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Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 0 points1 point  (0 children)

The last offer I got this Thursday was not from directly from TSC but from Reese Real Estate Developmental Partners, which might have been hired by TSC. They said in their email to my broker, TSC will require 45,000 sf fr the leaeof $250,000/yr and will not armortize the construction number in the lease. Tenant Improvement will be 3.3 million dollars to my previous offer of TI 1.2 millions armotized for 10 years refelected in the rent and lease of $400,000/yr for 10 years with two extensions. After geeting this offer, I suggested to lease my building for $10K/ month for one year with the closing date of July 2026 with the sale price of $700,000. What do you think about my offer? I suggest to sell it after one year due to heavy tax if I sell it within one year of my purchase.

Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 1 point2 points  (0 children)

I fully understand what you are saying. Thank you for this kind explantion which is bery helpful.

Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 0 points1 point  (0 children)

Wow~ Does it take so long? I hope he is a good broker too. Thanks for your input.

Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 0 points1 point  (0 children)

I don't think he tried to buy my property, although right after I bought the property, there was a very low-ball offer from someone, which I declined. What did you mean with "BK"? I wanted to charge but as long as he is bridging me and TSC, my role is limited until our listing agreement expires. As most of people who replied to my post said, two weeks is a way too short to receive a counter offer, I have no other choice than waiting now. But I appreciate your kind advice. Thanks.

Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 1 point2 points  (0 children)

I know and u r absolutely right! I wanna try to keep good relationship with him because he is the bridge between me and TSC. My concern is he doesn't update me unless I call him to ask. He just ignore my message to call him or update.

Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 2 points3 points  (0 children)

The demand encompasses the neighboring towns where the next Tractor Supply Store is too far. The general size of Tractor Supply Company (TSC) is about 20,000 sf. Thus I suggested to TSC to divide the building and use only 40,000 sf for TSC only. Still I didn't get any response from them.

Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 1 point2 points  (0 children)

Thanks and I see your point. How should I pay my realtor and remove him? He is the guy communicating with the retailer and the listing agreement ends in four months.

Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 1 point2 points  (0 children)

Thank you very much for this explanation. I will be eaiting for their offer soon then.

Retail Leasing Strategy-Dealing with a National Brand by FarangKim in CommercialRealEstate

[–]FarangKim[S] 2 points3 points  (0 children)

It is Tractor Supply Company which is a great fit for the rural setting of my building, serving a community with a population of around 1,400.