In January of 2013 Colliers International started discussions with one of our Owners regarding a potential vacancy starting in August of 2013. After discussions with the current tenant we surmised that highly unlikely to renew or they were going to renew only for a short time period. It should be noted that historically vacant buildings in this market sat empty for twelve to twenty-four months on average.
Our team began a pre-lease expiration marketing plant to make sure the landlord did not incur any downtime when the lease expired. This plan began five months before the lease expired. An updated marketing brochure was crafted; market canvassing was started; broker market blasts were sent out and we made phone calls to key brokers in the market. We made sure we would get in front of all tenants and buyers in the market. Additionally, we tracked tenant and buyers represented by brokers to make sure they knew our owner’s building was becoming available.
- Lease Negotiations
- Transaction Management
Due to our tracking process and knowledge of the market, we were aware a particular warehousing tenant, WJB Bearings, Inc., had been searching for a facility for close to twelve months. The company was not able to find the right property near their preferred geographic location at a competitive lease rate. We contacted the broker representing the tenant to encourage him to have his client consider our listing. After several tours of the facility with WJB Bearings, Inc., we provided a very aggressive lease proposal. This resulted in a fully executed lease with a new tenant for our Owner. The tenant signed a 60 month lease for the entire building with only 30 days of downtime.