Finding Commercial Tenants

[Jeff Stein]

Hi BP!

I recently bought my second small commercial property! It is a small 4 unit strip mall approx. 5,500 sq ft. It is fully rented at this time with NNN leases, but with B and C tenants. How do people find new commercial tenants. I am most interested in how people find A tenants such as starbucks, and other large franchises.

[Joel Owens]

Hi Jeff,

National chains have tenant rep brokers to screen sites for them before they show to the real estate area managers that work for the national chains.

National chains are VERY PICKY on sites. Of course we would all like national chains for center mix because it helps lower cap rate on resale and they might pay more per sq ft then existing mom and pop to regionals. National chains also take a VERY LONG time to commit to a center or a site versus a mom and pop to regional tenant.