Check out the latest blog from BuildCentral, Inc., featuring our very own Rick Goldman as he shares his thoughts on the value of Tennant Development. https://lnkd.in/gReKwuUj
REthink Owner Solutions’ Post
More Relevant Posts
-
If you’re following the news about Foxtrot, you may be wondering: what happened to the $185 million in funding it raised. Well, a lot of the money went into real estate, that is, expensive leases in expensive neighborhoods in Chicago, Austin, Dallas, and the Washington, D.C. area. Behind me on the green screen is a photo I took outside of Foxtrot’s Gold Coast store in Chicago on May 14. The Notice of Unpaid Rent dated May 1, 2024 states that the tenant, Foxtrot Ventures, owed the landlord, LP Holdings HSR I LLC $30,300.90. The property at 23 W. Maple Street has ground floor space of 3,539 square feet and a basement space of 3,539 square feet, according to info on Digsy’s website. May 2024 Base Rent: $21,458.00 May 2024 Additional Rent: $7,400.00 May 2024 Late Fee: $1,442.90 Total Unpaid: $30,300.90 𝐅𝐨𝐱𝐭𝐫𝐨𝐭 𝐰𝐚𝐬 𝐩𝐚𝐲𝐢𝐧𝐠 $𝟐𝟖,𝟖𝟓𝟖 𝐚 𝐦𝐨𝐧𝐭𝐡 ($𝟑𝟒𝟔,𝟐𝟗𝟔 𝐚 𝐲𝐞𝐚𝐫) 𝐟𝐨𝐫 𝟑,𝟓𝟑𝟗 𝐬𝐪𝐮𝐚𝐫𝐞 𝐟𝐞𝐞𝐭 𝐨𝐟 𝐠𝐫𝐨𝐮𝐧𝐝 𝐟𝐥𝐨𝐨𝐫 𝐫𝐞𝐭𝐚𝐢𝐥 𝐬𝐩𝐚𝐜𝐞 𝐚𝐧𝐝 𝐚 𝐛𝐚𝐬𝐞𝐦𝐞𝐧𝐭 𝐬𝐩𝐚𝐜𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐬𝐢𝐳𝐞! Anna Hensel of Modern Retail wrote a great article about what went wrong at Foxtrot that talks about real estate. Based on conversations with former Foxtrot employees, she throws out 3 jaw-droppers. I will put a link to her article in the comments along with the photo of the Notice of Unpaid Rent at 23. W. Maple that I took on May 14. 1) “Foxtrot was on track to miss its sales goal by about $35 million in 2023…Foxtrot had initially projected it would do about $165 million in sales in 2023, but it was only on track to bring in about $130 million.” 2) “One of Foxtrot’s locations near Wrigley Field might do $10,000 in sales on a good day, or $1,500 in sales on a bad day.” 3) The Tribune Tower store in Chicago store “did around $10,000 to $14,000 in sales per week and was unprofitable.“ 𝐓𝐨 𝐬𝐮𝐦𝐦𝐚𝐫𝐢𝐳𝐞, 𝐅𝐨𝐱𝐭𝐫𝐨𝐭'𝐬 𝐞𝐱𝐩𝐞𝐧𝐬𝐞𝐬 𝐰𝐞𝐫𝐞 𝐡𝐢𝐠𝐡𝐞𝐫 𝐭𝐡𝐚𝐧 𝐢𝐭𝐬 𝐫𝐞𝐯𝐞𝐧𝐮𝐞𝐬. 𝐄𝐱𝐩𝐞𝐧𝐬𝐢𝐯𝐞 𝐥𝐞𝐚𝐬𝐞𝐬 𝐢𝐧 𝐞𝐱𝐩𝐞𝐧𝐬𝐢𝐯𝐞 𝐧𝐞𝐢𝐠𝐡𝐛𝐨𝐫𝐡𝐨𝐨𝐝𝐬 𝐰𝐚𝐬 𝐚 𝐛𝐢𝐠 𝐩𝐨𝐫𝐭𝐢𝐨𝐧 𝐨𝐟 𝐅𝐨𝐱𝐭𝐫𝐨𝐭'𝐬 𝐞𝐱𝐩𝐞𝐧𝐬𝐞𝐬.
To view or add a comment, sign in
-
Party City Partners with ExcessSpace for Site Selection and Lease Renewal Read the full article below..
Party City Partners with ExcessSpace for Site Selection and Lease Renewal
https://cremarketbeat.com
To view or add a comment, sign in
-
🏡 Want to invest in a property priced $80,000 below market value? This Cleveland fourplex is your golden opportunity! Learn how to optimize it for Section 8 tenants and bring in over $3,000/month in rent. Start building wealth with our FREE guide. 👉 Click here | https://bit.ly/4ef5OiK #RealEstateDeals #FourplexInvesting #Section8Income #WealthCreation #RealEstateWealth
To view or add a comment, sign in
-
More and more companies with strong balance sheets are opting to own vs rent the business’ commercial real estate. Part of this has to do with the values of the underlying property and part of this also has to do with the financing options for owner occupied commercial real estate. Let me know if you would like to learn more. Michael Adler 917-721-6437 #cre #commercialrealestate #commercialsales #buyabuilding
Publix Buys Yet Another Store In South Florida
https://commercialobserver.com
To view or add a comment, sign in
-
British Land, the UK real estate investment trust, has completed its latest retail park acquisition, buying Orbital Retail Park in the #WestMidlands from Clearbell Capital LLP for £27.6 million. The park, which spans 123,215 square feet and houses 11 stores in two terraces, was sold by Clearbell Property Partners III, a fund managed by Clearbell, which bought the scheme from M&G in a portfolio deal worth £14.75 million in 2020, according to CoStar data. https://lnkd.in/ePnVYPij CoStar Group CoStar News #realestate #investment #westmidlands #costar
British Land solidifies 'market-leading' retail park position with £28 million deal
product.costar.com
To view or add a comment, sign in
-
I closed this deal a few months ago and it highlighted how important relationships are and who you know. Here’s the short version of the back story: I had just finished a CCIM course and was practicing what I learned on underwriting properties when this property came up fresh on the market. At first glance it looked like a decent deal, then after running numbers, it looked like an even better deal! I sent these pro forma numbers to several investors I knew and one of them decided to put in an offer. We were one of 3 serious offers and won the contract. That was the beginning of the roller coaster… The property had been a warehouse since it was built in the 50’s, but it had been zoned R-2 the entire time… With the change in ownership and bringing the building up to code, the zoning was going to need to be changed before closing… The problem was the city had rejected the C2 zoning request (or anything industrial) from the seller and it looked like if my buyer did purchase the building, we would have to convert it to retail or office space. This simply did not work with the numbers and location, so, I got my zoning consultant involved and he was able to present our case to the correct city council woman and in a way she agreed with. Much to the surprise of the seller and the sellers agent, the rezoning was approved, because of our efforts, and we were able to close the deal. This was all possible because of the contact I had with the consultant and the relationship he had with the city council members. I will always remember this deal when I hit a wall while under contract and I will remind myself to approach problems from a different angle when they arise. So, did the investment side work out as I had projected? Yes! We are in the middle of splitting up the building to provide smaller spaces that are in higher demand and are close to signing leases on 3 out of 4 spaces. P.S. Call me if you need warehouse space in Chattanooga or North Georgia. I have 14 spaces for lease ranging from 2,200 sf to 260,000 sf.
To view or add a comment, sign in
-
JUST SOLD 🔑 At Elevate Group, we try not to sell real estate, we don’t follow a rigid 3, 5, or 7-year holding period. We sell when the timing is right. Case in point: 8719 S Michigan Ave, Chicago, IL 60619—a fully rehabbed 3-bedroom, 2-bathroom home in the Chatham neighborhood. This property was part of a larger 25+ home portfolio in Chicago's South Side, where we already own over 100 similar homes. Unlike our usual hold strategy, this asset was positioned for a flip due to its location, condition, and the tenant we inherited. After our in-house renovation team completed a full gut rehab, we successfully sold the property for $250,000, achieving a strong 30% return. Check out the before and after pictures to see the transformation. This successful flip is a testament to our flexible approach and commitment to maximizing returns for our investors. #RealEstateInvestment #FlipStrategy #ChicagoRealEstate #ElevateGroup #StrategicSales
To view or add a comment, sign in
-
🚨 Investment Opportunity Alert! 🚨 I’m thrilled to present an exciting redevelopment opportunity in Portland’s iconic Hollywood District: the Gordon’s Fireplace Building (a.k.a. The Aircraft Factory). This highly visible property at 3300 NE Broadway, Portland, OR is heading to auction from December 16–18, 2024, with bidding starting at just $225,000! Why This Property Stands Out: 🏗 Redevelopment Potential: - 25,665 SF of space on a 0.41-acre lot with CM3 mixed-use zoning. - Existing plans and permits for a 19-unit apartment complex with retail below are uploaded to the site. 📍 Prime Location: - Phenomenal visibility from I-84 and easy access to major Portland thoroughfares. - Walkable, bikeable, and transit-accessible in the vibrant Hollywood District. 💡 Unique Features: - Listed on the National Register of Historic Places with potential for historic tax credits. - Includes two lots, with one providing valuable parking—a rare commodity in the city. 💰 Significant Discount: - Previously purchased for $2.7M, this property is expected to sell, offering an incredible chance to enter the Portland market at a competitive price. Auction Details: 📅 Dates: December 16–18, 2024 💻 Platform: Ten-X 💵 Starting Bid: $225,000 Whether you’re a seasoned investor or a developer looking for your next project, this is a rare opportunity to transform one of Portland’s most visible landmarks into a thriving asset. Let’s bring this building back to life and contribute to Portland’s growth and revitalization! 👉 Learn More & Register: Ten-X Listing 📩 Reach out to me directly for additional details or to discuss this incredible opportunity! #SVN #CCIM #CRE #CommercialRealEstate #InvestmentOpportunity #PortlandRealEstate #HistoricPreservation #DevelopmentOpportunity
RECEIVERSHIP VALUE-ADD | LOCATED NEAR I-84
ten-x.com
To view or add a comment, sign in
-
Shopoff Realty Investments has a 30-plus year track record of transforming underutilized, undervalued real estate. These days, the firm is busy buying distressed retail properties and redeveloping them into residential units, often with a bit of retail. The strategy addresses California’s housing shortage, returns the properties to vibrancy and provides attractive returns. It has four retail-to-housing projects going right now, and president and CEO Bill Shopoff believes there’s significant runway for such redevelopments. #ICSC #CREconversions
It’s Not Easy Transforming Empty Retail into New Housing, but Shopoff Finds It Worth It
icsc.com
To view or add a comment, sign in
-
A sizable real estate deal has hit our radar.
LA real estate firm buys back into Austin
bizjournals.com
To view or add a comment, sign in
79 followers