Reviews
“Dave has helped me with several commercial real estate projects including selling my office building in Valrico, FL, and purchasing my 12,000 square foot warehouse in Charlotte, NC. Dave knows the business better than anybody, that’s why I work with him.”
— Michael Grouse
“There are many realtors around, but the one I picked and would pick again, was David Kinnard. He was honest and forthcoming with every decision or issue that arose. He sold my Tampa property in a timely manner and was always available for any and all questions. He had my complete trust all the way to closing. David Kinnard was working for me without any pressure from him.”
– Connie Pitts
“Dave has helped me with several commercial real estate projects including selling my office building in Valrico, FL and purchasing my 12,000 square foot warehouse in Charlotte, NC. Dave knows the business better than anybody, that’s why I work with him.”
– Michael Grouse
Challenge
Michael Grouse is a small business owner and entrepreneur who owned a 3,216 square foot stand-alone office building. Michael had purchased the building as a shell and built out the interior with two office units. One side he utilized for himself and the other he rented out to other businesses. After several years the building was no longer needed by Mr. Grouse’s business, and he leased out his office. After several months both tenants moved out of the building. He decided to sell his building and reallocate his capital to other investments.
Action
Mr. Grouse hired David Kinnard of Kinnard Commercial Real Estate Group to sell his building. He told David the building was empty and costing him money, he said, “sell the building for as much as possible as fast as possible.” The first task for David was to analyze the building and make a price recommendation. David took two approaches; the first was to value the building from the perspective of an owner operator and the second approach was to analyze the property from the perspective of an investor. The results of the analysis showed that owner operated office buildings were in higher demand and commanding a higher price per square foot.
Result
A marketing plan was enacted that utilized a combination of channels to reach the maximum number of potential buyers. Professionals who were leasing similar buildings were called on the phone, a mailing campaign was created, and then space was posted to several commercial multiple listing services. The building was sold quickly for a price the Seller was satisfied with. The building:
· sold in 5.8 months and the average time buildings are on the market is 7.3 months.
· sales price per square foot was $174.15 as compared with the average sales price of similar buildings of $166.84.
“There are many realtors around, but the one I picked and would pick again, was David Kinnard. He was honest and forthcoming with every decision or issue that arose. He sold my Tampa property in a timely manner and was always available for any and all questions. He had my complete trust all the way to closing. David Kinnard was working for me without any pressure from him.”
– Connie Pitts
Challenge
Connie Pitts is a widow who had decided to leave Florida and move closer to family in Ohio. She and her deceased husband owned a neighborhood strip center in Tampa. Her husband was a chiropractor and had his practice in one of the units. When he passed, Mrs. Pitts took over managing the property.
The center was 95% occupied and there was a mix of small businesses in the center. There was a CPA, a church, a hair salon, a small office rental, and a dry cleaner. In the mid-1980s the owner of the dry cleaners dumped chemicals in the ground and created a contamination on the site. The site was part of an environmental cleanup fund with the State of Florida and was listed as a site to be remediated at no cost to the owner when funds were available.
Action
Mrs. Pitts hired David Kinnard of Kinnard Commercial Real Estate Group to sell her building. She had purchased a home in Ohio and needed to sell the building. The first task for David was to analyze the building and make a recommendation. David took two approaches; the first was to value the property based on the comparable sales and the second approach was to analyze the property on a cash flow basis. A recommendation was given for the price to sell with factors such as the environmental and parking issues considered.
Result
A marketing plan that utilized a combination of channels was enacted to reach the maximum number of potential buyers. Because of the environmental issues, cash investors were sought after. Investors who had similar buildings were called on the phone, a mailing campaign was created, and space was posted to several commercial multiple listing services. The building was sold to a cash buyer for a price Mrs. Pitts was satisfied with in seven months.