Specialites - Turlock Real Estate "Homes in Turlock, CA"

Turlock Real Estate "Homes in Turlock, CA"
Smith & Associates
Dan@SmithsSellRE.com

Phone: 1-800-859-9416
Mobile: (209) 534-7485
Fax: (209) 669-5314

2051 Geer Road
Turlock, CA 95380

Retail Tips

Sometimes finding the right location is the hardest task to accomplish. Luckily, Prudential Commercial Real Estate offers access to view unlimited aerial locations to better suit buyer and seller needs. The link below will help:

Retail properties can range from a single, one-tenant building to over a million square feet of assorted shops that display goods or sell services to the public. Explore the three types of retail properties and some tips about buying or leasing these properties:

Shopping Centers	Things to Consider Before Leasing or Buying
Free Standing Store	Primary Concerns for Buyers
Strip Commercial	Find a Commercial Services Representative

1. Shopping Centers -- A group of stores catering to a trade area, which offers a variety of goods and/or services and on-site parking (the tenant "mix"):

b. A "regional center" has one or two department stores, a variety of smaller stores, and is larger than 300,000 square feet. It will draw from an eight mile radius or more.

c. A "community center" usually has a supermarket, junior department store, and a variety store, is larger than 100,000 square feet, and draws from a three to five mile radius.

d. A "neighborhood center" is built around a supermarket and/or drugstore, provides convenience goods and services to a neighborhood, is between 30,000 - 100,000 square feet, and draws from a one to three mile radius.

e. A "convenience center" is a small cluster of stores along a street, 5,000 - 40,000 square feet; trade area is immediate neighborhood. May have a convenience market, laundromat, dry cleaner, etc.

f. A "specialty center" often has a theme, usually has no anchor tenant, and generally is local in impact. Examples might be home improvement centers, gift shops, or auto service and sales.

2. Free Standing Store -- One commercial building meant to be occupied by a single user. It is typically found near major shopping centers on major routes, and fills a specific need in the area.

3. Strip Commercial -- A string of stores in a commercial area with no central leasing, management, or theme.

4. Things to consider before committing to lease or buy a Retail property:

Improvement allowances -- what the landlord budgets for carpeting, tile, bathrooms, etc.; additions to basic leased area. This allowance is sometimes called "T.I." (tenant improvements).
Location -- traffic counts, ease of access to store, convenience to shoppers.
Cost of occupancy -- expense pass-through, improvements, insurance, etc.
Overall draw of customers to center -- does center have a steady stream of shoppers?
Demographics -- are goods or services attractive to people in the trade area?
Effectiveness of management -- does the landlord respond to complaints or suggestions?
Parking availability -- is there adequate parking for customers?

5. As a buyer of retail properties, primary concerns should be:

Physical condition of property -- price should be adjusted to reflect the condition of physical plant.
Net income generated by leases -- what is left after expenses of operation are paid?
Occupancy level and tenant mix -- are there vacant ("dark") spaces; are tenants attracting shoppers?
Stability of tenants -- turnover rate; how long have tenants occupied the center?
Upside potential in income -- are rents under market; do leases escalate to keep pace with inflation?
Protection from large increases in operating expenses -- tenants share in expense increases; physical condition of center is good without deferred maintenance.
Area growth patterns -- is area gaining or losing population? Will new competition emerge?

6. Once you decide to sell or lease office space, a Commercial Services specialist will assist you every step of the way.

Office Tips

Office buildings range from small, owner-occupied properties to multi-building office parks. Office suites may also be an important portion of "mixed-use" developments, both in new construction or historic rehabilitation properties. Consider carefully what type space would be most suitable to your business. If you make a mistake, you could end up paying too much for a lot of years.

Consider what "class" of office property is most appropriate for you.

Class "A" Property:
Building has excellent location and access to attract the highest quality tenants. Building must be superior construction and finish, relatively new or competitive with new buildings, and providing professional on-site management.

Class "B": Property:
Building, with good location, management, and construction land tenancy. Can compete with low end of Class A.

Class "C": Property:
Generally an older building with growing functional land or economic obsolescence. Typically, a higher price per square foot will be paid for "Class A" property than "Class C".

Class "D" Property:
Older building in need of extensive renovation as a result of functional obsolescence or deterioraton. Request our handy Office Property Checklist to help you evaluate office space.

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