Case Studies in Commercial Real Estate: Buying or?Leasing?
August 2, 2011 by Nancy Phaneuf
TYPE OF TRANSACTION:
Finding a Building for Lease? Or perhaps for Sale?
THE CHALLENGE:
Helping the clients decide whether to lease or buy
THE RESULT:
Client buys a building with some space leased out until they can grow into the entire space
THE LESSON:
Keep your options open and choose the right broker
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TRANSACTION DETAILS
Tricycle Studios had been looking for space for their growing marketing business. After one meeting with Nancy Phaneuf, husband and wife team Tona Bell and Randy Rosenthal decided that she was the right broker to find just the right building for them.
WHAT WAS THE CHALLENGE?
Tricycle was initially undecided as to whether they should lease or purchase. Nor were they committed to a particular area in Tampa, though prestigious Hyde Park and creative Ybor City were high on the list.
Nancy Phaneuf showed them several freestanding buildings, including some that could be divided, enabling Tricycle to lease out some of the space until the company grew large enough to need the entire building.
One such building was in Ybor City, a community that has become a haven for creative companies.
Centro?Ybor had converted nearly half of their retail square footage to offices, and many new companies were migrating there. The charm of the historic district, plus great restaurants and other amenities, along with access to downtown and the interstates made it a good choice.
THE RESULT
The option to lease out part of the space initially was very attractive, and the buyer began leaning toward a purchase in Ybor City.
The buyer and broker revisited an historic building right on 7th Avenue. Two businesses were already leasing the ground floor, and the entire second floor was available.
Nancy Phaneuf approached the broker to see if the owner was willing to sell and indeed they were.
THE LESSON
It?s safe to keep an open mind when you?re dealing with an experienced broker who will think of options that might not occur to most buyers. This is especially true when trying to decide whether to lease or buy since the decision rests on many different factors.
Contact Nancy at NancyP@nprdevelopment.com or call 813. 259.1519 for a conversation about your commercial real estate needs.
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