Hiring A Tenant or Buyer Broker 15 Apr 2025, 3:35 pm

A real estate broker wants to represent our company exclusively, but we are nervous that we may not see all of the available properties if we limit ourselves to one broker. It seems that we may have a better chance of finding the right space if we “play the field” with several brokers. Is this the right approach?

You are right to be circumspect about signing an exclusive contract with one broker, but not for the reason you name. Virtually all experienced brokers will have access to every potential available property in the marketplace. Even properties controlled exclusively by other brokers will be available to your exclusive broker through co-brokerage. The best Tenant or Buyer Brokers will actually publish your requirements to the brokerage community soliciting submissions of properties for their client. Corporate America has fully embraced the concept of exclusive tenant and buyer representation. It is actually rare to find a major corporation that does not have an exclusive tenant or buyer broker. The advantages are many: The agent will have a fiduciary responsibility to you, not the landlord or seller; the use of one agent promotes objectivity in his evaluation of potential alternatives for you; and you will save considerable time dealing with only one agent.

Your concern is unfounded, if you have the right broker. This leads us to the major concern. The real reason to be careful in signing an exclusive agency agreement is that you do not want to saddle yourself with a broker that is either unwilling or incapable of providing the full palette of services that you require.

You can avoid this problem if hire an exclusive broker in the same careful manner that you would hire any other professional, such as an attorney or accountant. First and foremost, network for referrals. It is best to have a referral from someone who has actually been represented exclusively by the broker. It would not be overkill to interview and request proposals from the three different brokers. Try to interview the broker that will actually be working day to day on your account, rather than the executive broker that came along to “close the sale” with you.

Ask the brokers to specifically itemize in their proposal what services they will be providing, along with a timeline. Look for experience and a good working knowledge of the marketplace. Bigger is not necessarily better, especially if your firm is only looking in a local market. Demand a right to cancel the contract in the event that the broker is not providing the services that were promised.  Ask them to provide the names of several acquisition clients they have represented, then call them!  And of course, unless there is a compelling reason to the contrary, the broker’s fees should be paid by the eventual seller or landlord.

There are many sound reasons to hire an exclusive broker: An exclusive broker has a fiduciary responsibility to protect your interests; your exclusive commitment allows the broker to commit an extraordinary amount of time on your behalf; and you will save countless hours by outsourcing your “real estate department.” Just make sure that you spend the time and effort to hire the right broker. The time spent in this process will be rewarded back to you many times over, and should result in the smooth acquisition of real estate.

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Hiring A Tenant or Buyer Broker 15 Apr 2025, 3:10 pm

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Tenant Expansion Alternatives 18 Mar 2025, 12:33 pm

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Tenant Expansion Alternatives 18 Mar 2025, 10:11 am

What is the best way to allow space expansion capability in our lease negotiations?

Probably the most common lament that I hear one year after a tenant has occupied new space is that they are already contending with cramped quarters. Many tenants take too little space because of budget constraints, and too many ignore the space needs of the future. So, the concept of expansion alternatives is an important one in lease negotiations for many companies. There are a variety of strategies that may be employed by a tenant to anticipate expansion needs in the future.

How clear is your crystal ball? Where are you likely to be three years from now? Five years?  Accommodating several more employees is a far cry from doubling the production floor of a major manufacturer. And, there are some companies that have a very stable requirement for space, with no need for growth. So, get a firm handle on what your needs will be before you start negotiating.

While the ideal scenario is to have extra space “land-banked” by the landlord, this is unlikely in most markets. Landlords are generally not willing to forego rent on the extra space until you exercise your option.  However, in a triple-net industrial lease scenario, a building with expansion capability might allow a landlord the ability to offer an expansion option by building an addition in the future.  Some landlords may agree to a short-term version of this scenario, such as leasing extra space at a reduced rental for six months or a year.

Another gambit is to “master lease” more space than you need, and sublease out the excess space until such time as it is required. This, however, puts you firmly in the real estate business, with worries of your own regarding tenants and their payment of rent.

One option that should never be overlooked is a first right of refusal, or right of first offering, on adjacent space if you are in a multi-tenanted facility. This gives you “first shot” at space. The difficulty with this arrangement is that you control neither the timing nor the size of the available space.  On the other hand, the option will generally cost you little, so you have nothing to lose.

The most common method of addressing the future need for space is to strike a balance between what is required today and the anticipated space needs of the future. In an office scenario, with flexible landscape partitioning, it is possible to draw a multitude of designs, or to design a future “hoteling” plan that will allow additional employees. In an industrial scenario, future growth is sometimes handled with high warehouse ceilings. Warehousing needs today are met with existing floor space, or perhaps two levels of racking. Future growth can be accommodated with additional levels of racking as well as materials handling equipment.

Any one, or combination of these ideas can be used to custom tailor an expansion plan for your company.

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Norco Construction Leases Space in Melville, NY 17 Mar 2025, 4:20 pm

March 17, 2025 – Plainview, NY – Hunt Corporate Services, Inc. announced today that Norco Construction Inc. has leased 3,640 square feet at 1860 Walt Whitman Road, Melville, NY. David G. Hunt of Hunt represented the landlord, Anton-Cerrone Associates, in the transaction. The tenant was represented by Steven Rossetti of Paragon Property Services, Inc.

Norco Construction is a New York and Miami based construction organization providing construction management, general contracting and design/build services.  With a reputation for strong management, the company has been recognized for its integrity, personalized service, timely completion and professionalism.  “Norco Construction was looking for attractive space, near the Long Island Expressway with easy access and abundant parking,” said Mr. Hunt.  “The one-story office building at 1860 Walt Whitman Road has it all, as well as a roster of very satisfied tenants.  We only have one remaining suite of 2,900 square feet available.”

The building is part of an Anton-Cerrone Associates portfolio consisting of over 800,000 square feet of office and flex space throughout Nassau and Suffolk Counties. Hunt has represented Anton-Cerrone as their exclusive leasing agent for more than 40 years.

Hunt Corporate Services, Inc., in the role of a trusted advisor, represents clients exclusively for the acquisition or disposition of commercial real estate throughout the United States, primarily on Long Island, New York. The aggregate value of commercial and industrial properties leased or sold exceeds $2 billion. For further information, contact David Hunt at (516) 937-1000 or dhunt@huntcorp.com. Full information on the firm and its clients can be found at http://www.huntcorp.com.

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Commercial Real Estate Designations 18 Feb 2025, 5:12 pm

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Trane expands in Plainview 18 Feb 2025, 4:44 pm

February 18, 2025 – Plainview, NY – Hunt Corporate Services, Inc. announced that Trane US Inc. has expanded and leased an additional 15,028 square feet of industrial space at 245 Newtown Road in Plainview.  David G. Hunt, president of Hunt, represented the landlord, Anton-Cerrone Associates, in the lease transaction.  Trane was self-represented.

“The additional space will house the Trane supply and parts division,” explained Mr. Hunt.  “The Trane general services division has been an Anton-Cerrone tenant since 2012.  We were delighted to be able to accommodate their needs.  The new supply division space is adjacent to their present suite.”

Located on the South Service Road of the Long Island Expressway in Plainview, 245 Newtown Road is a 106,297 square-foot flex building. The building is part of an Anton-Cerrone Associates portfolio consisting of over 800,000 square feet of office and flex space throughout Nassau and Suffolk Counties. Hunt has represented Anton-Cerrone as their exclusive leasing agent for more than 40 years.

Trane is a manufacturer of heating, ventilation, and air conditioning systems, along with building management systems and controls. The company is a subsidiary of Trane Technologies, a company focused on manufacturing HVAC and refrigeration systems.

Hunt Corporate Services, Inc., in the role of a trusted advisor, represents clients exclusively for the acquisition or disposition of commercial real estate throughout the United States, primarily on Long Island, New York. The aggregate value of commercial and industrial properties leased or sold exceeds $2 billion. For further information, contact David Hunt at (516) 937-1000 or dhunt@davidh868.sg-host.com. Full information on the firm and its clients can be found at https://huntcorp.com.

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Commercial Real Estate Designations 18 Feb 2025, 4:38 pm

I have noticed the string of initials after your name.  What do the initials mean?  Should we only work with a real estate professional who has designations?

While it is not necessary to have these designations for a broker to be a true professional, they almost guarantee that he or she is one.  All of the real estate designations that I have earned represent a very rigorous course of study, exams, and usually a demonstration of many years of experience and volume.

The Master of Corporate Real Estate (MCR) is granted by Corenet International, a worldwide organization of corporate real estate executives.  The coursework has a strong financial component, which emphasizes the critical need for understanding corporate real estate’s linkage to the corporate bottom line. Strategic approaches are presented in portfolio management, aligning real estate to business strategy, outsourcing and partnering, technology and workplace strategy.  To complete the MCR designation I took 100 hours of classroom instruction and five exams, followed by a one-week long “capstone” course given at MIT.

A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate.  The CCIM curriculum consists of four core courses (160 hours of instruction) that incorporate the essential CCIM skill sets: financial analysis, market analysis, user decision analysis, and investment analysis for commercial investment real estate.  Additional curriculum requirements may be completed through CCIM elective courses, transfer credit for graduate education or professional recognition, and qualifying non-CCIM education. Following the course work, candidates must submit a resume of closed transactions and/or consultations showing a depth of experience in the commercial investment field (mine was nearly 2 inches thick and demonstrated with executive summaries and a case study over $30 million in real estate transactions.)  After fulfilling these requirements, candidates must successfully complete a comprehensive, day-long examination to earn the CCIM designation.  Only 6 percent of the estimated 125,000 commercial real estate practitioners nationwide hold the CCIM designation.

The SIOR designation is certified by the Society of Industrial and Office REALTORS,^© the leading professional commercial and industrial real estate association.  SIOR has certified almost 2,500 real estate practitioners (again, a very small percentage of the total practitioners nationwide) with the prestigious SIOR designation, a professional symbol of the highest level of knowledge, production, and ethics in the real estate industry.  This designation also requires rigorous course work, as well as a demonstrated volume of business.  Last year, SIOR members reported an average per person dollar volume of $25.7 million.

Are you working with a true professional?  One way that you know for sure is his or her attainment of professional designations, attesting to both their commitment to professional education, as well as the very highest levels of performance in the commercial real estate industry.

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Nationwide 360 Purchases a 75,000 Square Foot Building in Hauppauge, NY 27 Jan 2025, 4:30 pm

January 27, 2025 – Plainview, NY – Hunt Corporate Services, Inc. (Plainview) announced today that Nationwide 360 (Central Islip) has purchased the 75,000 square foot industrial building at 40 Adams Avenue in Hauppauge, NY. David G. Hunt, president of Hunt, exclusively represented the buyer. The seller was represented by Kyle Burkhardt and  Josh Cohen of Newmark.

Nationwide 360 is almost doubling the size of their facility with this move, having recently sold their 40,000 square foot building in Central Islip. Hunt also exclusively represented them in the sale of their former building. “It was a challenging process,” said David G. Hunt. “We had to work out the process that allowed Nationwide to sell their existing facility first, lease it back for a short period, and then close on the acquisition at 40 Adams Avenue. A key feature of the new building is a ceiling height of 21 feet, which facilitates the storage of custom displays for Nationwide’s clients.”

Nationwide 360 is a full-service, turnkey designer and fabricator of all things brand experience. They design and build exhibits for tradeshows, brand activations, corporate environments, retail interiors, virtual and augmented realities, and provide support for all the intricacies that go into all of it.

Hunt Corporate Services, Inc., in the role of a trusted advisor, represents clients exclusively for the acquisition or disposition of commercial real estate throughout the United States, primarily on Long Island, New York. The aggregate value of commercial and industrial properties leased or sold exceeds $2 billion. For further information, contact David Hunt at (516) 937-1000 or dhunt@davidh868.sg-host.com. Full information on the firm and its clients can be found at https://huntcorp.com.

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Buying for Resale Value 21 Jan 2025, 6:24 am

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