Chicago, Rogers Park Vacant Lot Development

[Syed Lateef]

I am new to real estate. My background is Finance from DePaul University.

My family owns a vacant lot the Chicago land Chicago area. The lot size is 100' x 125' (12,500 square feet).

Address: 2501 W. Devon AVE

We will be developing retail property. With 6 store fronts.

We have just contracted a architect to create Plans. He will be building plans and I would like to go to corporate establishments like Subway, Starbucks, Dunkin Donuts, Bank of America, etc  to let them know we will build our store fronts to fit their requirements.

What steps do you recommend I should to get these kind of tenants. Are you guys aware of commercial real estate agents in Chicago land area to help with this process to get these type of tenants.

[Joel Owens]

Hi Syed,

You are going after national tenants that offer more security and tend to pay more per sq ft.

They only do that for the best locations.

Their development departments get bombarded with site submissions all the time. They will look at their criteria and then look at all locations for the best one. They are not looking for the cheapest rent but the best locations to grow the brand for exposure and sales.

You call and speak to their directors and they will give insight on why they do not like your location. You can then ask them what type of national tenant if they do not like it do they think would find it attractive?? You might find only mom and pop tenants want that space and location.

I would be hitting those phones before spending money on the building construction and get firm commitments in place from the national guys.