Thursday, July 6, 2017

NAI Isaac Brings Jersey Mike's to War Admiral Place in Lexington, Kentucky

NAI Isaac Commercial Properties recently leased 2200 War Admiral Way, Lexington, Kentucky to Jersey Mike's Subs. This will be Jersey Mike's second Lexington location.  They are slated to open Fall 2017.  Paul Ray Smith, Executive Vice President and Jamie Adams, CCIM, LEED, AP, Senior Associate with NAI Isaac represented the Tenant during the lease transaction.

Wednesday, July 5, 2017

The Process of Buying Commercial Real Estate


With commercial real estate needs on the rise, the commercial real estate business is booming. While it may seem like a complicated process to buy commercial real-estate, with someone knowledgeable to guide you, the process is much simpler and easier than you might imagine. NAI Isaac of Lexington, Kentucky can walk you through the process of buying commercial real estate to help you better understand the steps of the process.

Find Your Property

If it is your first time looking for a commercial property to buy, invest in a real estate professional. Real estate professionals who are experienced in commercial real estate will make your buying experience much easier. Because commercial and industrial real estate is on the rise, real estate professionals will be invaluable to your search because they will know the availability in specific areas and are well acquainted with the market. With commercial real estate, real estate professionals are even more necessary because there is a lot of data on these properties that is not easily available online.

Negotiation Process
After you have decided on a property to pursue, it is time for negotiations. Because the market is booming it is very likely that you will not be the only person interested in the commercial space, which will result in multiple offers being made. Sellers are looking to make as much money as they can on their properties but will also be looking for a buyer who is solid. To seem like a more experienced and solid buyer, submit pre-qualification letters and proof that you have no contingency on your finances.


Contingent Escrow

Once your terms and offer are accepted, a Purchase and Sale Agreement (PSA) is used to record the agreement that was reached between you and the seller. Once a deposit is sent to a holding company and the PSA is signed by both parties, escrow is in effect and a 30 to 90-day contingency period begins. In this time, commonly known as contingent escrow, you should thoroughly inspect the building you are purchasing, secure your finances for the purchase, check titles, and check that the building is up to code in all areas. Because your deposit is refundable in this escrow period, it is necessary to make sure the building meets all of your standards during this time because after this point you could lose money. If you find an issue with your property in this time period contact your seller and your seller’s broker to resolve the issue.

Perfected Escrow

After you have inspected the property and resolved any issues with the seller, and your finances have been approved you can waive the contingency of your escrow. After the contingency has been waived, you enter into perfect escrow and your deposit cannot be refunded. You can still back out of the sale but the money you put down for your deposit will not be returned. Perfect escrow is a period between 14 and 30 days, where the bank prepares all of your documents, like loans, grant deeds, and lease assignments, to await signature. During this time, you should also invest in a new insurance policy for your property.

Closing

Lastly, an estimated closing statement will be signed. This begins the process of money transfer from buyer to seller. After the grant deed is recorded the property is officially yours.

While the process may seem simple, it can be tricky to navigate on your own, especially for a first-time buyer. At NAI Isaac, serving Lexington and the surrounding area, we can guide you through the process of buying commercial real estate and help you get the most for your money. We have a long history of customer satisfaction, and a wide range of real estate experience. Specializing in leasing and subleasing, investment sales, site selection, property management, and numerous other areas of expertise, the team mat NAI Isaac can assure your satisfaction. Contact our team of professionals today for more information about buying commercial real estate.

The Benefits of Multi-Tenant Industrial Buildings


With industrial real estate on the rise, and with 2017 expected to be one of the largest years of growth on record, investing in industrial spaces to rent to businesses is one of the smartest ways to get involved in the excitement. To make an even bigger impact with your real estate, multi-tenant industrial buildings are an easy way to increase the value of your property and to ensure a return on your investment. At NAI Isaac of Lexington, Kentucky, we want to show you a few of the many benefits of investing in multi-tenant industrial buildings.

Easy to Manage

Because of the way industrial real estate is leased, where tenants pay a portion of the industrial operating costs as well as paying for a portion of maintenance expenses, it is much easier to manage than single-tenant properties. Tenants of industrial spaces will also not require extra services in the building, like janitorial service or the need for landlord maintenance because industrial areas usually do not have areas that are not for industrial purposes. In addition to being easy to manage, these industrial buildings are cheaper to own because of this triple net basis where all tenants pay for the maintenance costs and operating expenses.

Flexibility

Industrial property makes it easier to supply buildings for a wide range of tenants. Because industrial buildings come in a large range of sizes and specifications, tenants with varying needs have options. Industrial spaces can be solely manufacturing areas, distribution areas, office space areas, or any combination of the departments that are needed for an industrial business.

 Internet Growth
As it is obvious to see, the internet rules the retail market. Retailers cannot survive in this business world without offering online shopping options. Because of this massive switch towards online retail, many businesses require additional shipping and logistics industrial spaces. Warehouses for shipping, manufacturing, fulfillment services, and office spaces are in great need and this trend will not stop anytime soon. By investing in multi-tenant industrial buildings, you can ensure that your money is returned and that you will make money from these properties because these online based businesses are in need of available spaces for rent.

Industrial Real Estate is Needed

Because the industrial real estate business is booming, what with the explosion of companies switching to all online businesses and the need for more space, industrial real estate is becoming harder and harder to find. Many industrial facilities are single units with only one tenant, but by splitting these buildings and designing them to be dual-tenant spaces, you are guaranteed to make money because of the high need for industrial real estate.

At NAI Isaac we specialize in the leasing and buying of commercial and industrial properties. We have a long history of customer satisfaction, and a wide range of real estate experience. Specializing in leasing and subleasing, investment sales, site selection, property management, and numerous other areas of expertise, the team mat NAI Isaac can assure your satisfaction. If you are interested in entering the industrial real estate business and have questions concerning investing in multi-tenant industrial buildings and want to speak to an expert about the risks and benefits, NAI Isaac, serving Lexington and all the surrounding areas, is here to help.