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June 10, 2022 by Peter Maclennan Leave a Comment

Six Reasons Commercial Tenant’s Need an Agent…

Tenant representation cover image with a commercial warehouse in the background by Maclennan Investment Group

Many small business owners and entrepreneurs are tempted to represent themselves when leasing property for their business. There are multiple advantages to hiring a commercial real estate broker to represent them when considering a new office, store front, or warehouse for their business in Contra Costa County.

Here are six reasons commercial tenants should choose to hire a commercial agent to represent them:

  1. The Landlord’s Agent is looking out for the …Landlord.
    • Represents the landlord’s interests
    • Seeking the highest rent for the landlord
    • May present a single property, not all that is on the market
  2. The Tenant’s Agent:
    • Represents Only the Tenant
    • Seeks the lowest rent for the best space meeting the Tenant’s needs
    • Will solicit offers from multiple landlords to expose the Tenant to the entire market.
  3. Typically, the landlord pays for the tenant’s agent. When a tenant pays “Market Rent” there is often an embedded commission for the compensation of the tenant’s agent. Do you like paying for something that you aren’t getting the benefit of using?
  4. Commercial rent comps are not easy to find. A good tenant representative will be able to help negotiate a deal that is line with other recent transactions and reflective of concessions.
  5. Negotiating Concessions. A landlord may be willing to offer free rent or tenant improvement funds for a higher rental number. A tenant agent will be able determine what concessions are appropriate.
  6. Tenant Improvements. Tenants may elect to pay lower rent and pay for tenant improvements on their own. Tenant representatives can aid in finding a contractor and architect to determine the cost of tenant improvements.

A commercial lease transaction can be challenging for business owners to do on their own. Having an experienced agent helping navigate the process can save costs, time, and frustrations.

Peter was referred to my business when we needed to move locations. As we began to work together I could tell we had made the right decision for our needs. …The office could not be better and our experience working with Peter was fantastic. When we have to move again, having Peter represent us will be the easiest choice we make!

– Chris J.

Contact Peter Maclennan

Let Peter help you with your next leasing transaction.

925-385-8798

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Filed Under: Commercial Leasing, Contra Costa Real Estate, Tenant Representation Tagged With: Commercial Real Estate, Contra Costa County, leasing commercial real estate, leasing industrial real estate, tenant agent, tenant representation

May 11, 2020 by Peter Maclennan Leave a Comment

Video Tour and Additional Photos of 1780 Monument Blvd

I was able to film a video tour of my listing at 1780 Monument Blvd in Concord, CA.

Video Tour of 1780 Monument Blvd, Concord, CA

The property is 4,180 Sq. ft. and includes lifts for multiple cars. The shop repairs mufflers and is one of the only radiator repair shops in the East Bay Area.

Property Details

Price: $1,500,000
Address: 1780 Monument Blvd
City: Concord
State: CA
ZIP: 94520
MLS #: 40895930
Square Feet: ±4,180

Photos of 1780 Monument Boulevard

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Filed Under: Concord Real Estate, Listing Tagged With: Automotive, Commercial Real Estate, Concord, Contra Costa County, Real Estate Investment

June 13, 2014 by Peter Maclennan Leave a Comment

Update on Concord Naval Weapons Station

Concord Reuse Plan

Layout of the Concord Reuse plan as adopted in February 2010

The Contra Costa Times has an update on the Concord Naval Weapons Station.

In January of 2014 the City of Concord requested a statement of qualification from interested master developers for the massive project in March. They received eight responses and had the responses reviewed by a third-party firm to score the responses. It appears that they have now narrowed the list down to four developers.

The developers are interested in the prospect of developing the weapons station. The proximity to the North Concord/Martinez BART station allows them to build low-density, single-family housing that has access to mass transit.

For more information on the Naval Weapons Reuse Project you can head over to their website www.concordreuseproject.org. To see plans of the proposed development you can view this pdf.

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Filed Under: Bay Area Real Estate News, Contra Costa Real Estate Tagged With: Bay Area, Contra Costa County

July 18, 2013 by Peter Maclennan Leave a Comment

Bay Area Apartment Rents Slower Increase

The San Francisco Business Times published an article this week about the slowing growth of Bay Area apartment rents. According to the article apartment rents in San Francisco grew by 9.9% in 2012. Apartment rents in the East Bay increased by 6.9%. A leading apartment advisor predicts that growth will be 3.2% in San Francisco and 3.3% in the East Bay.

Home Ownership and Supply

I believe two factors are contributing to the slow down in rental growth. First, we have seen the residential real estate market take off and a lot of buyers have gotten off the sidelines and are buying homes. This means that a lot of renters are moving to be homeowners. Second, a number of new rental projects are being constructed. Both of these items are increasing the supply and causing rental rates to slow.

Bay Area Apartment Owners

Existing apartment owners have benefited from the increased rents (the exception may be in rent-controlled areas like San Francisco, Oakland, & Berkeley). Cash flow is up and sales of apartments are at record low cap rates.

What does the tapering of rent growth and the increase in interest rates mean? Well, it probably means that the market is reaching the peak of the value cycle. Interest rate increases mean that buyers will have to pay less for properties to cover rising financing costs.

If you have questions about your apartment complex, please give me a call at (925) 385-8798.

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Filed Under: Bay Area Real Estate News, Real Estate Investing Tagged With: Bay Area, Commercial Real Estate Investing, Contra Costa County, East Bay, Investment Property, Real Estate Investing, Rental Property

September 13, 2012 by Peter Maclennan Leave a Comment

Inventory Shortage in Single Family Housing

If you have been attempting to buy a single family home in Contra Costa County as a personal residence or as an investor, you may have noticed that the competition is tough. Homes priced under $350,000 are receiving multiple offers, and some are all cash offers.

For Sale Home Inventory Shortage

Currently, there is an inventory shortage in Contra Costa County. The image below from the August 2012 Report from the Contra Costa Association of Realtors shows the declining supply of homes for sale in Contra Costa County.

Contra Costa Housing Supply

From the chart we can see the downward trend in inventory from the peak in October of 2010. We also see that inventory dropped below 2 months’ supply in February of this year and hasn’t gone above that level.

Causes for the Lack of Inventory

What is causing the lack of inventory?

An article in the Wall St. Journal from September 12, 2012 points to the trend of institutional investors buying foreclosed homes: Firms Flock to Foreclosure Auctions. Firms like Blackrock and Colony Capital have begun buying up large blocks of foreclosed homes at the auction steps in communities across the United States. While private investors generally want a return above 10%, the investment firms are willing to accept lower returns for their institutional investors.

As well, Bloomberg reports that Fannie Mae Sale of Florida Foreclosures Gets 96% of Value. Fannie Mae sold 699 homes in Florida to Pacifica Companies, LLC a San Diego based firm. The homes were valued at $81.5 million and sold for $78.1 million.

Another factor is the number of individuals that are underwater on their mortgage and don’t have the option of selling their home. These home owners would have normally sold and moved up to their next home. However, they don’t have the cash on hand to make a down-payment for the move and the lack of equity in their current home precludes them from selling and moving up.

Buying Real Estate in the Current Environment

So how do you buy a home in the current environment?

  1. Get your financing lined up. It is important to have your down-payment available for your purchase. Also, you need to get a pre-approval letter from your lender. A pre-qualification is not strong enough for most sellers. They want to know that a lender has delved into your finances a little deeper.
  2. Don’t expect to “steal” a property. With the lack of inventory, this is truly a seller’s market. Many properties are receiving multiple offers. Listing agents in the current market are setting a date in the future to review “all offers”. This means that low ball offers will be compared with high price offers at the same time. Which one would you choose?
  3. Write a strong offer based on a reasonable market price. This is part of not expecting to low ball sellers. Your agent should tell you if the property is reasonably priced. A strong offer may be at full price or above asking price. It also might contain a large down payment or a shortened inspection period. A good agent will provide strategies to make your offer more attractive to a seller and competitive to other offers on the table.

In the competitive real estate environment, it is key to have a good real estate agent on your team. If you need help meeting your real estate goals, please feel free to contact me by phone at (925) 385-8798.

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Filed Under: Contra Costa Real Estate, Real Estate Investing Tagged With: Contra Costa County, East Bay, Investment Property, Real Estate Investing

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Welcome to Maclennan Investment Group, Inc., your East Bay Area real estate investment advisors. Maclennan Investment Group assists buyers and sellers of real estate maximize the investment potential of their real estate assets.

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