All Forum Posts by: Account Closed

 I thought about that but it seemed like the majority of what a broker would do for me is negotiate the lease. That part is already done and the lease is signed. All I need now is advice on whether or not to insure the property and how to get the tenant the certificate of occupancy since they are doing the construction.

Is there really enough left to do that a broker would take the time to work with me on it? 

I'm a complete novice at commercial real estate but jumped in head first. I now own a property in Florida that was a payless shoe store in a very busy area. After I bought it I was contacted by a number of brokers looking to help me rent it. I negotiated with a couple of them and finally signed a triple net lease with a fast food franchisee. They are doing construction to the property now. I have a ton of questions 

1. The lease states that they carry insurance but it seems to me that they don't take possession of the property until the certificate of occupancy is in their hands. For that reason should I have insurance on the property in case of hurricane, fire, damage, etc. and furthermore should I carry insurance on the property after that as well. (There's no loan on the property.)

2. They don't begin paying on the lease until they have the certificate of occupancy but because they are doing the construction it is up to them to get it. Does that seem right or do I need to go through my lease again?

3. Based on the above questions how badly did I screw up this lease by agreeing to rent beginning with the Certificate of Occupancy.

4. And last, When talking to the engineers, contractors, tenants and brokers, how do I make it sound as though I know what I'm doing when I clearly do not? (This is slightly rhetorical. More looking for a 'What should I not say.)

I've read through a lot of these posts and they've helped me get to where I am now with the property so I appreciate all of you that have contributed and hope to add something to the forum, hopefully not as a 'What not to do.' 

I own a building in Orlando on a very busy corner. It's a commercial property currently setup for retail but the size and location are terrific for fast food as well. I've had multiple offers from brokers representing people to rent the location as a triple net lease but I'm worried that they are all low-balling. The current triple net lease that I'm considering is for a 10 year term with 3 extension at 10 years each so if I'm low then it'll be low for 40 years. That has me really worried. I've looked at cap rates for properties on loopnet but to calculate what mine is I'd need to get the value for the property which is again tough to gauge. Anyone with commerical triple net experience in the Orlando area that can tell me what I should be looking to get for a terrific retail/fast food location in terms of $ per sqft or cap rate?