All Forum Posts by: Max Powers

If you're looking at a neighborhood shopping center with a major grocery anchor, how much in-line space is considered ideal?

Also, let's say you have a major grocery store, but also have a very popular restaurant, such as a local pizza or Mexican place.  Would those kinds of restaurants or other popular in-line tenants improve the grocery sales?  For example, stopping at the grocery store while picking up laundry or the kids from a daycare? 

If the grocery store is dated, how difficult is it to remodel?  Can this be done in a way to minimize hassle to shoppers or is a complete rebuild more usual?

Thank you everyone.  The property management firm does also do leasing, financial reporting and accounting, but they contract out for all other jobs.  My management agreement doesn't state anything about travel reimbursement and I checked another company that bid for the job and they also didn't mention anything about it in their agreement.

Another thing I noticed is they're charging their management fee on gross rent plus sales tax, whereas the firm that handles my other property charges based on gross rent I actually collect.  Which is more common?

They also charged for things like removing the old leasing sign, when the agreement states you pay based on the base rent of new leases or renewals.  I've never been charged for things like changing out signs.

I have several other properties and pay the property manager a fee on total revenue as well as for any supervising they do for work done on the property.  I just bought a new property in Florida with a different management firm and see a charge on the first report for travel expenses.  This is for people at the management company to travel to the property and just check to see how it looks and talk to tenants.

The agreement I signed only shows paying based on gross rents for performing management services.  I also am supposed to pay for construction work done and of course for leasing.

Is it common to have travel added or am I justified in complaining?  My other properties have all been in another state with a different firm, so I just wanted to double check on industry norms.

The property is a shopping center in Florida.  I did get another bid that was close to the first, but they don't give any more detail about the scope of the work than what I gave before.  It simply states 2 coats of asphalt sealant and stripping the pavement marking.

For a shopping center how much would you expect to spend psf for asphalt sealing and pavement markings?  It's for cleaning the existing asphalt,  applying 2 coats of asphalt sealent, and striping the pavement markings.

I got an estimate and I'd like to figure out if it's reasonable and don't have anything to compare it to.

The definition of all those terms are obvious, but if you're trying to back into a pro forma you're looking at or create your own how do all those elements work together?

For example, if there is a 75% chance of renewal, expected downtime of 3 months for a new lease, and an assumed 5% vacancy how would you put all those elements together?

Would you do .75 * market renewal rate + .25 * renewal rate*(/12)? Plus would you add a general vacancy or would that be double counting the general vacancy?