Hello all,
I have an opportunity to move locations. They are offering some outrageous things such as buying out my current lease, free build out, and 9 months free rent. They are also in the market to sell. They are trying to "get out of it". The building is pretty much empty. Out of 8 spaces there is a Bridal Shop (which takes up 2), a closed down fast food style sandwich shop, a a shop officially named "Piecemakers" which is a glorified bong shop. Funny while I just visited the building about 10 minutes ago 3 cops were walking out of there on a call. They claim it's just for tobacco use.... right... we all believe that one...
Here is my question. What is going on here? Are they going into foreclosure? Apparently they want out badly. They are looking to sell about 1.5-1.8. I don't know actual numbers so it's all speculation at this point. I have a meeting with them next Wednesday.
The first thing I think would be to get rid of the piecemaker shop. I don't need my people being anywhere near that crap. Especially the kids I'm teaching to be drug free.
I'm just trying to figure some scenarios of what could be happening could someone explain my options? Maybe I should just buy it? Can I do a "condo conversion" with commercial buildings?? To give you a picture of the area, it's extremely busy but there is a TON of spaces open. Commercial real estate in this area is closed. Even if we did buy it, I don't know that I could fill it.
In any case, I'll have some leverage to negotiate my current rent.
I have an opportunity to move locations. They are offering some outrageous things such as buying out my current lease, free build out, and 9 months free rent. They are also in the market to sell. They are trying to "get out of it". The building is pretty much empty. Out of 8 spaces there is a Bridal Shop (which takes up 2), a closed down fast food style sandwich shop, a a shop officially named "Piecemakers" which is a glorified bong shop. Funny while I just visited the building about 10 minutes ago 3 cops were walking out of there on a call. They claim it's just for tobacco use.... right... we all believe that one...
Here is my question. What is going on here? Are they going into foreclosure? Apparently they want out badly. They are looking to sell about 1.5-1.8. I don't know actual numbers so it's all speculation at this point. I have a meeting with them next Wednesday.
The first thing I think would be to get rid of the piecemaker shop. I don't need my people being anywhere near that crap. Especially the kids I'm teaching to be drug free.
I'm just trying to figure some scenarios of what could be happening could someone explain my options? Maybe I should just buy it? Can I do a "condo conversion" with commercial buildings?? To give you a picture of the area, it's extremely busy but there is a TON of spaces open. Commercial real estate in this area is closed. Even if we did buy it, I don't know that I could fill it.
In any case, I'll have some leverage to negotiate my current rent.
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