Pickett Sprouse Commercial Real Estate

Congratulations to Brad Gregory on his recent sale! 👏 #justsold #cre #commercialland #durhamrealestate #commercialrealestate

The 2024 Pickett Sprouse and West & Woodall Christmas Party was a HUGE success! 🎄✨ From a competitive scavenger hunt across Durham to indulging in the most incredible food spread we’ve ever had, this celebration was unforgettable! So thankful for coworkers who truly feel like family and for the joy this season brings as we come together. ❤️ #CommercialRealEstate #CRE #PropertyLeasing #TenantTips #CREInvesting #RetailRealEstate #OfficeSpace

🧭 Navigating Commercial Lease Agreements: What to Look For Signing a commercial lease is a big commitment, and understanding the details can save you headaches down the road. Here are key elements to review before signing:   1. Lease Structure - Type of Lease: Is it a triple net (NNN), gross, or modified gross lease? Each has different cost implications for rent, utilities, taxes, and maintenance. - Rent Escalations: Understand how and when rent increases occur—fixed amounts, percentage increases, or tied to inflation.   2. Operating Expenses - CAM Fees: Common Area Maintenance fees can add up. Confirm what’s included and ensure transparency. - Maintenance Responsibilities: Who handles repairs—tenant or landlord? Clarify for HVAC, plumbing, and other systems.   3. Term and Renewal Options - Lease Term: Ensure it aligns with your business needs—short-term for flexibility or long-term for stability. - Renewal Clauses: Can you renew, and on what terms?   4. Tenant Improvements - Tenant Improvement Allowance (TIA): Will the landlord cover renovations? Verify what’s included and deadlines for completion.   5. Exclusivity and Use Clauses - Exclusivity Clause: Protect your business by ensuring the landlord doesn’t lease to competitors in the same building or plaza. - Permitted Use: Confirm your business type is allowed under the lease and local zoning.   6. Subleasing and Assignment - Can you sublease the space if needed? Understand the restrictions and approval process.   7. Exit Strategies - Early Termination: Are there penalties if you need to exit early? - Holdover Clause: What happens if you stay beyond the lease term? Pro Tip: Always review the lease with a commercial real estate expert and a legal professional to ensure it protects your interests. Have questions about your lease? The Pickett Sprouse team is here to help you make informed decisions. Let’s chat! #CommercialRealEstate #CRE #LeaseNegotiation #TenantTips #OfficeSpace #RetailRealEstate

Let's Talk About The Power of Adaptive Reuse in Commercial Real Estate. In today’s market, creative thinking is key. Adaptive reuse—the practice of repurposing old or underutilized properties for new uses—is transforming commercial real estate. Why Adaptive Reuse? - Cost Efficiency: It’s often more affordable to renovate an existing structure than to build from scratch. - Sustainability: Reuse reduces waste and conserves resources, making it an eco-friendly choice. - Character: Repurposed properties maintain unique architectural features that can add charm and draw tenants or customers. Examples of Adaptive Reuse: - A former warehouse becomes a trendy coworking space. - An old church is transformed into a bustling restaurant. - A historic factory finds new life as luxury apartments. Challenges to Consider: - Zoning and Permits: Ensure the property complies with local regulations for the intended new use. - Structural Integrity: Older buildings may require significant upgrades to meet modern safety standards. - Market Demand: Make sure your vision aligns with the needs of the surrounding community. The Payoff: When done right, adaptive reuse creates vibrant, functional spaces that meet modern demands while preserving a property’s historical significance. It’s a win for investors, tenants, and the community. Looking to explore adaptive reuse opportunities in the Triangle area? Our brokers at Pickett Sprouse can help you uncover hidden potential in unexpected places. #CommercialRealEstate #CRE #AdaptiveReuse #SustainableRealEstate #CREInvesting #TriangleCRE #HistoricPreservation

📈 Pickett Sprouse Commercial Real Estate by the Numbers Check out this map of our active and pending properties! With a broad reach and expertise in the Triangle area and beyond, we’re excited to share our current activity: 📍 34 Active Properties for Sale - 26 land listings 📍 25 Active Properties for Lease - 5 land listings 📍 8 Properties Pending Whether you're looking for land, office spaces, retail buildings, or investment opportunities, our team is here to help you navigate your next deal. #PickettSprouse #TriangleCommercialRealEstate #ActiveListings #CommercialLand #PropertiesForSale #PropertiesForLease #PendingProperties

🚗 Why Parking Matters in Commercial Real Estate When evaluating a commercial property, parking might not be the first thing that comes to mind—but it should be. Whether you're leasing office space, retail storefronts, or industrial facilities, the parking situation can make or break your investment. What to Consider About Parking: Availability: How many spaces are available per 1,000 square feet? Industry standards vary depending on the property type (e.g., retail requires more spaces than office). Type: Is parking structured (garages), surface-level, or shared with other tenants? Each option has pros and cons depending on your needs. Accessibility: Are the spaces ADA-compliant, and is the lot easy to navigate? Customer convenience is key. Shared vs. Dedicated: Does the lease provide exclusive spaces for your business, or will parking be shared among tenants? Why It Matters: Customer and Employee Satisfaction: Ample and convenient parking improves access and can boost foot traffic or employee retention. Property Value: Properties with well-thought-out parking plans often command higher rents and attract premium tenants. Local Zoning Codes: Municipalities often have parking requirements tied to zoning. Ensure your property meets these to avoid fines or operational disruptions. Pro Tip: During lease negotiations, confirm who is responsible for parking lot maintenance and whether costs are included in CAM (Common Area Maintenance) fees. The right parking setup can transform a good property into a great one. Need help navigating the nuances of commercial real estate? Contact us today! #CommercialRealEstate #CRE #PropertyLeasing #TenantTips #CREInvesting #RetailRealEstate #OfficeSpace

🔎 Ever wondered how to customize a commercial space to fit your business needs without breaking the bank? Let’s explore Tenant Improvement Allowances (TIA) and their significance. What is a Tenant Improvement Allowance? A TIA is the amount a landlord contributes toward customizing or renovating a leased commercial space to meet the tenant's specific needs. This can include adding walls, updating flooring, or installing lighting. How Does It Work? The landlord provides a set amount, usually calculated per square foot. TIAs typically cover "hard costs" like framing, HVAC systems, and flooring. If renovation costs exceed the TIA, you’ll need to cover the difference; if they are below, you might negotiate applying savings to future rent. Key Considerations: - Negotiate Wisely: The TIA is often negotiable depending on the class of tenant—ensure it aligns with your renovation goals. - Use It or Lose It: TIAs usually come with a “use it or lose it” clause, so complete renovations within the specified timeframe. - What's Covered?: TI funds cover permanent improvements but may not include removable items unless negotiated. - Budget Management: Obtain multiple bids and consider hiring a project manager. - Legal Compliance: Ensure all improvements meet local codes and obtain necessary permits. Why It Matters Customizing your space enhances customer experience, boosts employee productivity, and can increase revenue. A well-negotiated TIA can significantly reduce your renovation costs. Want to learn more? Contact a Pickett Sprouse Broker TODAY. #CommercialRealEstate #CRE #CRELeasing #CREInvesting #RealEstateInvesting #OfficeSpace #RetailRealEstate

Understanding the different types of commercial leases can save you money and help you plan for all costs. Here’s a quick overview of the most common lease types: *Note: Depending on the property type and location, these lease types may vary in specifics. Full Service Lease – This type of lease includes an all-inclusive rate that covers the landlord’s utility, maintenance, and tax expenses. It’s ideal if you prefer a stable, predictable rate without extra costs. The rate may stay the same over the lease term or have gradual increases. Modified Gross Lease – Common in large multitenant office buildings and shopping centers. Here, the landlord provides utilities and maintenance, and each tenant pays a portion of the building’s operating expenses, based on the square footage they lease, in addition to base rent. Net Lease – The tenant pays base rent plus specific property-related expenses. These may include real estate taxes, assessments, maintenance, property insurance, and utilities. Single Net (N): Tenant pays rent plus property taxes. Double Net (NN): Tenant pays rent, property taxes, and insurance. Triple Net (NNN): Tenant pays rent, taxes, insurance, and maintenance costs. Ground Lease – A long-term lease of unimproved land where the lessee typically builds on it. The lease should specify who retains ownership of improvements at the lease’s end; otherwise, ownership reverts to the lessor. This structure can offer tax advantages since land costs aren’t depreciable. Percentage Lease – Common in retail spaces, where the tenant pays base rent plus a percentage of sales. Ideal for retail businesses with seasonal or fluctuating sales, it combines a low fixed rent with an additional monthly rent based on a percentage of the tenant’s gross sales. Curious about which lease is best for your business? Our brokers are here to help guide you through the options and find a solution that fits your needs. Reach out to learn more! #CommercialRealEstate #LeasingTips #RealEstateInvesting #BusinessLeases #CRE #RealEstateAdvice #LeasingSolutions #TenantTips #RealEstateEducation #PropertyLeasing

Exciting News! We’re proud to have assisted in bringing North Carolina’s first Natural Life store to Patterson Place in Durham, opening on Saturday, November 2nd! Located in suite 101 at 3511 Witherspoon Boulevard, this innovative natural health and wellness store offers a range of products, including CBD, Kratom, Kava, and athletic performance-based solutions. Our broker, Anna Jenkins, worked closely with franchise owner Dan Berlin to secure the perfect space, ensuring easy access for both Chapel Hill and Durham customers. With a focus on natural alternatives to traditional remedies, Natural Life is set to become a valuable resource for the community. Congratulations to Dan Berlin on this exciting venture! #CommercialRealEstate #DurhamNC #NaturalLife #WellnessJourney #PickettSprouse https://lnkd.in/eEKEPaan

We’re thrilled to welcome Matthew Morton to our commercial team at Pickett Sprouse! 🎉 With over five years of property management experience and a degree in Management and Finance from UNC Charlotte, Matthew’s expertise and client-focused approach make him a great asset to our team! #realestate #commercialrealestate #ncrealestate #welcometotheteam #durhamnc