Commercial Real Estate

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!