Howdy:
My wife and I started started shopping around for a strip mall retail space. I called one of the property managers today and I told him I needed about 1500 sq ft. He started quoting the numbers This is when I realized I was in unfamiliar territory. I would appreciate it very much if someone would be willing to give me a few pointers, or point me in the right direction to find more information.
First, he mentioned that the owners of the space also own the Pizza Hut in the center. It is a new strip mall and the other four spaces are empty. He asked me what type of business we were planning to open, and when I told him, he said, ok, we can move forward, because the owners are being very selective regarding the different types of businesses they are allowing in that location. Then he gave me this quote:
$26.00 per square foot, plus $9.00 a sq ft for NNN. and $25.00 sq ft for the buildout.
When I told him I was looking at several locations and I would get back to him, he told me all of the quotes are high, and negotiable.
I want to make a counter offer, but where can I find the best resources to determine FMV for the lease, NNN's, and build out cost?
I appreciate any pointers, tips, or informations you can give me, thanks.
Rich
My wife and I started started shopping around for a strip mall retail space. I called one of the property managers today and I told him I needed about 1500 sq ft. He started quoting the numbers This is when I realized I was in unfamiliar territory. I would appreciate it very much if someone would be willing to give me a few pointers, or point me in the right direction to find more information.
First, he mentioned that the owners of the space also own the Pizza Hut in the center. It is a new strip mall and the other four spaces are empty. He asked me what type of business we were planning to open, and when I told him, he said, ok, we can move forward, because the owners are being very selective regarding the different types of businesses they are allowing in that location. Then he gave me this quote:
$26.00 per square foot, plus $9.00 a sq ft for NNN. and $25.00 sq ft for the buildout.
When I told him I was looking at several locations and I would get back to him, he told me all of the quotes are high, and negotiable.
I want to make a counter offer, but where can I find the best resources to determine FMV for the lease, NNN's, and build out cost?
I appreciate any pointers, tips, or informations you can give me, thanks.
Rich