Landlords: How about a long term tenant?
Next month is the annual ICSC (International Council of Shopping Centers)
trade show in Las Vegas. It is the largest convention for retailers in the
world and boasts over 30,000 attendees and 1,000 exhibitors. It is not just
an educational experience, but a unique opportunity for networking and deal
making. Many of the national and regional chains and franchises that are
adding locations will be there along with their real estate managers for
Michigan and the Midwest. There’s nothing like meeting face to face with a
tenant to get them excited about a good building in a good location.
Last year at ICSC contacts were made with CVS, Big Lots, Aspen Dental,
Batteries Plus, Subway, Family Dollar and Sally Beauty Stores, to name a
few. Many of these have opened in Traverse City this year and others are on
their way. This type of tenant offers the Landlord a credit-rated tenant
that is looking for a lease that is a minimum of 5 years and in some cases
up to 30 years long. These tenants have a proven track record of success,
the ability to pay on the lease and will often put major capital
improvements into the landlord’s building.
I have a number of properties listed by the mall, downtown and on major
highways that are the type of locations franchises and national tenants are
looking for. This year I plan to attend the ICSC show and find out which
companies are looking at our area, show off my listings, make good contacts
and get buildings leased. If you have a property or know of someone with a
property that would be good location for a national chain, please tell them
to contact me before the convention. I would be happy to represent as many
suitable properties as I can when I’m in Las Vegas this May.
-Dan Stiebel, CCIM