Looking to lease out and don't know where to start! New to ownership.Building is two stories and currently 20,000sq ft, but build-able to 35,000 sq ft. Fresh Direct is headquartered in the Bronx and would be great for something similar. Or Walmart distribution centers as they try to keep up with amazon prime delivery. Space is large enough for warehouses, distribution centers, supermarket, retail, medical use, office, etc.
Is there a way to reach out to large companies directly? Especially ones thriving during COVID? Thoughts on what would be a good fit?
Specialist · Denver, CO · Member since 2020 · 18 posts · 8 votes
6y
Hey @Kristina Tea, if it's an retail, office, or open concept then you could partner with a local coworking operator through a management contract. Coworking is struggeling right now, but it will blow up in 6 months or so and it will be fairly easy for you to add it only a few thousand square feet through a partnership.
If you go to CREcoworking.com then you'll get a helpful breakdown of costs with expenses, TI, etc. It's worth checking out as an option.
Real Estate Agent · Salt Lake City, UT · Member since 2018 · 247 posts · 247 votes
6y
Can the space be easily retrofitted for cold storage? Warehouse with cold storage capabilities is was is exploding in demand right now because of the increased popularity of grocery pickup and delivery. That is what I would consider, especially in a place as densely populated as NYC.
You can reach out yourself to the real estate departments of companies you would like to lease to, or you can hire a leasing broker/property management company to do it for you.
Real Estate Agent · Bronx, NY · Member since 2017 · 88 posts · 55 votes
6y
@Kristina Tea try connecting with people who work for companies who have a need for warehouses on linkedin. Eventually someone can point you to the right direction. Would a gym be allowed to operate there? I would look at all possible uses and tackle my network to find out who they know.
Specialist · Denver, CO · Member since 2020 · 18 posts · 8 votes
6y
Hey @Kristina Tea, if it's an retail, office, or open concept then you could partner with a local coworking operator through a management contract. Coworking is struggeling right now, but it will blow up in 6 months or so and it will be fairly easy for you to add it only a few thousand square feet through a partnership.
If you go to CREcoworking.com then you'll get a helpful breakdown of costs with expenses, TI, etc. It's worth checking out as an option.
Real Estate Broker · Sarasota, FL · Member since 2020 · 39 posts · 8 votes
5y
@Kristina Tea I have been a retail broker in NJ/NY for past 14 yrs. (relocated to Fl in March) my suggestion would be to hire a good broker. The Likelihood is you will pay a fee regardless as most credit tenants have a broker representing them. A good retail broker will have relationships with the right real estate directors and marketing in place to reach the others. They also will know which retailers are actively expanding and what the deal will likely look like for the different tenants. Happy to chat further about some options in that market.