Graphic Solutions – Lease Transaction
This case study highlights a significant lease transaction and the efforts contributed by Adam Curran. This is a perfect example of one of the many Jobs Well Done by the Mercer Company Brokers.
• The Client:
Graphic Solutions – www.gogsg.com
OFD is owned and operated by Bernie Solman and Mark Wood, both having 25+ years experience in the Office Furniture Industry, located in Addison, Texas. OFD stocks and distributes high quality, Wood Veneer and Laminate Office Furniture, Panel Systems, and Seating through our dealer partners. Our mission is to stock and distribute the very best quality, availability, value, and service in the industry, from all over the world.
• The Challenge:
Adam sold the building to a client of his who is an investor. At the time of the sale, the previous owner, Rexel Electronics, executed a one year leaseback at an above market rate. The building was set to become vacant in one year from closing.
• The Solution:
Every broker virtually does two things in getting a property to market:
1. Put a sign up;
2. Display property for lease on the internet.
Adam’s strategy involved marketing the building to users who could benefit from the corner location. He located a tenant coming out of Deep Ellum and leased the building to them on a long-term basis.
• The Results
They only had to give 2 months free rent which equated to $20,000 in concessions. Adam negotiated a deal with the tenant for them to put their own money in the space which resulted in over $300,000 of improvements to the building. There was ZERO downtime in Rexel moving out and Graphic Solutions moving in.
• Total Concessions – $20,000
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