Archive for the Leases Category

My Qualifications: The Short Version…

Posted in Aptcor, Articles, Commercial Real Estate, Emotional Rescue, Franchise, Leases, Listings, New Sale, News, Property Management, Restaurants, Retail and Restaurant Leasing Specialist, Tenant Represenation with tags on July 12, 2016 by nomaedigganadda

Jack Intrator, CPM, RAM, ARM
610 805 3849
retailman1105j@gmail.com

http://www.linkedin.com/in/jackintrator4retaillocations

 

EXPERTISE: Property/ Project Manager with ground-up experience specializing in residential, retail and commercial high-end construction. Knowledge of the entitlement/permitting process, site selection, construction delivery methods and agreements. Concentration in restaurant leasing, new project development, challenged properties and value-added assignments that include re-positioning and urban renewal. A “Road Warrior” who anticipates needs and opportunities of clients, ensuring proactive pursuits. Works well with all levels of management, including C-level executives. Completed deals throughout the United States from Ohio, Wyoming, California, New Jersey, New York, Delaware and Massachusetts, Connecticut, and West Virginia.

 

Certifications & Licenses         

  • CPM – Certified Property Manager
  • RAM – Registered Apartment Manager
  • ARM – Accredited Residential Manager
  • NYU Certificate in Property Management
  • Pennsylvania Real Estate Agent

SPECIALTIES:

  • Project/Property Management
  • Lease Negotiations
  • Construction Estimating
  • Restaurant Sales and Short Sale
  • Marketing Communications
  • Team Management
  • Tenant Representation
  • RFP Preparation
  • Real Estate Investment Sales

 

WORK EXPERIENCE:

Senior Manager, Real Estate & Tenant Representation – RealtyMark CityScape             June 2013 to Present

Manage the Construction Process, including developing a phase plan and explaining the process to the Property Management Team.

  • Liaison between Owner/developers and the Asset Management Group. Develop job scope, prepare budgets and solicit bids with Request for Proposals. Review and award the construction process with Request for Proposals
  • Intake of new sites, performing a detailed analysis and coordinating bids and job scopes with RFP for repairs, renovations and Major Capital Improvement Project, including roof replacements and repairs as well as facility clean out and negotiating prices and bids for many bank owned properties. Preparing job Owner/Liaison for Major Capital Improvement Projects

 

Director of Real Estate Development, New York Bagel Café (2007 to 2014)

Relationship based representation which began at Aptcor Commercial Real Estate and was successfully maintained for many years. Negotiated site selection deals for 10 locations leading to 5 MM in gross annual rental income. Grew company presence from original location to over 50 stores nationwide. Managed the entire Real Estate process, including oversight of brokers and construction development.

 

Retail Leasing Specialist – Mallin Panchelli Nadel Realty, Inc.                                                  Sept 2011 – June 2013
Focus on bank-owned properties as well as management of properties throughout the re-sale or leasing process. Extensive knowledge of Real Estate site acquisition and pipeline process, including proper use of demographic tools (E.G. Costar), etc. Negotiate for Estimated Dwelling Units with developers and township

 

Uni-kid high end children’s apparel (Wool-ways)

Guided company’s US site selection process, settling on a location in the King of Prussia mall with a 1.4 MM ten year lease. This high profile location was imperative to the growth of this European brand which was opening its first American location

 

YoFresh Yogurt

Liaison between franchise operators and local brokers, facilitating successful retail store openings resulting in 1.4 MM in gross rental income for four locations

 

Vice President – Aptcor Commercial Real Estate, Lansdale PA                                      Aug 2010 – Sept 2011

Solaris Grill & Tequila Joe’s

Negotiated several commercial short sale restaurant deals simultaneously which included sale of land and liquor licenses. Multiple lenders were involved and properties were in disrepair. Since partners’ personal assets were at stake these transactions were particularly difficult. The liquor license was sold to Bonefish Grill, one of the restaurants was purchased by an engineering firm and the other restaurant was purchased by a local land developer. Parties were ultimately financially satisfied

 

Retail Leasing Specialist – Zommick McMahon Commercial Real Estate Inc., Malvern PA         July 2009 – Sept 2010

 

Retail Leasing Specialist – Equity Retail Brokers, Conshohocken PA                                        March 2008- July 2009

 

Retail Leasing Specialist AgentLegend Properties, Conshohocken PA                                   May 2005 – Jan 2008

 

Retail Marketing Manager – Dranoff, Philadelphia PA                                                                 2003-2005

Commercial property manager with oversight of the construction process including tenant improvement allowance and development of the landlord work letter

Negotiated leases with the following entities totaling $7,980,000: Park N Clean Dry Cleaner, Subway, RC Bistro, New England Soup Factory, La Riviera Pizza, Joe’s Grocery, The Victors Pub, Trophy Bikes, Girasole, Du-jour, Ajia Japanese

TEACHING EXPERIENCE:

Adjunct Professor – Construction Estimating and Blueprint Reading, CW Post Campus of Long Island University

  • One of the only professionals in the region approved to teach the RAM course from the National Association of Home Builders and the Multi-Family Council

 

EDUCATION & Professional Affiliations

Bachelor’s Degree, Peirce College                                                                                                        Graduated

Major: Business Management / Concentration in Management

Institute of Real Estate Management

Member: National Association of Home Builders

  • Tri-State Association of Commercial Realtors
  • Member of National Association of Realtors, Property Management Council

Former Board Member:

 

 

 

 

 

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Case study: Collecting Commissions, “It’s Hard to Be a Saint in the City” Part 2

Posted in Aptcor, Articles, Commercial Real Estate, Franchise, Leases, Retail and Restaurant Leasing Specialist with tags , , , on September 22, 2011 by Josh Druck

In Part 1 of case study, Collecting Your Commissions, “It’s Hard to Be a Saint in the City” we discussed typical clauses pertaining to commission within the Letter Of Intent. The first was for a commission without a co-broker where you were either the tenant representative broker or the listing agent and the scenario was the same, with a commission line item within the LOI that the deal was based on.  The second scenario was a co-broker or co-operating broker situation where you were the tenant representative and requested 3% of the gross commission instead of splitting a 5% commission (2.5%/2.5%) as represented in the commission agreement or the Exclusive Listing Agreement, which is the case in Part 2.

Recently, I was the tenant representative for a deal completed in PA. I represented a regional/national restaurant operation and a well known competitor within the industry represented the Landlord.  Within the very first conversation I asked about the commission and was told to include whatever I wanted in the Letter Of Intent.  I explained I would like 5%, however I knew I would be willing to negotiate, as 3% for a co-brokered deal is certainly a good situation if the commission agreement total is 5%.  Now in order to get paid per the agreement whichever way it pans out, you have to include an anticipated payment schedule.  You submit a bill and you hear nothing for a week. You make a call and you are told that they are processing it, and then another week goes by.  It’s week three and you see the landlord at a function, he promises payment and times goes by.  You want to act like the gentleman you are and leave the line of communication open, so you dance between assertive collection of your money and keeping in mind the relationship your company wants to maintain.  Hopefully you end up getting paid, however even with an Exclusive Listing Agreement where your compensation is specified and both Landlord and Broker have signed, sometimes there is a problem.  The agent anticipates commissions as earned per the ELA, but many times its hope for the best, while engineers, attorneys and other professionals charge and are paid their fee, the Real Estate Broker is the last to get paid and often the commission is renegotiated or reneged upon.

Last year, at the ICSC show in Las Vegas, I was sitting at Binion’s Casino in the old part of Las Vegas when in walks a friend and his wife, the friend is a principal partner at a well known brokerage house in the greater Philadelphia area.  We got to talking about several deals we worked on together through the years and the status with regard to non-payment.  I asked why he and his company continue to take listings like this when they have gotten burned in the past.  He said “If we don’t take the listing someone else will” I replied so what, why deal with people who don’t pay you? He commented “it’s about signage and name recognition and market share”.  To me it is real simple; if I represent a client I will show them every opportunity within the market place that fits their criteria.  But, I will also make it a point to let my client know that I have been burned by a landlord and ask them to protect me throughout negotiations.

With regard to taking a listing, I will never take a listing simply for market share; however there are others who always will. The reason we are in this business is to earn commissions, and that means getting paid.  If you want to be a Saint, join the Peace Corp. We are in this line of work because we believe we can control the art of the deal and make money.  The art of the deal is the excitement that motivates guys like me. Bottom line, get your commission worked out right up front and don’t take anyone’s word for it. Still, there are some brokers who will agree to receive commissions as collected, which to me, is by far the very worst form of commission agreement. Under this scenario, you become the Landlord’s partner, sharing his down side but none of the upside, and leaving you totally unprotected. Brokers do their job when a deal is completed and should be treated with the same courtesy as any other professional who gets paid at the conclusion of their performance.   But as the story relates above, there will always be Brokers who will agree to anything in order to take a listing, they devalue themselves and they devalue their industry as well.

Second example: I am representing a national franchisee at another well known firm and referred the business to an associate from a national net-work, another broker in another state that had a personal relationship with my former company and all the Principals within the company.  A deal was completed and as usual we anticipated a 20% referral fee. I asked on several occasions during the course of 6 months for a commission schedule and was rebuffed. I did not pursue or push to bring it to a head; instead I acted like the saint and deliberately held back.  When the day came to get paid, I was told they only did a 5 year deal instead of the usual 10 year term. And that  due to a personal or long standing relationship with the company and the owner, they agreed to take a lesser commission. They were the sole Broker and accepted a 3% commission. So my 20% was based on a 3% commission not the anticipated 5%.  But who was to blame? The Saint. I tried to take the high road, showing faith that it would all get worked out and did not want to come off the bad guy with the company principals, nor sour their relationship with the broker I had referred to them.

What did I learn? Take nothing for granted. Don’t assume people will take the high road and make things right.  At the end of the day, it comes down to self interest.  Learn to ask for your commission right up front. Discuss the deal and all terms at the very beginning not at the end of the deal.  Sometimes you win and other times you lose, but never be afraid to ask.

The point:  If Landlords could do a deal themselves, they would do it.  If you are dealing with a co-broker you need to know what his agreement is from the very start, because he may be making deals that are not typical. Discuss all details upfront and come to a clear understanding.  As a final comment, I later drove by the shopping center and noticed the broker that I did the deal with no longer had his signs on the property, but instead were replaced by another broker. I was told by the new broker that part of the pitch to gain this account was to take a discounted commission schedule and work with the bosses on their terms. Sound familiar?“Those downtown bosses, all sure talk pretty. I felt just like a back street gambler, searching for a commission.  It’s so hard to be a Saint in the City,” when you have money out on the street.  Let someone else cry nickels for your pity, it’s your commission that’s due. The sages of the industry know it’s you who make them all look pretty, you get their stores rented and you contribute to their bottom line. It’s such a fine line to dance that talk, should I be the Saint of the City?

Jack W. Intrator CPM, RAM, ARM

Retail and Restaurant Leasing Specialist

Vice President

Aptcor Commercial, Realtors

414 West Main Street

Lansdale, PA 19446

Office: 215-855-9600

C. 610-805-3849

jintrator@aptcor.com


Defining the natural break point in restaurant leases.

Posted in Leases, Retail and Restaurant Leasing Specialist with tags , , on June 7, 2011 by nomaedigganadda

The Natural Break Point is the occurrence when all of the base rent has been met and a negotiated percentage rent above the natural break point is begins.

Here is the assumption,

You have a base rent of $25.00 PSF and 5,000 SF $25.00 PSF x 5,000 SF = $125,000.00 = Total annual base rent Yr. 1 of lease term.

$125,000.00 Divided by 6%*= $2,083,333.30

*Note the 6% is an arbitrary number that is inserted for all other operating expenses, usually it’s 4% on Retail and 6% on Restaurants, but considering inflation these percentage numbers can change, but in any case this is the formula.

Assume there is a negotiated percentage rent above the natural break point, this is the point where a landlord has added in value to a deal, providing for TI allowance or some monetary concessions, usually a lower base then market and or TI allowance above the vanilla shell, for improvements, so they can share in the upside.
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