an upset current Landlord, who insisted they immediately vacate their existing premises, we also helped them secure a temporary two month location to allow them to keep their operation running. As the negotiations ran into challenges, we were able to make a couple key suggestions that ultimately unlocked the impasse.
A local RV company was dissatisfied with their lease. It was located on a sizeable piece of ground along a major thoroughfare. While they had a fair amount of drive by traffic, their space was not ideally suited for the convenience of their target market. They called us and we were able to help them find a location right off a major freeway exchange. This provided them with a huge increase in signage, visibility and access to Oregon buyers. This transaction took three weeks to complete.
Even though the economy has been challenging, many professionals are seeking to start their own companies. We were approached by two such CPA’s who wanted to start their own firm. They needed an affordable space in a high quality property to convey the proper image to their clients. Their goal was a central location within the county and we were able to place them with a great Landlord near the Vancouver Mall. The CPAs loved the building from the beginning; however, the individual space needed a couple of adaptations. The Landlord, along with his Agent, personally sat and discussed the client’s needs, working through to a solution. From their initial call, to our gathering an inventory, touring properties, working through negotiations and signing a lease, was four weeks and the landlord delivered the space about thirty days later!