Summary

Action Items

• [ ] Get amount for Aspens Creek deal
• [ ] Follow up on comments for 3227 Wilkinson contract
• [ ] Zach to call Darius and confirm Kingdom builders deal is off the table
• [ ] Kowalski to send attorney letter for Kingdom builders confirmation
• [ ] Bill to have WT Capital buyer under contract in next 30 days
• [ ] Call Don about Center Park Circle HOA fees, warehouse lights, and dock door issues
• [ ] Find 5,000-10,000 sq ft month-to-month storage space for Sugar Creek client ASAP
• [ ] Team to request ACH authorization setup if needed (allow one week lead time)
• [ ] All brokers to upload own listings to CoStar and verify accuracy

Deal Updates and Closings

• Illinois closing amount corrected to $12,600 (not $11,025)
• S&E flooring deal completed with Kevin
• Mallard Towns received two-week extension at IP, pushing to end of month
• Habitat deal moving to between 1st and 15th of next month
• Lakeview should not be on closing list
• South Point Road Venture Farm Physical Therapy payment expected in July
• CHCB property and Sandler Seneca on track
• ABC and Mercy Urgent Care very close to final comments
• Raleigh Roller Street deal under contract for $6M (2% commission), closing July 15th
• Tri-plan lease agreement received and in last review
• Jim's gym tenant started major marketing push selling memberships, awaiting permitting approval to open

Property Listings and Marketing

Center Park Circle Warehouse

• Seven to eight tours last week, more scheduled
• Email blast generated eight immediate replies
• Outstanding issues: warehouse lights, two dock doors not working, HOA fee inquiries

New Listings

• 10,000 sq ft warehouse/office on north triangle University area - $15 triple net, zoned DNC
• Space includes 6,000 sq ft office/showroom, rest warehouse with dock door and drive-in door
• 4,000 sq ft office space in Belmont available end of month
• Douglas property reduced to $3.6M asking price, tenants out end of June

Zoning, Permitting, and Compliance Discussion

Auto Repair Tenant Zoning Issues

• Lexington County meeting scheduled for tomorrow at 10 AM regarding zoning for auto repair use
• Property owner attending meeting with attorney to support tenant
• Previous lease included 90-120 day breakout clause for zoning issues, allowing tenant to exit cleanly
• First commission payment received, potential to double-dip if new space works out

Space Demising and Code Compliance

• Extensive discussion on costs and requirements for demising commercial spaces
• Each demised space must have own bathrooms (ADA compliant), firewalls, exits, fire alarms
• Lena Plaza facing challenges with 19,000 sq ft space - odd size, difficult to lease
• Considering whether to spend $300-500K to demise space or discount rent over 10-year term
• Rose's lease has non-compete restrictions and clause allowing lease termination if center becomes non-retail

HVAC Responsibilities

• Important to negotiate caps on tenant HVAC repair/replacement costs in leases
• Example: tenant facing $13,000 HVAC replacement with no landlord contribution
• Recommend HVAC inspections before lease signing if tenant responsible for repairs
• For tenant-installed HVAC, can negotiate out-of-pocket caps per unit and per year

Change of Use Implications

• Fire system upgrade from $7,000 to $45,000 due to change of use requirements
• Emphasis on tenants getting zoning verification letters from city before signing leases
• Brokers should advise tenants to hire architects for change of use situations
• Critical to document advice given to clients in writing to protect against liability

Administrative Procedures and Reminders

Commission Invoicing Process

• Must provide WWRA, lease/purchase agreement, and complete details for invoice preparation
• Include landlord/buyer name, email, commission breakdown, and lease value
• Sales transactions require invoices sent to closing attorney
• Invoice should show total fee split between brokers with notation that separate invoices being provided
• Sending proper invoices builds better relationships with closing attorneys

Listing Management

• Send listing agreements and WWRAs to Olivia for system entry
• Request flyers from Linda, copy relevant parties, and approve promptly
• Brokers responsible for uploading own CoStar listings to ensure accuracy
• Review all listing details before publishing to avoid errors
• Uploading listings yourself helps identify information gaps and improves property knowledge

Silver Spots and LoopNet

• Team doubled number of silver listing spots across markets
• Manage spots by rotating listings - move under-contract or stale listings to regular, prioritize fresh listings
• Some brokers reporting fewer leads despite more silver spots

Signs

• Sign company experiencing quality issues with typos in proofs and installation errors
• Brokers must carefully review proofs - errors after approval cost $50+ to fix

ACH and Payment Setup

Notes