Updated over 3 years ago on . Most recent reply
Submarket Property, great location, many contacts, no bites...
Hi everyone,
We recently acquired our first commercial real estate about a year ago. Saw potential and purchased it and now looking to lease it. It's on a corner at a light with 30k+ vpd and was a former free standing pharmacy.
Recently we have been contacted by carwashes, retail, etc, but most are offering to buy... which we don't intend to sell whatsoever. Primarily because of the recent expansion of the highway around the area and growth starting to bleed out from the surrounding area. The building is essentially 11k square ft, but not sure how to move forward with it.
We have been contacted about ground leases (which we are open to) and offers to buy mainly.
I have contacted a large company directly, spoke to the real estate development head of the company and spoke for a while and he referred me to the broker they use. One week later, the broker emailed me to send a ground lease number to submit an LOI. Haven't heard back yet and not sure if I will or how long that takes.
My question is, what's the best way to get the building or land leased? I have even thought about splitting it as it's close to two acres.
All in all, we are essentially looking to be hands off. Either an absolute ground lease or absolute NNN lease.
Any suggestions would be appreciated.
Thank you!