Save my small business, buy my strip mall?

[Samantha Merkle]

I'll try to keep it short and sweet. I'm a small business owner. This is my third successful business and I will be celebrating the three year mark in January. I operate out of a strip mall that has 4 other units, one of which is still occupied and the remaining are being vacated because of the miscommunication of the landlord and the tenants. My lease is not being renewed at the end of this month and I don't have the working capital to purchase the strip mall on my own. After a devastating year of open heart surgery and divorce, my savings has been plundered. I also can not afford to re-open elsewhere, because my business requires extensive electrical and plumbing alterations. I am paying down the last year of my business loan.

I am looking for someone who wants to buy this strip mall and save not only my own small business, but another and the future of other business owners. Had the building been properly advertised, I believe that our below-market leased units could have been occupied. The out-of-state owner is downsizing his substantial real estate business due to his age and distance.

We are located on a main street in a rural town in Michigan. I could probably find tenants for every unit within 6 months just by reaching into my network of other small business owners.

The owner is seeking $360k for the building, which is negotiable and he would be willing to perform repairs prior to the sale.

At the end of this month, I will be put on a month to month lease, which leaves me no security for the future.

Please help us keep our livelihood and dream going?

[Martin Z.]

Can you put 10 % down and get an SBA loan to purchased 36K, you mentioned your location will need extensive electrical and plumbing work, that alone may cost more $$$. Probably having a commercial broker reach out to the owner and see what could be worked out would be something to think about.