News Feeds (RSS) http://naiblackblog.com/?p=156 http://naiblackblog.com/2018/01/are-your-properties-properly-insured/ Commercial Real Estate Are Your Properties Properly Insured? Written by Black Commercial Inc. President, Jeff K. Johnson, SIOR, CCIM Fire and casualty insurance for commercial real estate for some property owners is an out of sight out of mind expense. Many real estate investors I know focus on getting the best premium each year at renewal and spend little time reviewing the terms [&#8230;] Wed, 24 Jan 2018 21:44:47 Z http://naiblackblog.com/2018/01/are-your-properties-properly-insured/#respond NAIBlack-Blog <p><em>Written by Black Commercial Inc. President, Jeff K. Johnson, SIOR, CCIM</em></p> <p>Fire and casualty insurance for commercial real estate for some property owners is an out of sight out of mind expense. Many real estate investors I know focus on getting the best premium each year at renewal and spend little time reviewing the terms of their policy or the replacement values of their properties. When the topic of fire and casualty insurance comes up we commonly think “that will never happen to me”. An annual review of your commercial real estate fire and casualty insurance policy terms and corresponding property values is a very important part of effectively managing your investment real estate!</p> <p>In 1989 I developed a 12,000 square foot medical office building for an ear, nose and throat medical practice and two dentists. The doctors and dentists leased space in the building and were also my partners in the LLC that owned the building.</p> <p>The good quality, wood frame, cedar sided medical office building provided a great place for my partners to run their medical and dental practices and it also provided us as owners with a solid real estate investment for twenty-three years.</p> <p>About three and a half years ago on a Friday afternoon in July one of my partners, whose dental practice was on the second floor of the building, thought he smelled smoke. Steve checked every suite in the building but could not determine where the smoke oder was coming from. He called the fire department and quickly had everyone vacate the building. Fortunately, on a Friday afternoon in July all of the other tenants had already left for the weekend, so it was easy for Steve, his staff and patients to quickly exit the building.</p> <p>The fire department arrived and after a full inspection of the building the firemen noticed smoke beginning to seep out of an exterior wall where the electric service and air conditioning condenser unit piping entered the building. Within a couple minutes that end of the building erupted in flames. Due to the potential explosion of compressed gas tanks in the two dental offices the fire crew was forced to back off and “manage the fire” resulting in the building being a total loss.</p> <p>Due to a good sense of smell and quick thinking by Steve no one was injured. Additionally, the dentists and the medical practice occupying the building were able to quickly find new space and get back in business.</p> <p>After the fire our first step was to review our insurance coverage and determine how to move forward. Fortunately we have a very good insurance broker who had worked with us each year to annually review our policy coverage and building replacement valuations. Having good policy terms and updated valuations helped us quickly work out a settlement with our insurance company. That settlement provided us with the funds necessary to rebuild the building at current construction costs. One important provision in our policy provided up to $50,000 in the case of loss for costs related to changes in the building codes since the building was originally constructed. That provision provided for the cost of a fire sprinkler system when we rebuilt.</p> <p>The fire provided an exit strategy for my partners who had by now retired and sold their medical and dental practices. With new partners, I bought out my former partners and we recently completed construction of a new building on the site for a physical therapist and a dermatology group.</p> <p>This loss provides a great example of the reason it is important to regularly review and update your fire and casualty policies. It also highlights the importance of working with a professional insurance broker or agent who will find you a reputable insurance company, with the best terms, good pricing and help you keep your replacement valuations current!</p> <p><em>Connect with Jeff K. Johnson, SIOR, CCIM on LinkedIn for more content like this. </em></p> <p><em>https://www.linkedin.com/in/jeffkjohnson/</em></p> http://naiblackblog.com/2018/01/are-your-properties-properly-insured/feed/ 0 156 2018-01-24 21:44 +00:00 2018-01-24 15:44 -06:00 http://naiblackblog.com/?p=153 http://naiblackblog.com/2018/01/the-positive-and-negative-of-commercial-real-estate-investment/ Commercial Real Estate The Positive and Negative of Commercial Real Estate Investment NAI Black in Spokane is a firm believer in the value of commercial real estate investment. Our brokers are experienced in helping clients navigate the many pros and cons of investing or property management. Contact us to understand any of the terms or concepts outlined below. Spokane is experiencing a growth in commercial development and [&#8230;] Thu, 18 Jan 2018 19:49:34 Z NAIBlack-Blog <p>NAI Black in Spokane is a firm believer in the value of commercial real estate investment. Our brokers are experienced in helping clients navigate the many pros and cons of investing or property management. Contact us to understand any of the terms or concepts outlined below. Spokane is experiencing a growth in commercial development and renovation. Now could be the time to explore the options of commercial real estate investment.</p> <p>Any type of property, whether it’s commercial or residential, can be a good investment opportunity. Commercial properties, for your money, typically offer more financial reward than residential properties, such as rental apartments or single-family homes, but there also can be more risks. Understand the full pros and cons of investing in commercial properties is important so that you make the investment decision that’s right for you.</p> <h1><strong>Positive Reasons to Invest in Commercial Property</strong></h1> <p>Here are some of the pros of buying commercial real estate over residential property.</p> <p>&nbsp;</p> <p><strong>Income potential.</strong> The best reason to invest in commercial over residential rentals is the earning potential. Commercial properties generally have an annual return off the purchase price between 6% and 12%, depending on the area, which is a much higher range than typically exists for single family home properties (1% to 4% at best).</p> <p><strong>Professional relationships.</strong> Small business owners generally take pride in their businesses and want to protect their livelihood. Owners of commercial properties are usually not individuals, but LLCs, and operate the property as a business. As such, the landlord and tenant have more of a business-to-business customer relationship, which helps keep interactions professional and courteous.</p> <p><strong>Public eye.</strong> Retail tenants have a vested interest in maintaining their store and storefront, because if they don’t, it will affect their business. As a result, commercial tenants and property owner interests are aligned, which helps the owner maintain and improve the quality of the property, and ultimately, the value of their investment.</p> <p><strong>Limited hours of operation.</strong> Businesses usually go home at night. In other words, you work when they work. Barring emergency calls at night for break-ins or fire alarms, you should be able to rest at night without having to worry about receiving a midnight call because a tenant wants repairs or has lost a key. For commercial properties it is also more likely you will have an alarm monitoring service so that if anything does happen at night, your alarm company will notify the proper authorities.</p> <p><strong>More objective price evaluations.</strong> It&#8217;s often easier to evaluate the property prices of commercial property because you can request the current owner’s income statement and determine what the price should be based on that. If the seller is using a knowledgeable broker, the asking price should be set at a price where an investor can earn the area’s prevailing cap rate for the commercial property type they are looking at (retail, office, industrial, etc.). Residential properties are often subject to more emotional pricing.</p> <p><strong>Triple net leases.</strong> There are variations to triple net leases, but the general concept is that you as the property owner do not have to pay any expenses on the property (as would be the case with residential real estate). The lessee handles all property expenses directly, including real estate taxes. The only expense you’ll have to pay is your mortgage. Companies like Walgreens, CVS, and Starbucks typically sign these types of leases, as they want to maintain a look and feel in keeping with their brand, so they manage those costs, and you as an investor get to have one of the lowest maintenance income producers for your money. Strip malls have a variety of net leases and triple nets are not usually done with smaller businesses, but these lease types are optimal and you can’t get them with residential properties.</p> <p><strong>More flexibility in lease terms</strong>. Fewer consumer protection laws govern commercial leases, unlike the dozens of state laws, such as security deposit limits and termination rules, that cover residential real estate.</p> <p>&nbsp;</p> <h1><strong>The Downside of Investing in Commercial Property</strong></h1> <p>While there are many positive reasons to invest in commercial real estate over residential, there are also negative issues to consider.</p> <p>&nbsp;</p> <p><strong>Time commitment.</strong> If you own a commercial retail building with five tenants, or even just a few, you have more to manage than you do with a residential investment. You can’t be an absentee landlord and maximize the return on your investment. With commercial, you are likely dealing with multiple leases, annual CAM adjustments (Common Area Maintenance costs that tenants are responsible for), more maintenance issues, and public safety concerns. In a nutshell, you have more to manage; and just as your tenants have to worry about the public eye, you do as well.</p> <p><strong>Professional help required.</strong> If you are a do-it-yourself person, you better be licensed if you are going to handle the maintenance issues at a commercial property. The likelihood is you will not be prepared to handle maintenance issues yourself and you will need to hire someone to help with emergencies and repairs. While this added cost isn’t ideal, you’ll need to add it on to your set of expenses in order to properly care for the property. Remember to factor in property management expenses when evaluating the price to pay for a commercial investment property. Property management companies can charge a percentage of rent revenues for their services, which include lease administration. Evaluate beforehand if you want to manage leasing and the relationships yourself, or if you want to outsource those responsibilities.</p> <p><strong>Bigger initial investment.</strong> Acquiring a commercial property typically requires more capital up front than acquiring a residential rental in the same area, so it’s often more difficult to get your foot in the door. Once you’ve acquired a commercial property, you can expect some large capital expenditures to follow. Your property might be humming along for a few months and wham, here comes a $10,000 bill to address roofing repairs or a new furnace. With more customers there are more facilities to maintain and therefore more costs. What you hope is that the gains in revenue outweigh the gains in costs, to support purchasing a commercial property over a residential one.</p> <p><strong>More risks.</strong> Properties intended for commercial use have more public visitors and therefore have more people on the property each day that can get hurt or do something to damage your property. Cars can hit patrons in parking lots, people can slip on ice during the winter, and vandals can spray paint the sides of the building. Incidents like these can occur anywhere, but chances of experiencing something like these events go up when investing in commercial properties. If you&#8217;re risk adverse, you may want to look more closely at putting your money in residential properties.</p> <p>&nbsp;</p> <p>NAI Black is a regional leader in commercial development, commercial lease negotiations and property management. Let one of our many skilled and dedicated brokers help you get started today.</p> <p>&nbsp;</p> <p><em>*Portions of this article are credited to <strong><a href="http://nolo.com/">NOLO.com</a></strong> by Matt Larson</em></p> 153 2018-01-18 19:49 +00:00 2018-01-18 13:49 -06:00 http://naiblackblog.com/?p=142 http://naiblackblog.com/2017/12/fujiyama-japanese-steakhouse-to-anchor-new-strip-mall-in-liberty-lake/ Commercial Real Estate Fujiyama Japanese Steakhouse to anchor new strip mall in Liberty Lake Article originally appeared on Inland Northwest Business Watch In case you missed the news a small chain of Hibachi style grill restaurants is opening a new location in Liberty Lake. The restaurant , which is called Fujiyama Japanese Steakhouse has already been under construction for a little while now. But, while many are aware of [&#8230;] Tue, 19 Dec 2017 18:47:34 Z http://naiblackblog.com/2017/12/fujiyama-japanese-steakhouse-to-anchor-new-strip-mall-in-liberty-lake/#respond NAIBlack-Blog <p>Article originally appeared on <a href="http://www.inlandnwbusiness.com/2017/11/fujiyama-japanese-steakhouse-to-anchor.html" target="_blank" rel="noopener">Inland Northwest Business Watch</a></p> <p>In case you missed the news a small chain of Hibachi style grill restaurants is opening a new location in Liberty Lake. The restaurant , which is called Fujiyama Japanese Steakhouse has already been under construction for a little while now. But, while many are aware of the new Fujiyama location it&#8217;s not all that&#8217;s being built at the same site.</p> <p>The building is actually a strip mall, the first class A retail building to be built in Liberty Lake since 2008. The new restaurant will take about 6000 square feet and another about 6000 square feet of space is for lease with 2 separate suites available. There have been no tenants announced for those two spaces however a leasing marketing PDF we&#8217;ve uncovered it shows the eastern side of the new building is already leased.</p> <div class="separator"><a href="https://i2.wp.com/lh3.googleusercontent.com/-6mFGaqrYdWk/WgKjlK9E84I/AAAAAAAADI0/NFmf_FGMAjg9NCGkDmUzNUDISuLw6MlkACHMYCw/s640/blogger-image-150886521.jpg?ssl=1"><img src="https://i2.wp.com/lh3.googleusercontent.com/-6mFGaqrYdWk/WgKjlK9E84I/AAAAAAAADI0/NFmf_FGMAjg9NCGkDmUzNUDISuLw6MlkACHMYCw/s640/blogger-image-150886521.jpg?w=1100&#038;ssl=1" border="0" data-recalc-dims="1" /></a></div> <p>The building is being built out front of the Liberty Lake Home Depot store at 21801 E. Country Vista. The site will also include a surface parking area and signage for the business coming there, we&#8217;ll keep you up to date on who&#8217;s coming and who&#8217;s not.</p> <p>Fujiyama Japanese Steakhouse, the main tenant is a small Silverdale,WA based chain or restaurants with only 3 restaurants currently open for business. While the Liberty Lake restaurant will be the only one in the Spokane area they do have one on Bishop Blvd. in Pullman. The other 2 are in Western Washington.</p> <p>Fujiyama prepares guests entrees right in front of you on hibachi grills. The menu will consist of many Asian dishes, steaks and more. They&#8217;re also will be a full bar with happy hour specials.</p> <p>For more information of Fujiyama Japanese Steakhouse, check-</p> <p><a href="http://fujiyamawa.com/">http://fujiyamawa.com</a></p> <p>And, for more info on leasing space in the new building contact Katlyn Caudle at NAI Black-</p> <p><a href="http://naiblack.com/">http://naiblack.com</a></p> http://naiblackblog.com/2017/12/fujiyama-japanese-steakhouse-to-anchor-new-strip-mall-in-liberty-lake/feed/ 0 142 2017-12-19 18:47 +00:00 2017-12-19 12:47 -06:00 http://naiblackblog.com/?p=145 http://naiblackblog.com/2017/12/matilda-apartments-prime-living-in-spokanes-university-district/ Property Management Matilda Apartments, Prime Living in Spokane’s University District Located in the heart of Spokane&#8217;s University District, The Matilda offers an incredible location next to the Gonzaga campus; the Spokane Riverpoint Eastern Washington University, Washington State University, and University of Washington campuses; quick access to the downtown Spokane nightlife; and amazing recreational opportunities on the nearby Centennial Trail. You’ll love living at Spokane’s newest [&#8230;] Sat, 16 Dec 2017 08:00:05 Z http://naiblackblog.com/2017/12/matilda-apartments-prime-living-in-spokanes-university-district/#respond NAIBlack-Blog <p>Located in the heart of Spokane&#8217;s University District, The Matilda offers an incredible location next to the Gonzaga campus; the Spokane Riverpoint Eastern Washington University, Washington State University, and University of Washington campuses; quick access to the downtown Spokane nightlife; and amazing recreational opportunities on the nearby Centennial Trail.</p> <p>You’ll love living at Spokane’s newest premium apartment community. With luxurious one, two, and three bedroom modern apartment suites there is a home here to perfectly suit your needs. Don’t forget to ask about one of our top floor three bedroom, two and half bathroom suites!</p> <p><img data-attachment-id="147" data-permalink="http://naiblackblog.com/2017/12/matilda-apartments-prime-living-in-spokanes-university-district/matilda-spokane-kitchen/" data-orig-file="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?fit=1920%2C1080" data-orig-size="1920,1080" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="matilda-spokane-kitchen" data-image-description="" data-medium-file="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?fit=300%2C169" data-large-file="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?fit=1024%2C576" class="aligncenter size-large wp-image-147" src="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=1024%2C576" alt="" srcset="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=200%2C113 200w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=300%2C169 300w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=400%2C225 400w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=600%2C338 600w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=768%2C432 768w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=800%2C450 800w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=1024%2C576 1024w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?resize=1200%2C675 1200w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/12/matilda-spokane-kitchen.jpg?fit=1920%2C1080 1920w" sizes="(max-width: 1024px) 100vw, 1024px" data-recalc-dims="1" /></p> <h2><strong>A Green Lifestyle at The Matilda</strong></h2> <p>Harnessing nature’s own geothermal energy from geothermal reservoirs near the ground’s surface, The Matilda will be utilizing a state-of-the-art geothermal heating and cooling system. Enjoy a 50-70% reduction in your heating bills and a 30-40% reduction of your cooling bills! Luxury and energy efficiency are a reality while living at The Matilda.</p> <p>The Matilda is managed by NAI Black Apartments. For more information contact:</p> <p>Phone : 1-509-844-1617</p> <p>Email : matilda@naiblack.com</p> <p>&nbsp;</p> http://naiblackblog.com/2017/12/matilda-apartments-prime-living-in-spokanes-university-district/feed/ 0 145 2017-12-16 08:00 +00:00 2017-12-16 02:00 -06:00 http://naiblackblog.com/?p=137 http://naiblackblog.com/2017/11/society-of-industrial-and-office-realtors-sior-inducts-jeff-k-johnson-as-board-member-at-large/ People Spotlight SOCIETY OF INDUSTRIAL AND OFFICE REALTORS® (SIOR) INDUCTS JEFF K. JOHNSON AS BOARD MEMBER-AT-LARGE Jeff K. Johnson, SIOR, CCIM, President at NAI Black in Spokane, WA, was recently inducted into the Society of Industrial and Office Realtors® (SIOR) Board of Directors to serve a two-year term as a Board Member-at-Large. The induction took place during the October SIOR Fall World Conference in Chicago, Illinois. Mr. Johnson is the President [&#8230;] Thu, 30 Nov 2017 18:52:41 Z NAIBlack-Blog <p>Jeff K. Johnson, SIOR, CCIM, President at NAI Black in Spokane, WA, was recently inducted into the Society of Industrial and Office Realtors<sup>®</sup> (SIOR) Board of Directors to serve a two-year term as a Board Member-at-Large. The induction took place during the October SIOR Fall World Conference in Chicago, Illinois.</p> <p>Mr. Johnson is the President of Black Commercial, Inc., one of Spokane’s largest property management and commercial real estate companies. He is a licensed REALTOR<sup>®</sup> and has worked in the real estate profession since 1975.</p> <p>He specializes in the sale, leasing, and development of office buildings. Much of his work includes assisting Fortune 500 companies with the acquisition and disposition of corporate real estate. Jeff is also the managing general partner in numerous real estate investment partnerships. Prior to moving to Spokane, Jeff grew up in Iowa and attended Waldorf College in Forest City. Jeff has consistently been one of the top producing commercial real estate brokers in Spokane. He is also a well-known author and expert on real estate investing.</p> <p>Johnson has previously served as a member of SIOR’s Board of Directors, and currently heads up the SIOR Investment Member Group.</p> <p>“It is an exciting opportunity to rejoin SIOR’s leadership as a member of the Board of Directors. I look forward to pursuing new and existing organizational initiatives for SIOR,” said Johnson.</p> <p>&#8212;</p> <p><em>SIOR is a global professional organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 680 cities in 36 countries. For more information, visit <a href="http://www.sior.com">www.sior.com</a>.</em></p> <p><strong>SIOR</strong></p> <p>Society of Industrial and Office Realtors <sup>®</sup></p> <p>1201 New York Ave. NW, Ste 350</p> <p>Washington, DC 20005-6126</p> <p>202.449.8200</p> 137 2017-11-30 18:52 +00:00 2017-11-30 12:52 -06:00 http://naiblackblog.com/?p=132 http://naiblackblog.com/2017/10/have-you-set-your-real-estate-investment-goals-for-2018/ Commercial Real Estate Property Management Have You Set Your Real Estate Investment Goals for 2018? I was recently talking with a young real estate investor about his long term investing goals.  He shared with me that his long term goal was to acquire residential rental properties that would generate him $4,000 per month in cash flow.  He said that he was not concerned about long term appreciation or what his [&#8230;] Tue, 17 Oct 2017 19:36:56 Z NAIBlack-Blog <div>I was recently talking with a young real estate investor about his long term investing goals.  He shared with me that his long term goal was to acquire residential rental properties that would generate him $4,000 per month in cash flow.  He said that he was not concerned about long term appreciation or what his cash on cash return was.  His main focus was on getting to the $4,000 per month cash flow goal he had set for himself.</div> <div></div> <div>That conversation reminded me of a lunch meeting I had this past summer with my friend John who is a very successful retired real estate investor. John started investing in residential rentals as a young high school teacher. He was looking for ways to make some additional income during his summers off and his father had suggested that he start investing in real estate. After purchasing a few single family rental homes John set the ambitious goal of accumulating one hundred rental units. Additionally John&#8217;s goal was to have those properties debt free by the time he retired. Over time John transitioned from his career as a high school teacher to owning his own small residential real estate company. John is now in his 70ies and enjoying  a great retirement supported by his portfolio of debt free rental properties.</div> <div></div> <div>During our lunch John jokingly shared with me that he was very disappointed that he did not reach his investing goal of acquiring one hundred rental units. He said &#8220;shucks I only made it to 93 units&#8221;. When he retired a number of years ago John did a little house cleaning with his portfolio of properties and sold off what he called the &#8220;dogs and cats&#8221;. He narrowed his portfolio down to retaining 55 units that were in the best condition and best rental locations. With assistance from his son, John and his wife still manage their rental properties. This debt free slimmed down portfolio of rental properties provides John and his wife with a very nice retirement income. You can do the math. John&#8217;s units here in Spokane, Washington are mostly single family homes, duplexes and fourplexes. They probably rent for an average of around $1,000 month. So John&#8217;s portfolio probably brings in gross rents of around $55,000 a month! Even after deducting for operating expenses this leaves John and his wife a very nice retirement income!</div> <div></div> <div>John&#8217;s goal was simple but clear. Accumulate one hundred residential rental units and get his mortgages paid off. He was not concerned about cash flow in the short term or about how much the properties appreciated over time.</div> <div></div> <div>I had the good fortune of meeting a real estate investor who became one of my mentors when I was twenty years old. His name was Frank. Frank encouraged me to set some simple goals similar to what my friend John had done. A few years later I set the goal of investing in one property every year. My focus at the time was not on cash flow but on accumulation. I wanted to accumulate a portfolio of properties. Over time I expanded that goal to working toward a portfolio of properties that would be debt free by retirement. So the simple goal of investing in one property per year and working to get my mortgages paid off. That simple goal has served me well over the years.</div> <div></div> <div>No matter where you are in your real estate investing journey it is important to set some goals to work towards. With 2018 quickly approaching now is the time to set your goals for the coming year. What do you want to accomplish in 2018? Where do you want to be when you reach retirement like John? Now is the time to plan and begin executing your real estate investing goals for the future! I wish you the best in achieving your goals!</div> <div></div> <div>Jeff K Johnson SIOR CCIM  is the author of the real estate investing book &#8220;<a href="https://www.amazon.com/Cash-Flow-Forever-Secrets-Investing/dp/1489524487/ref=sr_1_1?ie=UTF8&amp;qid=1508268918&amp;sr=8-1&amp;keywords=cash+flow+forever+book" target="_blank" rel="noopener">Cash Flow Forever</a>&#8221; which is available on Amazon.</div> 132 2017-10-17 19:36 +00:00 2017-10-17 14:36 -05:00 http://naiblackblog.com/?p=129 http://naiblackblog.com/2017/10/nai-black-brokers-opportunity-shopping-center-deal/ Commercial Real Estate NAI Black Brokers Opportunity Shopping Center Deal NAI Black recently brokered the sale of the Opportunity Shopping Center at 12109 E Sprague in the Spokane Valley. The 69,400 square foot retail building is home to Grocery Outlet and Dollar Tree and has lease opportunities available. &#160; The building sold for $5.3 million with agent Kaitlin Caudle representing the buyer, M3K LLC of [&#8230;] Fri, 13 Oct 2017 18:13:19 Z NAIBlack-Blog <p>NAI Black recently brokered the sale of the Opportunity Shopping Center at 12109 E Sprague in the Spokane Valley. The 69,400 square foot retail building is home to Grocery Outlet and Dollar Tree and has lease opportunities available.</p> <p>&nbsp;</p> <p>The building sold for $5.3 million with agent Kaitlin Caudle representing the buyer, M3K LLC of Spokane Valley. Paul Sleeth and Billy Sleeth, both of Colliers International, represented the seller.</p> <p>&nbsp;</p> <p>NAI Black also obtained the management account for the building. David Wright is the property manager. There are currently two spaces available for lease, for a combined total of approximately 15,000 square feet. For more information on leasing, please contact leasing broker Kaitlin Caudle at <a href="mailto:kcaudle@naiblack.com">kcaudle@naiblack.com</a> or 509-622-5310.</p> <p>&nbsp;</p> <p>M3K LLC is owned by investor Fred Lopez, who owns several commercial properties and businesses in the Spokane area including Edmo Distributors, Inc., Spokane Fitness Center, and The Ref. Over the years, Kaitlin Caudle has worked closely with Fred Lopez to help him reach his investment goals. NAI Black wishes Fred Lopez the best of luck with his next endeavor, and we sincerely appreciate the opportunity to continue working with him.</p> <p>&nbsp;</p> <p>We would also like to give a warm congrats to Kaitlin Caudle who made this deal happen. Kaitlin is a licensed commercial real estate broker who specializes in the leasing, sale, and development of retail investment properties. Kaitlin can be contacted at <a href="mailto:kcaudle@naiblack.com">kcaudle@naiblack.com</a> or 509-622-3510. Feel free to reach out to her and share your congratulations on a job well done!</p> <p><em>NAI Black, licensed as Black Commercial, Inc., has a long-standing reputation as the largest commercial brokerage company in Spokane, Washington. If you are interested in learning more about our services, please contact our office at 509-623-1000 or visit our </em><a href="http://www.naiblack.com/"><em>website</em></a><em>.</em></p> 129 2017-10-13 18:13 +00:00 2017-10-13 13:13 -05:00 http://naiblackblog.com/?p=122 http://naiblackblog.com/2017/10/downtown-spokane-sees-a-commercial-development-renaissance/ Spokane Business News Downtown Spokane Sees a Commercial Development Renaissance The health of any city lives and breathes with the health of the downtown core. Healthy downtowns bring in commercial development for office space, retail businesses, condominium and high density residences and are a draw for tourism. Downtown Spokane has been through several renaissance periods over the years ranging from the creation of Riverfront Park [&#8230;] Wed, 04 Oct 2017 20:13:28 Z NAIBlack-Blog <p>The health of any city lives and breathes with the health of the downtown core. Healthy downtowns bring in commercial development for office space, retail businesses, condominium and high density residences and are a draw for tourism.</p> <p>Downtown Spokane has been through several renaissance periods over the years ranging from the creation of Riverfront Park for the 1974 World&#8217;s Fair, the restoration of the Davenport Hotel in the 90&#8217;s to the current growth of the University District just East of the Division Street corridor.</p> <p>The current boom in development is a mix of brand new projects and renovations of existing property.</p> <h1><strong>RIVERFRONT PARK REDEVELOPMENT </strong></h1> <p>Riverfront Park is the crown jewel of downtown Spokane. Nearly all of the 3 million visitors to our town visit the park in some capacity. With much of the park and its attractions nearing 50 years old voters overwhelmingly approved a $64 million dollar bond to ensure that the park continues to me the center of activity for downtown. Many of the features are already under construction with a focus on a new ice ribbon, facility for the Looff Carousel, new gateway bride and eventually a redevelopment of the iconic pavilion and playground toward the North side of the park. Visit the <a href="https://my.spokanecity.org/riverfrontpark/redevelopment/"><strong>City of Spokane Riverfront Park page</strong></a> to see the master plan and progress.</p> <p><img data-attachment-id="124" data-permalink="http://naiblackblog.com/2017/10/downtown-spokane-sees-a-commercial-development-renaissance/riverfront-park-ice-ribbon/" data-orig-file="https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?fit=981%2C473" data-orig-size="981,473" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="riverfront-park-ice-ribbon" data-image-description="" data-medium-file="https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?fit=300%2C145" data-large-file="https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?fit=981%2C473" class="aligncenter size-full wp-image-124" src="https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?resize=981%2C473" alt="" srcset="https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?resize=200%2C96 200w, https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?resize=300%2C145 300w, https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?resize=400%2C193 400w, https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?resize=600%2C289 600w, https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?resize=768%2C370 768w, https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?resize=800%2C386 800w, https://i0.wp.com/naiblackblog.com/wp-content/uploads/2017/10/riverfront-park-ice-ribbon.jpg?fit=981%2C473 981w" sizes="(max-width: 981px) 100vw, 981px" data-recalc-dims="1" /></p> <h1><strong>THE M BUILDING (FORMERLY THE BON MARCHE BUILDING)</strong></h1> <p><em>From NAC Architecture page</em> &#8211; When Macy&#8217;s closed their landmark downtown Spokane store in March of 2016, the community was genuinely concerned about the future of the 370,000-square-foot building and the gap it could leave in downtown&#8217;s vitality. Fortunately, Centennial Properties purchased the 1914 building with the vision of capitalizing on trends that favor downtown living and specialty retail. NAC&#8217;s design preserves the historic east side of the building, while incorporating a more contemporary response to the immediate surroundings on the non-historic facades. The first two floors will be retail, with 105 apartments on floors three through nine that will feature set-back balconies. With the community enthusiastically observing and the downtown economy poised to benefit, the effort is moving at a blistering pace. See <a href="http://www.nacarchitecture.com/portfolio/TheM.html"><strong>renderings of The M building on NAC Architecture&#8217;s website</strong></a></p> <p><img data-attachment-id="126" data-permalink="http://naiblackblog.com/2017/10/downtown-spokane-sees-a-commercial-development-renaissance/spokane-m-building-downtown/" data-orig-file="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?fit=940%2C509" data-orig-size="940,509" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="spokane-m-building-downtown" data-image-description="" data-medium-file="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?fit=300%2C162" data-large-file="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?fit=940%2C509" class="aligncenter size-full wp-image-126" src="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?resize=940%2C509" alt="" srcset="https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?resize=200%2C108 200w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?resize=300%2C162 300w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?resize=400%2C217 400w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?resize=600%2C325 600w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?resize=768%2C416 768w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?resize=800%2C433 800w, https://i2.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-m-building-downtown.jpg?fit=940%2C509 940w" sizes="(max-width: 940px) 100vw, 940px" data-recalc-dims="1" /></p> <h1><strong>RIDPATH HOTEL RESTORATION</strong></h1> <p>Once a former hot spot and iconic hotel, the Ridpath saw serious decline in the90&#8217;s and was eventually closed in 2008. After a decade of being a downtown eyesore the building is now under 100% local ownership (Ron Wells Group LLC) and construction has begun on a $7.7 million dollar renovation will include retail on the main floor, a rooftop restaurant owned by Jeremy Hansen of Sante and 147 micro and studio apartments. <a href="http://naiblackblog.com/2017/06/nai-black-to-manage-a-portion-of-the-ridpath-club-apartments/"><strong>NAI Black has been tapped to manage a portion of the Ridpath Club Apartments.</strong></a></p> <div id="attachment_73" style="max-width: 915px" class="wp-caption aligncenter"><img data-attachment-id="73" data-permalink="http://naiblackblog.com/2017/06/nai-black-to-manage-a-portion-of-the-ridpath-club-apartments/ridpath_render1/" data-orig-file="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?fit=905%2C775" data-orig-size="905,775" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;resized_images&quot;:&quot;Array&quot;}" data-image-title="Ridpath Club Apartments Spokane" data-image-description="" data-medium-file="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?fit=300%2C257" data-large-file="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?fit=905%2C775" class="size-full wp-image-73" src="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?resize=905%2C775" alt="" srcset="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?resize=200%2C171 200w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?resize=300%2C257 300w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?resize=400%2C343 400w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?resize=600%2C514 600w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?resize=768%2C658 768w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?resize=800%2C685 800w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/06/ridpath_render1.jpg?fit=905%2C775 905w" sizes="(max-width: 905px) 100vw, 905px" data-recalc-dims="1" /><p class="wp-caption-text">Image from Wells and Company</p></div> <h1><strong>EAST SPRAGUE AND THE U DISTRICT</strong></h1> <p>Over the last decade Spokane has seen significant growth just East of downtown near the Gonzaga campus. The influx of students to Gonzaga University and the addition of satellite campuses for Whitworth, Eastern Washington University, Washington State University and University of Washington Medical has caused significant demand for residential and retail space. In March the city broke ground on a new <a href="http://www.krem.com/news/local/spokane-county/city-breaks-ground-on-new-university-district-bridge/422076361"><strong>$8 million dollar University District Gateway Bridge</strong></a> that will connect the U District and the new development happening on East Sprague.</p> <p><img data-attachment-id="125" data-permalink="http://naiblackblog.com/2017/10/downtown-spokane-sees-a-commercial-development-renaissance/spokane-gateway-bridge-downtown/" data-orig-file="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?fit=840%2C473" data-orig-size="840,473" data-comments-opened="1" data-image-meta="{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}" data-image-title="spokane-gateway-bridge-downtown" data-image-description="" data-medium-file="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?fit=300%2C169" data-large-file="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?fit=840%2C473" class="aligncenter size-full wp-image-125" src="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?resize=840%2C473" alt="" srcset="https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?resize=200%2C113 200w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?resize=300%2C169 300w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?resize=400%2C225 400w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?resize=600%2C338 600w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?resize=768%2C432 768w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?resize=800%2C450 800w, https://i1.wp.com/naiblackblog.com/wp-content/uploads/2017/10/spokane-gateway-bridge-downtown.jpg?fit=840%2C473 840w" sizes="(max-width: 840px) 100vw, 840px" data-recalc-dims="1" /></p> <h1><strong>ADDITIONAL GROWTH AND DEVELOPMENT</strong></h1> <p>In addition to these highlighted projects there is continued development of residential, commercial and retail on the 77 acre Kendall Yards site along the Spokane river. Recent projects include a Providence medical center and a new grocery store called My Fresh Basked. Walt Worthy opened the magnificent and expansive Davenport Grand and two residential towers are proposed on the old YWCA land near Riverfront Park. Renovation also continues in many downtown historic buildings (i.e. Bennett Block, Cutter Tower, Huppins Building, Dania Building and more).</p> <p>NAI Black agents are working hard for clients to place them in many of upcoming commercial properties. Contact one of <a href="http://www.naiblack.com/contact-us.aspx"><strong>our Spokane commercial agents</strong></a> today to see what is available for you.</p> 122 2017-10-04 20:13 +00:00 2017-10-04 15:13 -05:00 http://naiblackblog.com/?p=119 http://naiblackblog.com/2017/09/voting-is-open-for-spokane-mayors-urban-design-awards/ Spokane Business News Voting is Open for Spokane Mayor’s Urban Design Awards 2017 marks 10 years the City of Spokane has been celebrating the Spokane Mayor&#8217;s Urban Design Awards. These biennial awards highlight the importance of creative thought, technical proficiency, and the relationship of good urban design to our city&#8217;s economic health and overall well-being. Mayor Condon will announce the awards; and award winners will receive a [&#8230;] Fri, 29 Sep 2017 17:38:44 Z http://naiblackblog.com/2017/09/voting-is-open-for-spokane-mayors-urban-design-awards/#respond NAIBlack-Blog <p>2017 marks 10 years the City of Spokane has been celebrating the <a href="https://my.spokanecity.org/news/stories/2017/06/01/announcing-spokane-mayors-urban-design-awards-call-for-entries/"><strong>Spokane Mayor&#8217;s Urban Design Awards.</strong></a> These biennial awards highlight the importance of creative thought, technical proficiency, and the relationship of good urban design to our city&#8217;s economic health and overall well-being. Mayor Condon will announce the awards; and award winners will receive a certificate of recognition and have their projects displayed on the city&#8217;s website as well as on the third floor of City Hall.</p> <p>These awards are intended to build a city-wide awareness of and discussion about how good design, as part of thoughtful city planning, makes Spokane a more functional, beautiful, and inspiring city to live in.</p> <p>From the City Website &#8211;</p> <p><strong> Why does urban design of the public realm matter?</strong></p> <p>The design of our public realm matters because we collectively own these spaces. The public realm includes features that everyone can see or access, and they shape people&#8217;s opinions about Spokane and whether it&#8217;s a good city to live in, work in, or visit.</p> <p>How a building meets the street matters, the materials used matter, and the scale of spaces and buildings matter. All of these aspects and many more affect Spokane&#8217;s character and aesthetics. It has been proven that better designed streetscapes and public spaces typically have less crime, higher pedestrian activity and increased economic activity. You do not have to be an urban designer to know when you are in a well-designed place because they feel good, they are places where memories are made, and they are places we want to come back to and that matters.</p> <p>Previous winners include</p> <p>Centennial Trail</p> <p>Spokane Tribal Gathering Place (Huntington Park)</p> <p>McKinstry Building</p> <p>Spokane Public Market</p> <p>Riverpoint Campus Master Plan.</p> <p>To see and vote for this year&#8217;s nominees visit the <a href="https://form.jotform.us/72406622352147"><strong>Spokane City Website.</strong></a></p> http://naiblackblog.com/2017/09/voting-is-open-for-spokane-mayors-urban-design-awards/feed/ 0 119 2017-09-29 17:38 +00:00 2017-09-29 12:38 -05:00 http://naiblackblog.com/?p=116 http://naiblackblog.com/2017/09/nai-black-is-a-proud-sponsor-of-beyond-pink/ People Spotlight NAI Black is a Proud Sponsor of Beyond Pink One in eight women will be diagnosed with invasive breast cancer in their lifetime. Beyond Pink is the result of two women who wanted to celebrate the technology called Thermography and its powerful ability to aid in the early detection of breast disease. Their goal, was not just to raise awareness, but to help provide [&#8230;] Wed, 27 Sep 2017 17:31:04 Z http://naiblackblog.com/2017/09/nai-black-is-a-proud-sponsor-of-beyond-pink/#respond NAIBlack-Blog <p>One in eight women will be diagnosed with invasive breast cancer in their lifetime. Beyond Pink is the result of two women who wanted to celebrate the technology called Thermography and its powerful ability to aid in the early detection of breast disease. Their goal, was not just to raise awareness, but to help provide funding for women who could not otherwise afford this potentially lifesaving procedure.</p> <p>Each year the Beyond Pink team hosts a &#8220;fun raiser&#8221; to bring awareness to the Thermography technology and raise money for patients who are unable to afford the procedure. The designer bra fashion show and auction is not only fun but it is a unique way to contribute to a great cause. Beyond Pink has been voted Spokane&#8217;s #1 charity event and is an annual favorite of NAI Black.</p> <p>We are proud to support this cause and encourage you to get your tickets. The event sells out every year. <a href="http://www.beyondpink.net/"><strong>Visit the Beyond Pink website</strong></a> to learn more and buy your tickets for the October 13 main event.</p> http://naiblackblog.com/2017/09/nai-black-is-a-proud-sponsor-of-beyond-pink/feed/ 0 116 2017-09-27 17:31 +00:00 2017-09-27 12:31 -05:00