Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

Issue link: https://southeastrealestatebusiness.epubxp.com/i/735102

Contents of this Issue

Navigation

Page 43 of 56

www.REBusinessOnline.com Southeast Real Estate Business • October 2016 • 43 business." Brokers, especially those operating primarily in smaller mar- kets, understand that to be true. One of the key relationships that brokers maintain is with the local govern- ment, which typically have economic development agents who are skilled in assisting brokers with site selection and incentive packages for prospec- tive clients. "It is important to have quality rela- tionships with government, chamber of commerce and the local profession- al community in order to stay abreast of the deals in the marketplace," says Sue Earnest, principal of Avison Young's Nashville office. Relationships are founded on trust, and a broker's reputation as being trustworthy and knowledgeable is vi- tal in both client retention and attract- ing new clients, both on the landlord and tenant side. "In order to be successful in our market, gaining and maintaining cli- ent confidence is crucial," says Buist Richardson, principal of Avison Young's Nashville office. "Our clients need information first and fast so they can perform their due diligence and still react quickly to opportunities. They must feel confident in their bro- ker's knowledge, research and recom- mendations." Richard Mossman, senior vice presi- dent of CBRE | Triad, works in North Carolina's Triad market, which doesn't get as many headlines as Charlotte or Raleigh-Durham. Mossman maintains that his relationships are especially important in his region because of the close-knit nature of the community. "The size of our market is also the strength of our market. Our region supports one another and the relation- ships run deep. If it is good project for the region then most likely it will get the support from the local government groups, owners, developers and bro- kers in our community," says Moss- man. "We are lucky to work in an area where that is the case because it can easily be the other way around." One of Mossman's key assignments is a unique redevelopment of a his- toric flannel mill in Greensboro, N.C. Known as Revolution Mill, the mixed- use campus comprises 250,000 square feet of loft office and studio space, 142 multifamily residences, restaurants and event and performance venues. Revolution Mill includes Natty Greene Brewing's Kitchen + Market dining concept and will eventually feature a dog park and yoga studio. Owner Self Help has invested more than $100 million into the redevelop- ment. Revolution Mill's anchor office ten- ant is LT Apparel Group, a textile com- pany whose clients include Adidas and Carhartt. Mossman says LT Ap- parel is the ideal tenant. "LT Apparel is forward thinking and has a ton of energy," says Mossman. "We have some great companies in Greensboro that we hope follow their lead and make Revolution Mill part of the future office space." Being the leasing agent for such a unique asset in a market where there's no comparable product, Mossman and the CBRE | Triad team have had great success in leasing, signing 30 office and studio tenants to deals in the first eight months. "We have certainly outpaced the market in the activity and leasing at Revolution Mill, there is no doubt about that. It's been a lot of hard work from our team at CBRE but we have been fortunate to play off of the uniqueness of the property," says Mossman. ""Lots of developers and owners of real estate are trying to rec- reate space to look like the mill, but there is something authentic about Revolution Mill and its history that can't be replicated. We have everyone from design, branding and market- ing firms to your lawyers, investment bankers and accountants. It has creat- ed a great environment for everyone." Whether brokering deals for a newly built industrial asset, hip redevelop- ment like Revolution Mill or an out- dated strip mall in a tertiary market, most brokers can agree that managing client expectations is the main factor in a broker's success. "Before accepting an assignment, no matter the product type or situa- tion, it's important that you and your client are on the same page. Because if you are not, you are wasting your client's time and you are also wasting your time," says Mossman. "Neither of which are good for anybody in our line of work. Communication and defining what a successful outcome will look like are important to everyone." n

Articles in this issue

Links on this page

Archives of this issue

view archives of Southeast Real Estate Business - OCT 2016