Dear all seasoned real estate investors and commercial real estate brokers,
Before getting started, everyone's advice will be appreciated and all opinions will be considered.
We are developing retail centers in Southern California and would like to attract national tenants by connecting to those who are representing national franchises specially restaurants or retails. Instead of having a listing broker find us those tenants, how are we able to touch base with tenant representatives of national tenants?
Again, thank you.
If you want access to quality and credited tenants you're going to have to hire an agency brokerage team that has access to quality and credited tenants.
Don't mickey mouse it.
Most national firms have a spot on their web site where you can submit a site for consideration but I have never gotten a response other than an autoreply. I can only see this working if you have stumbled into a site they can't live without which seems highly unlikely. Some sites have a list w name and phone and you can submit direct but I find you don't usually get a call or email back.
The right brokers make all the difference in this niche. Real estate managers for national tenants are generally spread really thin, covering multiple states. They tend to rely heavily on their tenant rep broker. Find out who runs with what tenant and i'll bet you find the same brokerage companies over and over. Not sure how long you have been looking into this, but great resource is ICSC. Put your time in here, go to their networking events, i think this issue will be come pretty clear.
i just re-read your question, and i wonder if what you are asking is can you list your own product for lease and essentially pay just the tenant side commission. i think this is possible but even more important to know who runs with each tenant. I would think get a few done where you have it listed with the right person and then once you know the lay of the land you could try one without a broker.
High profile multi tenant strip retail is one of the product types we work in. I have almost always used a broker to market our spaces for lease because if you are talking to the right guys they operate in that world all the time and I don't. Also it encourages them to think of you for new projects if you'll keep them on for lease up period. These same guys have been my best sources of deals. Listing side fees not a big savings in the big picture.
I agree with Matt.
You can find some national companies that deal with you directly by contacting their real estate department.
Some small percentages will talk with you directly and most others will refer you to their tenant rep for the area. They will ask what they think and discuss some more. It can be a very long and drawn out process. Typically you have a commercial retail attorney on your side as the developer negotiating the lease against the potential tenants attorney and their leasing rep broker. If your site is very strong then more tenants might compete for the location and you land your terms. If your location is similar to others in the area you will likely be fighting an uphill battle getting the terms you want as tenants tend to play sites against each other. Remember that everything you agree to in a lease today can affect your exit value on resale. That buyer will typically have an attorney reviewing the leases and abstracting them looking for issues.
Great advice in this thread. I always suggest going with a national brokerage. They have contacts that most people who have to ask, don't have.
Newmark Grubb Knight Frank has a really good tenant rep team. One of their guys in Denver is a friend of mine. I'd reach out to them or an outfit like them.
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