Finding new commercial tenants

[Jeff Stein]

I recently lost a tenant in a small four unit strip mall. Approximately 1200 ft.² of 5500 is vacant. I have been able to fill one other building fairly easily with referrals from other people, but I don’t have someone lined out as of yet. I have an idea of reaching out to local accountants to see if they have clients looking for new locations. Has anyone done this in the past? Any thoughts on this idea?

[Paul Cattin]

I highly recommend hiring a broker. They will help market, negotiate and sell the space. 5% direct or 6% coop fee would be your cost, which should be far less than any vacancy cost in addition to your time. While I am not familiar with your market, this is something that won't cost you anything out of pocket until the deal gets done. In Milwaukee, I would assume you have a few groups that you could discuss with to see who will be the best fit for your property.