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Gary Grabel - Wealth Opportunities in Commercial Real Estate: Management, Financing and Marketing of Investment Properties

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ESSENTIAL COVERGAGE OF THE COMMERICAL REAL ESTATE MARKET AND HOW TO MAKE IT WORK FOR YOU

The one-stop guide to making money from buying, managing, and owning commercial real estate, Wealth Opportunities in commercial real Estate is the comprehensive resource you need in order to take full advantage of the market, whether youre just starting out or an old hand. Including industry case studies and expert advice from real estate expert Gary Grabel, the book teaches you the fundamentals-including how to evaluate a potential property and how to create value even before you buy-that other books leave out. Commercial real estate investing is an excellent, and highly profitable, investment choice for those with the right perspective and the patience to see their decision through. But to really succeed, it is essential to have a firm grasp of the basics of the real estate game before you get started. if you think youre ready, then this book is your first step.

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Contents Copyright 2012 by Gary Grabel All rights reserved Published by - photo 1

Contents

Copyright 2012 by Gary Grabel All rights reserved Published by John Wiley - photo 2

Copyright 2012 by Gary Grabel. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

Argus spreadsheets courtesy of ARGUS software. 2011 ARGUS Software, Inc. All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com . Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions .

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002.

Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our website at www.wiley.com .

Library of Congress Cataloging-in-Publication Data:

Grabel, Gary.

Wealth opportunities in commercial real estate : management, financing and marketing of investment properties / Gary Grabel.

p. cm.

Includes index.

ISBN 978-1-118-11574-9 (cloth); ISBN 978-1-118-19722-6 (ebk);

ISBN 978-1-118-19723-3 (ebk); ISBN 978-1-118-19724-0 (ebk)

1. Commercial real estate. 2. Real estate investment. I. Title.

HD1393.55.G73 2011

332.63'24dc23

2011028238

This book is dedicated to Mark Hamermesh and Aric Browne: Without their efforts and drive, this book would not have been possible. By taking on their shoulders many of the day-to-day problems and concerns associated with running a real estate company, which owns and operates several million square feet of shopping centers, medical office buildings, and apartment units, they made it possible for the author to focus on writing these pages.

This book is also dedicated to my wife, Rosanna, who has put up with my quirks and idiosyncrasies for over 30 years, especially when I wanted to work on this book rather than spend time in some more enjoyable pastime.

List of Abbreviations

ActThe Securities Act of 1933
Cap XCapital Expenditures
CFBTCash Flow before Taxes
CodeInternal Revenue Code
DCRDebt Coverage Ratio
FMVFair Market Value
IRRInternal Rate of Return
LLCLimited Liability Company
LPLimited Partnership
LTVLoan to Value
NOINet Operating Income
NPVNet Present Value
NRSFNet Rentable Square Foot
PSAPurchase and Sale Agreement
PSFPer Square Foot
PVPresent Value
ROAReturn on Assets
ROEReturn on Equity
SECSecurities and Exchange Commission
1031Section 1031 of the Internal Revenue Code

Introduction

This book is the result of many people asking me How can I buy income-producing property? How can I get into the game? The underlying purpose in this book is to set forth a practical step-by-step process on how to acquire commercial real estate and through a real estate vehicle build significant wealth over time. The discussion runs from sourcing a real estate transaction to analyzing the deal to acquiring the sticks and stones to managing real property to improving its value and finally to taking steps to preserve the value created and hopefully passing a good part of it on to your children and your childrens children.

Unfortunately, there is a wealth of books on real estate that in essence say, You cant lose. Go out and buy real estate! You can lose in real estate just as in any other business. I usually buy from someone who has lost; that is, the value of the property and their equity therein has decreased from the date of their purchase. It is therefore essential to understand the fundamentals of the real estate game, including how to evaluate a real estate transaction and how to create value before you take the plunge and start to buy.

The text is geared to the novice who wants to understand commercial real estate as well as the seasoned professional who desires to enhance his knowledge. One of the key teaching tools revolves around setting forth a hypothetical that starts with the basics and then continually builds on the fact pattern to demonstrate real estate principles and theory and enhance the project analysis.

Although the concepts herein can be applied to all types of real estate, the focus is directed toward a project size of 30,000 to 150,000 square feet as is typically found in a neighborhood shopping center rather than a huge office building or a complex of over 500,000 square feet that might be found in a downtown high rise tower or a regional shopping mall.

Many individuals in the real estate field specialize in one area and therefore have a difficult time understanding and learning practical knowledge about other areas of real estate ownership. This text attempts, to some extent, to fill this gap. By covering a broad range of real estate topics from basic terminology and analysis to leasing, financing, marketing, management, structuring a partnership, real estate tax consequences, buying and selling real property, and the steps to take to preserve wealth, hopefully the reader can focus on the areas of his or her deficiencies.

Although I am an attorney by background, Wealth Opportunities in Commercial Real Estate is not intended as a legal treatise; rather, its focus is directed to the practical, day-to-day business aspects of acquiring, owning, and managing commercial real estate. I strongly recommend consulting with an attorney, accountant, and other professionals when entering into a lease, a purchase and sale agreement, or when any technical issues arise.

A thank you to ARGUS Software, who graciously supplied their proprietary software for use in connection with the Cash Flow spreadsheets for this book. These, among other Appendices, can be found at the companion website, www.wiley.com/go/wealthopportunities . This supplementary material will surely provide you with a wealth of examples to review as you read through the book.

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