I bring more than 30 years of direct commercial property ownership experience, along with more than four decades in commercial brokerage and the experience gained from directing thousands of transactions as owner and Designated Broker of Rein & Grossoehme. My experience spans virtually all major commercial property types and gives me both an owner’s and a broker’s perspective when evaluating property strategy, leasing, operations and value.
- Asset Management
- Leasing
- Tenant Improvement Design & Contracting
- Vendor Contract Negotiations
- Renovation and Facelift Design & Execution
- Lender Negotiations
- Strategic Planning
- Complex Negotiations & Strategy
The following case studies illustrate the type of comprehensive advisory role I have provided to long-term clients. In these examples, the client established the overall objectives and relied on me to determine the strategy, direct the process and make the many decisions required to accomplish them.
I directed the entire process, including the sale of the client’s California properties, the identification and acquisition of replacement properties in Scottsdale and the subsequent management of both shopping centers. With Power of Attorney, I was authorized to act on the owner’s behalf and effectively functioned as the decision-maker for the properties. I directed the property manager, handled leasing strategy and negotiations, signed leases, oversaw renovations, coordinated contractors and vendors and made the day-to-day decisions necessary to improve performance and value.
My role was far broader than that of a traditional broker. I had advised this client on his real estate holdings for more than 30 years and he relied on me to direct the strategy and operation of the Scottsdale assets with very little involvement on his part.
Both shopping centers required extensive remodeling and re-leasing. I directed those efforts while also overseeing the ongoing leasing and asset-management strategy. During the ownership period, the owner was able to rapidly reduce debt, substantially increase cash flow and significantly increase the value of the properties, more than doubling his equity within a relatively short period. The owner only visited each property once because he totally relied on me to oversee the strategy, execution and day-to-day decisions for the properties.
21008 Victor Street, Torrance, CA
53 Apartment Units (Sea Spray)
Listing Price: $9,225,000
Sale Price: $8,952,765
Sale Date: November 2012
I co-listed the property with an agent in Torrance and identified five probable buyers. We received offers from three of them, and one of those buyers ultimately purchased the property.
7337 E Shea, Scottsdale
27,310 sq. ft. (Shea Scott Plaza)
Purchase Price: $3,000,000
Purchase Date: November 2012
I identified a newly listed shopping center that had not yet reached the broader market as the client’s 1031 exchange property. We closed shortly after the apartment sale.
One of the challenges in the transaction involved a salon suites business that did not have a master tenant. Rather than accept the loss of income associated with bringing in a middleman, I took control of the operation for the owner so the income could be retained at the property level.
The concept performed so well that I expanded it when the adjoining space became available.
Listing Price: $5,088,000
Sale Price: $5,025,000
Sale Date: June 2019
When the time came to sell, I listed and sold the center in 154 days from listing to closing. Throughout the ownership period, the owner had minimal involvement with the property. I directed the leasing, asset management, property strategy and eventual sale.
Finding two shopping centers in Scottsdale while simultaneously coordinating two 1031 exchanges was a complicated assignment. The timing required the sale of two apartment complexes in Los Angeles and the acquisition of two shopping centers in Scottsdale, with each purchase closing shortly after the corresponding apartment sale.
I was able to coordinate the transactions because of my market knowledge, relationships with the sellers and ability to control the timing and decision-making process on behalf of the buyer.
The result was a substantial improvement in the client’s investment position. Cash flow approximately doubled compared with the Los Angeles apartment properties, and the values of the Scottsdale properties increased rapidly. That appreciation ultimately helped offset the tax obligation associated with the client’s low 1031 basis when he later chose to sell and take the proceeds rather than exchange again.
2435 W 227th Street, Torrance, CA
33 Apartment Units (Ocean Breeze)
Listing Price: $7,310,000
Sale Price: $7,100,000
Sale Date: June 2014
I co-listed this property with an agent in Torrance and identified more than ten probable buyers. We received several offers from that group, and one of them ultimately purchased the property.
9015 E Via Linda, Scottsdale
27,310 sq. ft. (Via Linda Crossroads)
Purchase Price: $4,959,733
Purchase Date: June 2014
I identified an off-market shopping center as the client’s 1031 exchange property and directed the acquisition process so we could close shortly after the apartment sale.
I developed the renovation concept for the center and directed the entire project from plans and permits through construction management. The objective was to dramatically improve the property’s appearance and competitive position while controlling costs. The renovation was completed for less than $10 per square foot.
The finished property closely followed the original design concept. I directed the center throughout the entire ownership period, re-tenanted more than half of the space and substantially increased rents following the renovation.
We also divided the former Ace Hardware space into smaller units. The resulting rental income from that portion of the center nearly tripled.
Listing Price: $7,950,000
Sale Price: $7,850,000
Sale Date: November 2021
When the owner decided to liquidate his portfolio, I directed the sale of the center. As with the other Scottsdale property, the owner had minimal involvement throughout the ownership period. I directed the renovation, leasing, asset strategy and eventual disposition of the property.
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