Summary

Action Items

• [ ] Cooper to pick up signed contract from buyer for Center Circle (2.1M offer) and handle tour
• [ ] Check in on Seneca Boulevard after appeal period ends at end of month
• [ ] Await offer from North State on WP Capital property, then present to Lynn to decide
• [ ] Get listing agreement signed for Belmont 1.4-acre site and prepare marketing flyer
• [ ] Bryce to send AutoZone LOI today
• [ ] Bryce to counter seller on Leaf Spring Daycare LOI; remove non-refundable due diligence requirement; target $1.75M
• [ ] Schedule call with sellers and MetCap buyer for Rocky River and Hood Road
• [ ] Team meeting with Thompson Thrifts today re: Wilmington parcels
• [ ] Meeting in Greenville, SC tomorrow with KDS Kane and Streetlights
• [ ] Schedule meeting with Riverside Industrial sellers and Northwood Raven
• [ ] Try to connect with Simon re: Phillips Place movie theater parcel
• [ ] Meeting with prospective new hire Aaron on Friday
• [ ] Thomas and Katie to complete two 4-hour South Carolina CE classes this week
• [ ] Olivia, Nikki, and Kathy to coordinate support for Edie during treatment
• [ ] Prepare for Friday weenie roast at 11:30/1pm — get hot dogs, chips, beer, paper plates
• [ ] Designstone LOI to be signed today

Deal Pipeline Review

• Closings expected in July: New South/Reynolds Distribution Street, Great Fox Road (Critical Power Systems), Heathley IL
• Upstream Growth Partners (physical therapy): second payment, still slated for the 11th
• Raleigh Street: projected close July 15th; contract timeline noted as tight
• Habitat deal: hopeful for first week of July, safe date is the 15th; some items pushed to August and one element to October
• Seneca Boulevard: appeal period ends end of month; expected to close sometime in August
• Zaxby's / 3227 Wilkinson Blvd: meeting with seller right after this meeting
• Center Circle: two offers received; seller agreed to the stronger offer at $2.1M with quicker DD; contract being signed
  • A competing broker's tour still scheduled; team advised buyer must move quickly
  • Center Circle closing target: September 30th
• ABC Store: expected close in August
• North State / WP Capital property: offer expected from North State within days; likely to land in the mid-60s; WT Capital also a potential buyer but slower timeline
• Kentucky Medical Office: contract pending; 10 days since last update, follow-up requested
• Leaf Spring Daycare LOI: seller at $1.85M final; team plans to counter lower; buyer willing to go to $2M but wants better terms; non-refundable due diligence fee is a sticking point
• AutoZone (beach site): LOI to be provided today; ~0.4 acres remaining for ground lease opportunity
• Pet Paradise (Lexington): seller countered above asking price; negotiation underway
• 340 Crompton: signed
• Designstone: LOI expected to be signed today
• Riverside Industrial (Belmont): working with Northwood Raven; pitching sellers on development agreement
• Greenville County Square: meeting tomorrow; team optimistic
• T-GK: Streetlights now involved instead of Northwood
• Paper Doll site: price reduced to $4.75M (2.2 acres); nightclub buyer needs lease-to-own structure; banks unlikely to finance clubs; plan to re-market at new price
• Belmont 1.4-acre land site: massing study underway with civil engineer; evaluating drive-thru coffee and QSR concept; Gant has connection to Southern Brew group with 147 locations; owner prefers land lease
  • Listing agreement not yet signed; comparable site nearby under contract to establish pricing
• Dress for Success: seller likely looking at 1031 exchange; beginning search for replacement properties in the $4–6M range

Girl Scouts Presentation

• Rob and Sammy presented to the Girl Scouts Harness Nest Council board after ~2.5 weeks of work
• The organization has been at their ~3.5-acre site on Outlaw Road since the 1960s; two buildings with structural and functional issues
• Team evaluated ~8 scenarios, narrowed to 5; recommended the organization retain and redevelop the site rather than sell or relocate
  • Site estimated at ~$2.5M; leasing elsewhere could cost ~$1M/year, making sale impractical
• Plan: raise ~$10M for new construction + $2–3M endowment for ongoing maintenance
• Professional fundraiser Joanne B. engaged; early corporate outreach shows confidence in hitting the target
• Progressive (engineering/architecture/urban planning firm) is involved and produced preliminary sketches
• Next steps: perform due diligence, geotech work, survey, and renderings to support fundraising; then get a contract for a preliminary budget
• Goal: manage the development and earn fees; positive community impact and brand exposure for MECA
• Board feedback was very positive; they appreciated direct, actionable guidance

Business Development & Networking

• A broker recently gave a presentation at a Lake Norman Chamber of Commerce event — well-received; generated follow-up meetings and a residential broker referral relationship
• Leadership emphasized the importance of networking, volunteering on nonprofit boards, and being visible in the community
• A structured networking group (~$12K/year) focused on referrals ("don't get leads, get referrals") is being considered
• DreamKey meeting held last week; discussion ongoing about affordable housing initiatives — potentially raising capital for a fund to acquire apartment complexes, with athlete investors
• Prospective tenant searches being worked:
  • Foreign company seeking 5,000–7,000 sq ft warehouse with drive-in door in Concord area
  • Middle Eastern grocery store seeking ~5,000 sq ft in northeast Charlotte (university area)
• Multiple car-related tenants being prospected for Boyer Street (Turo operator, performance shop, window tint)

Team & Personnel Updates

• New hire Aaron: 29-year-old being brought on, meeting Friday; will be mentored by Kevin and Zach; expected to handle smaller deals and free up senior brokers for larger transactions
• Bryce brought Zach in on a 50,000 sq ft tenant rep deal (aluminum foil company); survey review Thursday
• Kevin and Zach recognized for strong performance managing a high volume of smaller deals

Sensitive Company Announcement

• Edie has been diagnosed with an aggressive form of breast cancer requiring 8 months of chemotherapy, followed by surgery and radiation — a roughly year-long process
• Leadership asked the team to be supportive but not to proactively bring it up with Edie yet
• Olivia, Nikki, and Kathy are coordinating support; team will be updated as more is known
• Bob and Erica will assist with Edie's deals during treatment

Office & Housekeeping

• Holiday schedule: office closed this Friday (June 26th) and July 4th week; no meeting July 8th; next meeting June 30th
• Friday weenie roast: informal team social starting this Friday at 11:30/1pm; spouses, kids, and select clients welcome; planned as a recurring summer Friday event
• SC real estate CE licensing: Thomas took the wrong class; needs to complete two more 4-hour classes this week with Katie's help

Notes