CREGR.com CREGR.com is a commercial real estate blog moderated by Chip LaFleur with Callander Commercial's Grand Rapids office. If you would like to contribute or have any inquiries, please contact Chip at (616) 459-8000.
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 Greg Mahalick Good afternoon to all! Thanks again for stopping by CREGR.com; as promised above, a local investment opportunity that stands to perform very well!
First and foremost, I will not get specific on address (or business name/names)- this is not a confidential opportunity but out of respect for my client I simply ask that if you would like additional details that you contact me for the full marketing package.
This opportunity in located within Wyoming, MI. Roughly 20,000 SF of office space with a sub-tenant occupying 3,700SF (100% occupied/owner occupies all else) sub-tenant is extremely vested into current space, governmental orientation, 3% annual bumps, with two five year renewal periods remaining.
Current owner possesses very strong business, willing to sign a five year lease back with 2.5% annual bumps, full triple net (including sub-tenant), with land contract terms available!
Purchase Price: $1,075,000.00
CAP Rate: 12%
NOI: $129,000.00
Total SF: 20,000SF
Occupancy: 100%
Marketing Package Includes: Premise address with interior/exterior photos; full sub-tenant summary, full triple net breakdown (semi-annual & annual), rent roll, & business bios. Call or email Greg Mahalick or Chip LaFleur today for your full marketing package and additional details! Office line: (616) 459-8000.
 Wilson Ave and 52nd Street This office development land is located just south of the Grandville, MI Home Depot and Costco at the northeast corner of Wilson Ave and 52nd Street. The properties currently have homes on site, but the value is in the land. Parcels range in size from 0.5 acres up to approx 16 acres total. The properties are currently master planned as Office Service, and allow up to 25% retail on the 1st-floor footprint. The parcels are nicely wooded and will allow for a natural office setting with the convenience of Rivertown Crossings Mall, restaurants, and close highway accessibility for M-6, I-196 and US-131. Wilson Avenue is a heavy traffic corridor with approximately 14632 cars per day, yet is situated close to top-ranked schools and family-friendly neighborhoods.
This is one of the largest growth corridors in the south west Grand Rapids area. It would be an ideal location for a bank, neighborhood pharmacy, medical office, professional service office or other similar uses. If you are looking to re-locate, consolidate, or add a new office/service location, we may have the perfect development site to fit your building needs. For further information, please feel free to call Jeanne LaSargeBono at 616.459.8000 or email at jlasargebono@ccmichigan.com. I will be glad to send a specific property flyer to you!
 Chip LaFleur One of the main inspirations behind starting up our commercial real estate blog nearly a year ago was Joe Stampone’s blog, “A Student of the Real Estate Game.” I had a chance to talk to Joe a few times during the research and construction stages of the project, and his input was invaluable. He is currently pursuing a Masters degree in Real Estate Development at NYU Schack Institute of Real Estate, and he has been able to consistently present articles that are informative, educational, yet still easily digestible.
Mr. Stampone’s blog served as an ideal template for what we wanted to do here in Grand Rapids and gave us an opportunity to learn about some of the requirements of a readable and informative real estate blog. I was very excited, then, to see that CREGR.com was included in the latest post, “10 Commercial Real Estate Blogs to Watch in 2010!” Thank you, Joe – keep up the good work, and I hope we make your list next year!
If you are interested in Commercial Real Estate investment and looking to educate yourself, Joe’s blog is a great place to start. Take five minutes (which will soon turn into ten or twenty) and take a look at the great content. You are sure to learn something!
Of course, this does up the ante just a little bit. I would love to hear from any of our readers – what would you like to see in the upcoming year from us? I’m always open to ideas and suggestions, so please pass the word on. Additionally, if you are connected to Commercial Real Estate, we would love to talk to you! Over the past year we have been privileged to have some excellent contributions from a wide variety of professionals, business people, and entrepreneurs. If your business is located in an historic building, if you are looking to open a new business, really anything that is connected to real estate (and sometimes we are willing to stretch that requirement quite a bit), let me know! You are always welcome to call me in my office, at (616) 459-8000, or drop me an email at clafleur@ccmichigan.com. Looking forward to hearing from you!
 1143 Electric Avenue - Property Info Located just south of Grand Rapids, this industrial building has easy access to US-131 and M-6 and is located 15 minutes from the Gerald R. Ford International Airport. The building is newer construction, originally built in 2000 with an addition in 2004. It offers approximately 2,000 sq.ft. office, 25 ft. – 36 ft. ceiling heights, a 15 ton crane w/ full length crane way, full sprinkling throughout, (2) 14 ft. overhead doors, and 1 dock with leveler.
This property is located at 1143 Electric Avenue, Wayland, Michigan just off the US-131 Exit # 72 (100th St. Exit East, then south on S.Division Ave.) It is currently listed for $795,000 and the owner will consider Seller Financing (Land Contract).
This is an ideal time to buy a beautiful, solid industrial building for your business! The owner is motivated to sell, so please bring all reasonable offers! If you have any questions, please don’t hesitate to call Jeanne LaSargeBono or Pamela Collins at 616.459.8000 or drop us an email!
jlasargebono@ccmichigan.com | pcollins@ccmichigan.com
Guest Post by Duke Long, Broker/Owner in Lafayette, IN
So there you are sitting in front of you computer searching around and looking at commercial property. Thinking well, what am I looking at? What’s out there? What’s available? What’s the market like? And they’re asking WHAT for that property down the street? Simple straight forward questions that any property owner would have. What are some basic questions you should ask yourself if you were thinking of putting your property on the market?
1. How Much Is My Property Really Worth?
Should I have an appraisal done before I put it on the market? Some of the data that is out there and the numbers and pricing placed on property; is it relevant to the market today? What is the average market time for my type of property? Are my taxes in line with similar properties? Does that affect value?
2. How Does My Property Compare To Similar Properties In My Area?
Of course your property is the prettiest, and the most well-maintained. You have put a ton of money, time and effort into it. Be realistic. Most buyers will look at the data. Period. A commercial property sale is not usually and emotional transaction. Is it in an A, B, or C type condition? What potential improvements can you do to make to the property to make it more marketable? Don’t be cheap. Five or ten thousand dollars spent now may mean Sale or No Sale! Just because you heard that X property went for X number does not create a market for your particular property.
3. Why Am I Selling, Really?
Is it bail out and go to Florida time? Was this carefully planned between you and your financial advisers? Are your expectations realistic about price and time on the market? How much input and or willingness to stay away from the transaction are you capable of? How qualified are you to help? What type of seller are you? Can you take consultation and or advice? Which of course leads to…
4. Which Commercial Real Estate Professional Should I Use?
Do they really know their local market? Talk to them. Ask questions like, “You would price my property at X and why?” Make them prove it with lots of data. Check them out online! You don’t think that matters? Where did you start your property search, the yellow pages? Where do you think your potential buyer will come from? I have been in this business for far more years than I would like to admit. There are some incredible people in my profession .They posses some incredible knowledge and skill sets. Seek them out.
Duke Long
Broker/Owner whose passion is Commercial Real Estate with focus on Technology, Social Media, and Networking. Lead instigator of CREBARCAMP.
Has it been this long? We’re working on our eighth year here at the Skywalk Deli and still love serving the downtown folks. We have great deli sandwiches, homemade soups and salads and offer catering for all their needs. We’ve catered for corporate office parties for as many as 500 people and weddings of all sizes including one for 250 guests in Rosa Parks’ Circle that was a wonderful, one of a kind event.
Owner, Chris Fehsenfeld has been in the service industry for over thirty years, starting as a bus boy in high school. In the early eighties he opened and managed Flanagan’s Pub and later opened his own bar and restaurant north of Grand Rapids. Missing the downtown venue he found a commercial realtor who found this hidden treasure in the Comerica building, and has enjoyed being back downtown for the past eight years.
If you would like to find out more about the Skywalk Deli please log on to our web site at www.skywalkdeli.com or search for us on Facebook, Myspace, Twitter, or urbanspoon.com.
Thanks,
Chris Fehsenfeld
 Both 10-year and 20-year debentures were sold this month. The effective SBA 504 20-year January debenture rate is is 5.79%. The effective 10-year debenture rate is 4.91%.
New At EDF
The EDF would like to welcome Bradd Pierce to the staff as a loan officer. Bradd comes to us with over 18 years experience as a commercial lender in the Grand Rapids market. Bradd will specialize in business development and customer relationships with the many 504 referral sources throughout Kent County and beyond. He lives in the BIG town of Dorr, Michigan with his wife of 16 years Cindy, 3 sons Ryan, Dylan, Kyle and new Chocolate Lab pup- Remington. He is an avid outdoorsman and loves hunting, boating and golfing when time permits.
Bradd has joined our team, committed to valuing relationships, excellent service delivery, expert knowledge and professional conduct – all of the ingredients that have been a part of EDF since 1981.
Bradd’s contact information is shown below. Please call him with any SBA 504 questions or prospects you might have.
Cell: 616-304-8881
Office: 616-459-4825 XT 20
Fax: 616-458-5736
Email: bradd@growmichigan.com
2010 Michigan SBA Lender’s Conference
Don’t forget to mark your calendar. SBA’s 12th Annual Michigan SBA Lenders’ Conference will be held March 23, 2010 at the Kellogg Center at Michigan State University in East Lansing. Cosponsored by the Michigan Small Business and Technology Development Center, the conference will feature training sessions on a wide range of topics for a variety of bank personnel.
EDF Contacts
Ph. 616-459-4825
Fax 616-458-5736
TF 888-330-1776
Sandy Bloem
Executive Director
sandy@growmichigan.com
Bradd Pierce
Loan Officer
bradd@growmichigan.com
Gary Witkowski
Relationship Manager
gary@growmichigan.com
Three separate parcels along South Division in Kentwood and Wyoming are currently on the market for the lowest prices in decades. The largest parcel is 11 acres on the East side of South Division, directly across from Silver Bullet Firearms & Training Center. Currently being utilized as a driving range, this large parcel is zoned commercial and would make an ideal large retail pad.
Just south of 54th Street, at 5505 S. Division, a 5.61 acre vacant parcel is listed for $300,000.00; again, the lowest price on this piece of property in ages.
Right on the corner of Division and 60th Street is a 2.63 acre parcel that currently houses two small businesses in a building on the south west corner of the property. Most of the parcel is paved, and is currently used as a “for sale by owner” auto dealership. This parcel has access from both Division and 60th Street, and outstanding visibility.
If you have any questions about any of these properties, please feel free to give Greg Mahalick or Chip LaFleur a call at (616) 459-8000, or drop us an email!
 Greg Mahalick Happy Holidays Grand Rapids! Greg Mahalick here wishing to extend a special hello to all family, friends, and clients – without your support none of our accomplishments would shine as bright as they do! We at Callander Commercial have sure had one high-paced productive year & we all have a lot to be thankful for!
First and foremost, a special thank you to the owner of Callander Commercial: our broker, Ellie Callander. Without her tiresome hours, leadership, & commitment to her team – none of this would be possible. A warm thank you to Ellie from all of us in Grand Rapids & we wish her a safe and happy holiday season with family and friends!
Next, I would like to acknowledge our team leaders in Grand Rapids – Diane Karns & Jeanne LaSargeBono. Both of whom have extensive experience in commercial real estate and their “open door” policy allows for less experienced agents like me to obtain the guidance and direction needed to become some of the best. Again, thank you both, without you – our Grand Rapids office would not be possible & thriving as well as it is!
 The Grand Rapids Team - Except for Me (See Above!) Batting third on this holiday list of acknowledgment is our very own social media celebrity, the go-to guy for tech, my friend and yours – Chip LaFleur. His headway and progress on such media platforms as our blog, Twitter, Facebook, Google Wave, and just about every other social media site out there has been immeasurable. Chip cultivates these platforms for leads and thus has found a way to reach pre-qualified end-users for his clients. His tactics are cutting edge and he truly represents the face of brokerage in the future! Thanks again for all you hard work Chip!
Chad Razmus – come on down! Chad’s work ethic is truly incomparable to anyone I have encountered. The man is a machine for his clients, leaving no stone unturned; he methodically approaches each and every situation with tact. A safe and happy holiday wish extended to Chad and his family!
 This really is Brody. Joining me in the “newbie” category is Pam Collins, but only in relation to her time here at Callander Commercial. Pam is extremely experienced, stemming from a long tenure as a leasing agent at a one of the area’s larger development companies; she possesses all of the characteristics of a great agent! Callander Commercial had the pleasure of welcoming her on board last January and her contribution to this team is priceless!
Last but certainly not least is our office assistant Melissa Saylor – truly the synergy of our team! No really…her commitment and help allows us to focus on the important things in this business – our clients! Without her our entire team philosophy as a whole would not exist. Thanks again Melissa, and I hope Brody’s first holiday season is awesome!
That’s our team Grand Rapids! I am truly honored to be a part of this team. To our clients, thanks for reading, a safe and happy holiday season to you all & may 2010 be our best year yet!
-Sincerely,
Greg Mahalick
Happy Holidays Grand Rapids
Happy Holidays Grand Rapids! Greg Mahalick here wishing to extend a special hello to all family, friends, and clients – without your support none of our accomplishments would shine as bright as they do! We at Callander Commercial have sure had one high-paced productive year & we all have a lot to be thankful for!
First and foremost, a special thank you to the owner of Callander Commercial: our broker, Ellie Callander. Without her tiresome hours, leadership, & commitment to her team – none of this would be possible. A warm thank you to Ellie from all of us in Grand Rapids & we wish her a safe and happy holiday season with family and friends!
Next, I would like to acknowledge our team leaders in Grand Rapids – Diane Karns & Jeanne LaSargeBono. Both of whom have extensive experience in commercial real estate and their “open door” policy allows for less experienced agents like me to obtain the guidance and direction needed to become some of the best. Again, thank you both, without you – our Grand Rapids office would not be possible & thriving as well as it is!
Batting third on this holiday list of acknowledgment is our very own social media celebrity, the go-to guy for tech, my friend and yours – Chip LaFleur. His headway and progress on such media platforms as our blog, Twitter, Facebook, Google Wave, and just about every other social media site out there has been immeasurable. Chip cultivates these platforms for leads and thus has found a way to reach pre-qualified end-users for his clients. His tactics are cutting edge and he truly represents the face of brokerage in the future! Thanks again for all you hard work Chip!
Chad Razmus – come on down! Chad’s work ethic is truly incomparable to anyone I have encountered. The man is a machine for his clients, leaving no stone unturned; he methodically approaches each and every situation with tact. A safe and happy holiday wish extended to Chad and his family!
Joining me in the “newbie” category is Pam Collins, but only in relation to her time here at Callander Commercial. Pam is extremely experienced, stemming from a long tenure as a leasing agent at a one of the area’s larger development companies; she possesses all of the characteristics of a great agent! Callander Commercial had the pleasure of welcoming her on board last January and her contribution to this team is priceless!
Last but certainly not least is our office assistant Melissa Saylor – truly the synergy of our team! No really…her commitment and help allows us to focus on the important things in this business – our clients! Without her our entire team philosophy as a whole would not exist. Thanks again Melissa, and I hope Brody’s first holiday season is awesome!
That’s our team Grand Rapids! I am truly honored to be a part of this team. To our clients, thanks for reading, a safe and happy holiday season to you all & may 2010 be our best year yet!
-Sincerely,
Greg Mahalick
 20-year debentures were sold this month. The effective SBA 504 20-year December debenture rate is is 5.46%. The effective 10-year November debenture rate is 4.15%.
The article below again focuses on the Recovery Act loan queue. For the next few months it will be very important for both lenders and borrowers to understand the loan queue process.
The EDF staff would like to take this opportunity to wish you a safe and happy holiday season! We would also like to thank our lending partners who continue to use EDF’s services on SBA 504 projects. Remember that our entire staff is centrally located in Grand Rapids and are readily available to walk you through the application and funding process. Perhaps even more important is the ongoing local support we offer during the entire life of the loan as changes may need to happen if the needs of the small business change.
Recovery Act Update
On November 23, 2009, SBA began the transition period from two of its Recovery Act programs. The funds made available to the 504 program eliminated two large fees: CDC Processing Fee and the Bank Participation fee.
The purpose of this transition period is to:
- maximize the stimulative effect of the money that Congress appropriated for this purpose;
- accommodate the fact that it is likely some Recovery funding may still be available to support some loans under these two Recovery programs due to cancellation or non-disbursement of previously approved loans; and
- provide lenders/borrowers with a degree of choice between submitting a loan application as a non-Recovery Act loan or submitting the application as a Recovery Act loan.
At this time the borrowers have two options when applying for an SBA 504 loan. Apply under ARRA-2009 or non-ARRA-2009. If the application is sent under the ARRA-2009, the loan will be put in a queue until there is stimulus money available to waive the borrower fees. If the borrower needs to fund and is still in the queue, they will need to withdraw the loan application from the queue and re-apply under non-ARRA which includes the fees.
The stimulus money and queue can be tracked at the following website:
http://www.sba.gov/recoveryq/504
The loan application number is the key to knowing your place in line for funding of new Recovery Act loan applications. The results of this request will display the number and dollar amount of all new loan applications or requests for increases ahead of your in the SBA Recovery Loan Queue.
EDF Contacts
Ph. 616-459-4825
Fax 616-458-5736
TF 888-330-1776
Sandy Bloem
Executive Director
sandy@growmichigan.com
Gary Witkowski
Relationship Manager
gary@growmichigan.com
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