Tenant / Buyer Advisor takes care your real estate needs…..

In real estate today, many sellers have brokers that represent their interests. It’s important for the business owner searching for real estate to realize that when calling to find out about property, the real estate broker providing the information is aligned with the seller, not the business owner.

Commercial real estate as a general rule has many facets to it. If you are looking to open up a restaurant, studio or office are you going to find the perfect place where all you have to do is “plug and play”. Probably not. The reality is that if you are leasing the space there are items to consider such as tenant improvements, option to renew “at market price”, lease language like “trade fixtures”. Do you have all the aspects of this type of transaction down pat?

It doesn’t matter what kind of business you operate, the real estate decisions you make should align with your business goals. Do yourself a favor and work with a real estate broker that will look out for your interests.

Steps in Commercial Real Estate Transaction

Commercial Real Estate Transactions can be quite intense. There are a set of steps that have to take place, no matter how large or small the transaction (see chart). Furthermore, with a qualified and dedicated commercial real estate broker on your side, the time frame is a minimum of six months from begining the search to move-in date.

Quick note on Lease Review....

I must emphasize that it is very important an attorney review your existing or upcoming lease. Attorney's have a knack for catching the legal wrinkles in a lease and making sure that it is fair and equitable. They are also very clear on the fact that the lease follows the accepted and agreed to Letter of Intent between the Landlord and prospective Tenant.

So, you may be asking why am I bringing this up? A friend shared a story of how she chose to have her lease reviewed by a friend of a friend's friend. This friend reviewed the lease and addressed only the business terms that were already accepted and agreed to. Obviously that did not work well for the landlord and the landlord required the prospective tenant abide to the agreed and accepted business terms. This friend of a friend's friend also was not an attorney and did not address some major legal issues in the lease.

In my experience as a commercial real estate broker, I can read, review and discuss the business terms of the lease. I can also discuss the definitions of the lease and determine if there are red flags that should be legally addressed by the attorney. But I, as a commercial real estate broker, am legally required to refer all legal matters to your attorney. Specifically, in Illinois, Commercial Real Estate Brokers CANNOT advise you legally.

A good commercial real estate broker will guide you in acquiring the real estate that meets your needs. They will refer you to the appropriate real estate attorney. They will work with your attorney to make sure the business terms are reflected appropriately in the forthcoming lease and that there are no surprises.