Download - CASE STUDY: LANDLORD REPRESENTATION...CASE STUDY: LANDLORD REPRESENTATION 870,000+ SF Five Buildings 98% Occupancy Rate First Industrial Bank Class A Buildings OUR JOB Represent and

CASE STUDY: LANDLORD REPRESENTATION

870,000+ SFFive Buildings

98% Occupancy Rate

First Industrial Bank

Class ABuildings

OUR JOBRepresentandleasemultipleClassAindustrialbuildings.Threearemulti-tenant,whiletwoarelarge,single-tenantbuildings.

CHALLENGEAbigloss…turnedopportunity. IntheFallof2011,a200,000SFtenantvacatedoneoftheproperties,leavingalargeholeinourclient’sportfolio.Smaller vacancieswithintheportfolioalsoopenedupwithinarelativelyshorttimespan(60,000,41,000,24,000,and20,000SF).FirstIndustrialmaintainedabeautiful,ClassA,highamenitybuilding,but200,000SFtenantsareinshortsupplyand,evenwhenfound,holdsignificantleverageinnegotiations. Whattodo?

SOLUTIONFindagreattenant.Gotheextramiletolandthem.Inearly2013,ourteamfoundapotential200,000SFtenant,createdstrategicincentivestailoredtotheirneeds,thensuccessfullynegotiateda10-yearlease.Weevenfacilitatedcityeconomicincentivestomakesurethelandlordsecuredthisvaluabletenant.Bestofall,theassistanceweprovidedthetenantonlyimprovedthenegotiatingpositionofourclient,FirstIndustrial.

RESULTSuccess.Duetohardwork,ingenuity,economicgrowth,andthelocation’soutstandingClassAassets,bymid2014,theportfoliooffivebuildingswas98%leasedwithlong-term,goodcredittenants.

“Insituationslikethese,Ihavetothinkbeyondmyownclients’needsandgetintotheheadofthepotentialtenant.Wemadesurethespaceofferedalltheamenitiesneededtolandafirst-classtenant.Butalso,inthiscase,Iwasabletoactuallyhelpthetenantmaximizethevalueoftheirleasebytakingadvantageofcityeconomicincentives,whichinturnprovidedtherevenuestreammyclientrequired.”- TerryCoyne

TerryCoyne(SIOR,CCIM)isafull-servicecommercialrealestatebrokerinCleveland.AspartofNewmarkKnightFrank,TerryhasprovidedrealestatesolutionsforNortheastOhiosince1995.He’sconsistentlyatopbrokernationwide.ContactTerryat:[email protected]

"Wecouldnotbehappierwiththeperformanceandoutcomewehave

receivedfromTerryCoyneatNGKF.WeownpropertiesalloverthecountryandClevelandisoneofthestrongestcitieswithinourportfolio.TerryknowsthemarketbetterthananyoneandwearefortunatetohaveTerryonourteam.”-

JohnStrabel,RegionalDirectorFirstIndustrial