In 2018, David was one of the commercial realtors I called to analyze all my business properties.  I was in the process of selling my business and wanted an expert opinion on the Fair Market Value of the properties. David presented me with a very thorough evaluation on listing price and lease rates.  Fast forward to 2021 and it’s now time to list one of the properties.  I hired David and listed the property based on his professional recommendation. Due to David’s knowledge, professionalism and attention to detail the entire selling process was smooth sailing.”

– Michele Barnes

 Challenge

Michele Barnes is a small business owner who built a business that supports people and families with intellectual and developmental disabilities in three locations around the Tampa Bay Area. In 2018 she sold the business and rented the real estate the business was in back to the acquiring company. One of the buildings was a 5,695 square foot building located on North Florida Avenue in Tampa. When the initial lease on the building came due the tenant notified Ms. Barnes of their intention to move.

Action

Ms. Barnes wanted to sell the building when the lease was done with the goal of minimizing the time she held the building without a tenant in place so she hired David Kinnard of Kinnard Commercial to sell the building. The first task for David was to complete a broker opinion of value to offer pricing recommendations for the building. The next step was to take care of some deferred maintenance; the building needed to be painted, some of the masonry work needed to be repaired, and the parking lot needed to be restriped and resealed. David received bids from three vendors and made a recommendation for the which vendor to do the work. Once the work was done the property was ready to go on the market.

Result

A Marketing plan to sell the building was implemented. The property was marketed to the neighboring property owners, investors, owner operators, and placed on multiple commercial listing services. Within days there was interest coming from the market regarding the building and there was a high level of activity. Ultimately a buyer came forward to put the building under contract for 94% of the listing price and the timing of the sale was coordinated to correspond with the tenant leaving at the end of their lease period.