New Commercial Construction

[Garrett Morrison]

Investment Info:

Retail commercial investment investment.

Cash invested: $300,000

20,000 SQFT of new commercial development in Atascadero, CA. Currently in the CON-DOC phase of the project and should be completed with the building department in 2.5 months. 50% pre-leased, no advertising has been done to date.

What made you interested in investing in this type of deal?

The Community of Atascadero needed a place that is all inclusive, activities, shopping, brews and restaurants, so I wanted to provide that for Atascadero.

How did you find this deal and how did you negotiate it?

My family owned the property, I presented them with the idea and away we went.

How did you add value to the deal?

By being the managing party/driving force of the "The Edge". Producing a vision and making it come to life. Finding tenants that fit the space's overall goal.

What was the outcome?

So far, we have had overwhelming support from the city and community to get "The Edge" completed so that all can enjoy. The project started June 2020 and were now in 2022, estimating to be completed late 2023 to early 2024.

Lessons learned? Challenges?

So many lessons have been learned, to many to explain with the space provided for this question, but the number one thing is if you have the city/county at your back you can get anything done. Challenges are what make every project worthwhile, without challenges you don't learn "communication", without learning there is no growing "execution"... I don't know anyone who would want to plant a seed to watch it not grow.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Everyone on my team I would consider to be real estate professional, it would have been quite a bit more difficult to make this job happen without my ARCHS (architects) MW design&InStudio, and GC (general contractor) JW Construction. Use the skill sets of others where you're lacking, master your own skill set and don't try to build everyone's bridges for them.