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