2018 Insight Magazine by Beck Partners

INSIGHT 2017 ANNUAL REPORT I BECK PARTNERS

development along the coast: projects making a difference

E-commerce: friend or foe for cre?

CYBER-ATTACKS: everyoneâ&#x20AC;&#x2122;s at risk

the sales process: results will come in 8 steps

YO BU RE 850.477.7044 TeamBeck.com

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POWER OF THE PLUS

table of contents

development along the coast: projects making a difference

the Gulf Coast Industrial Resurgence

THE WHY OF BUDGETING: IT’S MORE THAN A SPREADSHEET

CYBER-ATTACKS: everyone’s at risk

PROPERTY INSURANCE UPDATE: combat increases

the sales process: results will come in 8 steps

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people drive your culture

THE BEGINNINGS OF A BROKER

e-commerce: friend or foe for cre?

brand you: why build it

hurricane disaster guide: are you and your building prepared?

LEASE TERMS FOR TENANTS

EXECUTIVE DIRECTOR

3 + WHY NOT PENSACOLA? AN INVESTOR’S PERSPECTIVE 5 + After the catastrophe: Not commonly known, but common sense 7 + in the face of the storm: keeping an eye on construction 13 + Tax Reform for the Real Estate Industry: What You Need to Know EDITORIAL, MANAGING & ART DIRECTOR 17 + what lease is right for you? a landlord’s perspective MAGGIE WHITTEMORE 19 + WHAT’S WITH YOUR BUILDING? INSIGHTS FROM THE TALLAHASSEE pm 24 + 2018 office in review 25 + Why small businesses make a big difference Karen Thrower CONTRIBUTING WRITERS 37 + Get Off My Lawn! (Or Pay Me For It): An Overview of Eminent Domain Law for cre Professionals Kristine Rushing, CPIA, CIC Alex Rothbard 39 + The Unstoppable Heart of a True Competitor Maggie Whittemore Brittnay Hammac 43 + the interns perspective Paige ROWE Cat Liffner 44 + my start in real estate Quint Studer Chris Cobb 53 + growth in the capital: Tallahassee market update Reid Rushing, CPIA, AAI Cindy Ritchie 55 + WHILE WE WERE OUT Rick Locchead, LEED BD+C David Valletto, SIOR 57 + day in the life of a transaction coordinator (#paigerowe) Scott Jennings Debbie Anglin, SIOR 59 + 2018 LEGISLATIVE PREVIEW Scott Warren, CPA Donnie Kean 60 + Giving Yourself Credit: Loans Written in the Margin Shawn Maxey FLETCHER DILMORE 67 + WHY TENANTS NEED TO BE HAPPY Stacy Taylor, CCIM Janice Connelly 70 + A BRIDGE TO REAL ESTATE Steve Meyer Jay Revell 71 + AVAILABLE PROPERTIES Tim Danna Jennifer Webster 83 + how we determine the coverages to provide for you and your home Todd Thomson john Hodgdon 85 + REDEVELOPMENT: A BEFORE AND AFTER William Stokes Justin Beck, CCIM, CPM 90 + team beck JUSTIN A. BECK, CCIM, CPM

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YEAR IN REVIEW

“Creating innovative partnerships to forge successful futures” By Justin A. Beck, CCIM, CPM

FAST. That’s what we believe it takes to be successful. Specifically, FAST stands for Fearless, Agile, Smart and Transparent, and 2017 was extremely FAST for Beck Partners. This year our team grew again by more than 20%. We added great people in all sectors of our business. This included multiple new commercial real estate agents, commercial lines insurance, property management, and accounting. Amid all of these new additions, we were also fortunate to be named one of Florida Trends Best Company’s to work for. This honor is incredibly humbling for me. Our property management team was honored with the prestigious Accredited Management Organization by the Institute of Real Estate Management making us the only commercial management company on the Gulf Coast to carry this designation. And finally, my partner and our COO Kristine Rushing, was honored by 850 Magazine with a Pinnacle Award spotlighting her leadership and achievement as a female leader in business. We say Beck Partners is in the commercial real estate and insurance business, but we’re not. We are in the dream building business. Every business you see as you drive down the road, as you fly overhead, as you flip through the ads in the newspaper, began as someone’s dream. We partner with them and help build their dreams. This recently was the case with Pam. Pam wanted to make a new restaurant while honoring her family legacy created by her mother and grandmother. Her dream inspired us to help her get just the right space for that dream to grow. While it is thrilling to work with the big companies like Gulf Power, Studer Properties and Pen Air, we get especially excited to be a part of the starting point of a young business. For instance, take Destini Robinson or Coach Rob as her clients call her. She had a dream of starting a gym to help women in her community get fit. She understands how important living a healthy, active life can be because she’s experienced it herself. She knew that many of her friends were single moms that were too busy to find the time to exercise. Coach Rob succeeded when she opened her gym, but less than a year after opening it went up in flames. That’s where Chris comes in. Chris is one of our smartest, most fearless and agile brokers. Chris took the time to understand what Coach Rob was going through. He learned how important getting open quickly was and how location affected her client’s ability to get to workouts on time. Chris went to work curating a survey of properties that fit her needs, followed up with landlords and negotiated relentlessly on behalf of his client. Chris found a great space for Coach Rob to reopen. From beginning to end, the entire process took two weeks. This is FAST in action. As I mentioned earlier, we believe in being FAST, especially if you are in the dream building business. Where did FAST come from? It came from looking at our amazing people that make up our team and what they bring to the office and our community everyday. Without them, I wouldn’t be writing to you right now. Thank you to all our clients that made 2017 another great year at Beck Partners. I hope the following pages provide you with data, intelligence and a little inspiration to make 2018 even better!

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By Chris Cobb

WHY NOT PENSACOLA? AN INVESTOR’S PERSPECTIVE

Join me in a quick thought experiment. It’s 7:30 am and you open double glass doors which lead you into a marble-clad, well-lit lobby with artwork adorning the walls. Maybe there is a check-in desk that provides access through turnstiles to the elevator banks. There is an overwhelming feeling that you, a professional, who has arrived at a Class-A establishment. What city are you in? Is it New York, Atlanta, Dallas, or San Francisco? Now ask yourself, why not Pensacola? Back in 1910, Seville Tower was constructed on Palafox Street. At that time, it was the tallest building in the entire state of Florida. Today, there are plenty of buildings in the state of Florida that are taller. Pensacola has retained its small-town charm and feel. However, I feel some changes are afoot in the world of office space and investment property. Let’s start with office space and then move on to the lesser known investment-style property. Office space has traditionally been a solid wood door, reception area, cubicles and perimeter offices for the executives (much like what you would expect to find in a movie set in the 1990’s). With advances in technology and a changing workplace culture ushered by Millennials, office space is becoming more flexible. We are seeing more shared workspace, it is becoming more energy efficient and becoming more transparent (less drywall). So how does Pensacola fit into this new age of office? Shared: Check out Quayside Quarters at 700 South Palafox. The second floor has individual office suites with a common conference room, common pantry, and common reception area. This allows companies to have satellite offices or individuals to have offices away from home to conduct business. Energy Efficient: The Gulf Ecology Division at Pensacola Beach is LEED Silver certified. As office buildings around Pensacola are getting a facelift, new energy efficient measures are being taken to improve efficiency like LED lighting and treated exterior glass to reduce heat loss. Expect to see more LEED-certified buildings pop up across Pensacola. Transparent: There are several places around Pensacola to see this feature in office space, however, I believe there to be no better display than at 151 W Main St, Suite 200. All perimeter offices have glass walls and glass sliding doors. In addition, the interior cubicles are open to the floor and not full height so they can easily be seen over. Features like this speak to the culture of the company occupying the space.

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Investment style properties (the lesser known) have started to gain steam along the Gulf Coast. Here on the Gulf Coast, they are typically income-producing properties like strip malls, offices, or standalone retail centers. As more strip malls start to pop up (i.e., the new Starbucks, Nothing Bundt Cakes and Jimmy Johnâ&#x20AC;&#x2122;s on E Gregory Street) more investors turn their attention to Pensacola to purchase safe, revenue generating properties. There are two primary strategies for investment properties. Value-add strategies (1-2 years) and longterm holds (10+ years). The value-add strategy applies when the tenants have short leases at lower than market rents and the building needs to be improved. In other words, these are opportunities for value-add; lock tenants in for 5 plus year terms, raise rents to market rate, improve the structure, parking lot, signage, and other items to add value to the property. For the longterm hold strategy, we typically see big box retail, malls with national tenants, or property with a prime location. National tenants can sign 10 to 15-year leases for a given location. These locations are usually in high traffic areas that will likely remain high traffics areas.

Pensacola is a great, safe play for investors due to its steady growth and resistance to volatility. Pensacola has been growing by about 2% each year for the past 5 years and shows no signs of stopping anytime soon. The steady growth ensures investors will not be blindsided by a sudden drop in property value. However, it also means fewer chances to make huge gains in a short period of time. Investment style properties are more common than you think. And I guarantee you drive by several every day during your commute.

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After the catastrophe: Not commonly known, but common sense By Tim Danna & Cindy Ritchie

Life throws us curveballs when we least expect them and can test our resolve in the most trying of fashions. This is one of the main purposes behind the myriad of insurance options available to shelter you from the potential barrage of risks associated with doing business from day to day. Let’s say tomorrow a hurricane picks up in the Gulf, then literally picks up and relocates a portion of your business down the street against your will. Property insurance will only go so far in this instance. Filling the gap between the time that chaos struck and when the rebuild is completed is where Business Interruption Insurance kicks in, complemented by Ordinance and Law coverage. These little-known additions to any business savvy owner’s portfolio are more often than not the differentiator between bankruptcy and walking on sunshine after a disaster. Business Interruption will keep you on the up and up in these key areas:

order to remain open and continue generating revenue. Business interruption insurance can cover the expenses of moving your business to a temporary location and may include both moving and rent costs. Employee wages. If you are unable to operate, it is likely you will not be able to continue paying employees. Business interruption insurance can help you avoid losing staff while you’re closed by ensuring that you make payroll. This is especially important, as finding new employees is often more expensive than keeping them. Loan Payments. If you have an outstanding loan, you will need to continue to make payments even if your business isn’t fully operational. Business interruption insurance will ensure you never miss a payment until you are fully operational again.

Revenue. In the event of a disruption, business interruption insurance provides coverage for income your business would have earned during a closure period if it had been operating normally.

Your shareholders will have significant peace of mind knowing you’re backed by a policy that keeps you in the green when 25% of businesses would have had to permanently shut down in the same set of circumstances. Your employees will relish in knowing that their healthcare costs and income will continue to be covered and relish in the guaranteed job security while a hurricane looms overhead.

Rent or Lease Payments. Even if your premises are unusable following a disaster or other event, many leases still require that you make payments. Business interruption insurance allows you to continue to make rent payments, even while your business is not operating. Relocation - In the event that your primary location is unusable following a disaster or other event, you will likely have to relocate in

Rebuilding after one of these catastrophes characteristically contains unforeseen pitfalls and snags that can only be managed with a healthy Ordinance and Law endorsement. The minor snags can range from slight out of pocket costs like new requirements to hardwire your smoke detectors. Abysmal pitfalls could be something like the bank-breaking necessity of having to update and install entire new sprinkler systems.

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Ordinance and Law will keep you up-to-date and not spend out of pocket when facing the enforcement of new laws, changing existing laws or meeting new ordinances. These can occur when: + You’re forced to tear down an undamaged portion of a building to rebuild an entire structure simply to comply with updated building codes. + You face increased costs of a rebuild or repair to bring the structure up to new code. + Losses are incurred due to having to install association required improvements that weren’t previously part of a structure before said disaster. + Your fire protection coverage didn’t cover a technically “undamaged” portion of your damaged property. Get ahead of the pack today. Seek out Business Interruption backed by a hearty Law and Ordinance endorsement now, before it’s too late. This dynamic duo is not commonly known common sense and can be added very reasonably to your current policy with one quick call to your agent.

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in the face of the storm: keeping an eye on construction By David Valletto, SIOR

The immediate impact of a storm is obvious, but the damage lasts much longer. Labor shortages of skilled tradesmen/ women are being stretched thin in today’s market. After a storm, electricians, plumbers, HVAC technicians, painters, drywall installers, welders, etc. are all in high demand. This leads to increased wages with higher construction costs to follow. Building materials of all types are being consumed at a higher than normal level. When recovering from catastrophic effects of storms (including Hurricanes Harvey and Irma), the earthquake in Mexico and the fires in California, there will be a high demand for skilled tradesmen/women which will drain the tight labor supply in our market area for the near future. These shortages will lead to longer construction time in getting projects off the ground and to completion. Wayne O’Hara with Southeastern Construction estimates these costs could be from 10 to 30% over normal costs. These

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devastated areas will be in need of rebuilding efforts for many years, which would affect our area primarily due to labor and material shortages. This will affect our market, in that it will help values to stay at or above normal market pricing due to replacement costs. This is generally helpful for sellers, a fact of life for buyers and a precarious situation for appraisers. During these times in real estate, the costs of doing business rises which drives other aspects higher like purchase prices and rental rates. If it costs more to develop the project, the higher rents will have to be charged to maintain a certain return on one’s development or investment. In the Northwest Florida area, this was what happened until the recession. Beginning in 2007, prices were driven up significantly for the next several years. This is when it becomes a dilemma for brokers, appraisers, buyers, and sellers to figure out when to buy and when to sell. The recovery is much slower than the crash or downward spiral of “values” due to the disparity in pricing.

When determining values, we have to be diligent in our market awareness to make sure we supply a proper analysis for sellers and buyers. Our market has steadily recovered and is enjoying an active growth period. There appears to be no immediate response to the labor shortage in the skilled trades. Any supplemental influx of workers will be taken to these other areas that have been affected, and in the short term, they will find higher wages and more work hours. Too much for them to pass up. General contractors, whether large or small, will struggle to balance these increased costs to remain competitive in the bidding process for potential projects. Difficulties in these areas are not foreign but sometimes a way of life for many contractors. Reliable, experienced and available labor is key to a development’s success, but it can be difficult to find and maintain over

extended periods of time. The natural disasters will pull the labor market in many different directions given the geographical position of each storm or event. The Southeast could feel it the most with the hurricane activity ranging from South Florida, Texas and Puerto Rico to even the earthquake in Mexico putting a strain on these developing markets. The storms also produce a lot of opportunity in the rebuilding and redevelopment of sometimes hardhit areas. They open the way for new stores, new developments, improved infrastructure, housing (single and multi-family) and public works upgrades. Overall they could lead to a prolonged, more deliberate period of growth for the area, assuming economic conditions improve or do not deteriorate over the next couple of years.

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By Rick Locchead, LEED BD+C

Welcome to the Gulf Coast Industrial Resurgence. Sounds like a local news headline, doesn’t it? Luckily for us, this is a positive headline. At this point, I think we all understand the market as a whole in the US has rebounded from the economic insecurities that plagued the country since 2007/2008. With this, we are seeing more and more economic growth across all sectors. One of the sectors that will continue to grow rapidly is the industrial real estate market. Many socioeconomic factors have made the Southeastern United States a focus within the Industrial real estate market. A few of these include explosive e-commerce growth, population migration to the region, and the massive expansion of the Panama Canal. The latter of the three leading to a monumental shift in our countries global import and export business. Here is a quick look at how these factors are impacting the market and what it means for our industry in the coming years. EXPANDING PORTS Let’s start there. The Panama Canal has recently completed a massive expansion that will double the canal’s capacity. This will allow new larger and deeper Panamax ships (about 3x larger than normal ships) to travel from Western South America and East Asian powerhouses like China, Japan, South Korea, and the Philippines to the Gulf Coast and East Coast of the US. This connection has led to the expansion of US ports in Houston, Mobile, and Savanna to name a few. These ports tend to export raw materials and then import products for distribution to consumers. Companies like Walmart are already taking advantage of this locally by building an approximately 2.9 million square foot Super Regional Distribution Center in Mobile County, Alabama which is set to open in Spring 2018. Walmart is only one of the many companies that look to take advantage of this great opportunity. Walmart and other similar companies are on the Import side of this equation. This means 9

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the Gulf Coast Resurgence

we will see an uptick in the overall import inventory of shipping containers that will need to be shipped back to other countries, whether they are empty or not. This, in turn, will drive down the overall export cost for companies who want to export their materials. In simple terms, there are growing opportunities for hitching an inexpensive ride in a container heading out anyway. MIGRATION TO THE SOUTHEAST This leads us to question why companies will want to take advantage of lower costs to get materials to the Southeastern US. The answer, as always, is demand. The population growth in the region has outpaced much of the country over the last decade. Lower cost of living, moderate weather, and a more favorable business climate are a few reasons why our region will continue to see growth. We have seen this for many years as large foreign companies continue to move into our region and steer clear of the Northeastern and Midwest markets. This is usually because they are hampered by higher wages and ever-rising real estate prices. In fact, according to the US census, 10 of the 15 Fastest-Growing large cities in the US between July 2015 and July 2016 are in the south. All 10 of these cities in the region set to benefit from the aforementioned port expansions. These are hard numbers to overlook. In fact, the Southeastern US would form the sixth largest country in the world with a growth rate that would exceed any in the top five. E-COMMERCE Now let’s take a look at e-commerce growth. Two heavily favored terms in commercial real estate news these days are e-commerce and brick-and-mortar. These are meant to represent the two warring parties who are portrayed in the media as fighting to the death for our consumer dollars. Although this may catch a reader’s attention, this is a bit of an exaggeration. Neither industry is going to die but both will end up looking a little different as consumers purchase more and more online. The good news is that this is a positive for the consumer.

Industrial The retail landscape was valueengineered down over time and has resulted in consumers largely buying goods out of the stores that became stark and somewhat unfriendly. Now that a consumer can order their everyday items online we won’t be forced to trek across a huge warehouse and purchase a 100roll pack of toilet paper to realize some savings. Following this trend, we will continue to see our retail stores decrease in size and focus more on experience than just price, options, and speed. Funny that when you take experience out of the equation you just end up with a POS (I’ll let you determine what I mean by that). Don’t be afraid though, price, options, and speed will still be a major focus as always. As e-commerce grows and brick-andmortar stores get smaller, we are seeing more demand for industrial real estate. Still needing to keep up with the price, options, and speed we have all become accustomed to, these retailers will need to have a much more robust back-ofhouse (industrial) operations than before.

A more intricate network of distribution points is needed for quick delivery or pick up of goods. If a company wants to do this with lower real estate costs and fewer employees then this will be done in non-retail warehouses. INDUSTRIAL OUTLOOK As you can see, this paints a pretty nice picture of the industrial real estate market in the Gulf Coast. Manufacturers will continue to see the benefit of the region, shipping volume will grow, shipping costs will drop, the population will continue to grow, and consumer-related real estate will shift in-part from retail to industrial. Like most major socioeconomic shifts, we did not get here overnight, and the full benefit of this shift will be realized slowly over time. With demand going up for warehouse space and a significant shortage of large modern warehouse space you will see rental rates continue to rise and speculative industrial developments expand. With this, good years are ahead of us in the Industrial real estate market and I look forward to participating in continued growth.

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TAKING ADVANTAGE OF THE GOVERNMENT Our great national, state, and local governments have programs to help attract business investments. Taking advantage of these services can be a great help. I know, I know, working with the government can be tough sometimes but not utilizing a free service is kind of like giving money away. Here locally, we have a team of government-funded professionals working together to make sure our region is prepared and remains a top choice for the manufacturing, warehouse, and industrial investment. That team includes education with industry career academies at our high schools, manufacturing related certifications at our technical schools, community colleges, and advanced degrees at our universities. This network of CareerSource (locally CareerSource Escarosa) offices is working hard assisting with the transition of available workers looking for companies in need of educated workers. Our local Economic Development Agencies (see below for a list) are helping create relationships and opportunities

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between the government, property owners, and prospective companies looking to move into our market. These teams of experienced industrial real estate and development experts provide local support to existing industries, attract new companies to the region by marketing to the world, negotiate tax breaks, apply for training grants, and more. This is all provided free of charge to help navigate the complexities of a property purchase, lease decision, and government incentive process. Each community in the Gulf Coast region has an organization focused full time on capitalizing on the industrial resurgence. Locally these are FloridaWest in Escambia County, Santa Rosa County Economic Development, Okaloosa County EDC, Baldwin County EDA, and Mobile Area Chamber of Commerce. Now, the question is how are you going to capitalize on this resurgence? With these insights, hopefully you have a better picture on what the future holds for industrial real estate. My suggestion is to keep an eye on the market, utilize your resources and see that this is a vibrant sector that will continue to grow.

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Tax Reform for the Real Estate Industry: What You Need to Know By P. Scott Warren, CPA, Member at Warren Averett The most extensive tax reform our country has seen since 1986 is here. These new provisions will have a significant impact on a variety of industries. Each of the new provisions requires attention from businesses, but for the real estate industry, in particular, there are certain areas that will merit special analysis. Here are three changes that your real estate organization should pay close attention to: Taxes for Pass-Through Entities. Because of the new laws that reduce the amount of taxes paid on “qualified business income” (QBI), owners of pass-through entities (e.g., partnerships, S corporations, and sole proprietorships) in the real estate industry could see a big relief in their tax burdens. If pass-through business owners meet certain criteria, 20% of their QBI can be excluded from taxable income. To fully experience the potential advantages and to possibly reduce your tax liability, real estate companies should consider consulting a tax advisor for more details. Expansion of Section 179 Deduction and Enhanced Bonus Depreciation. Under the former law, companies could deduct qualified asset purchases up to $510,000 under Section 179, but under the new tax law, the amount deductible under Section 179 is increased to $1,000,000. The new legislation expands the definition of Section 179 for property to incorporate improvements to nonresidential real property. This includes roofs, HVAC units, fire protection, alarm systems and security systems.

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The new law also expands bonus depreciation to 100% for qualified property investments, whereas the old law allowed 50% bonus depreciation only on new property purchases. The 100% bonus depreciation applies to both new and used property placed in service after September 27, 2017. Limitation of 1031 “Like-Kind” Exchanges to Only Real Property. The new provision only allows like-kind exchanges for real property (not personal property or equipment as under the old law). Although it is good news that real property like-kind exchanges still qualify, the change could minimize the benefits of a like-kind exchange of a building with both real and personal property. Without the deferral benefit of the personal property component, taxpayers are more likely to recognize some amount of taxable gain. This will put pressure on the allocation of the purchase price to minimize potential gain. In considering these three points, and the tax reform as a whole, how can you know the best way for your company to move forward? A good place to start is by gathering the relevant information and considering each provision against your company’s specific circumstances with a trusted tax advisor. Please keep in mind that due to the evolving nature of tax reform, you will want to stay knowledgeable about how these laws may develop in the future. You should always check with your tax professional before making any changes.

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2018 PROPERTY INSURANCE UPDATE

By Reid Rushing, CPIA, AAI

2017 was one a record year for catastrophic insured losses. So far, estimates for Hurricane Maria are over $90 billion, Hurricane Irma is at $50 billion and Hurricane Harvey is at $125 billion in losses. While the hurricane season was bad, we still had other losses. For example, the Mexico earthquake resulting in $3 billion in losses and the California fires with over $18 billion in losses. Other events throughout the world listed losses over $20 billion. As you can see, 2017 was a hard year for the property insurance markets. How will all of this will affect you in 2018? Most property insurance carriers also buy insurance against catastrophe losses and excessive losses within a given year. This insurance purchase is reinsurance. The reinsurance market is a global insurance market. What does this mean? An event in Japan can adversely affect the pricing for companies in the U.S. that purchase through these global reinsurance markets. The amount of losses the market felt in 2017 may weaken the capital for some of these reinsurers and increase the risk of financial downgrades. We may find that pricing for the reinsurance may go up in 2018 If the carriers have to seek out capital to balance their losses and earnings this year. As an early sign of the struggling market, many of the major reinsurers have already publicized their profit and earning warnings earlier in October.

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what can you do rate increases?

With over 13 years with few to no large catastrophic events, many of the commercial property markets in Florida have benefited. They have been purchasing good amounts of reinsurance programs to protect their overall surplus. Florida has also changed their building codes to be more resistant to wind damage. That has allowed the carriers to reduce their rates on newer construction. We have seen the premiums slide downwards for the past several years due to few hurricanes over the last decade. We have even seen rates come in lower than pre2004/2005-year rates on some projects. With the anticipated increase in reinsurance rates, many companies and brokers are starting to forecast a gradual increase in property rates in Florida and the rest of the U.S. overall. One of our brokers stated that some of the December renewals are coming in 5% higher in rates this year over last yearâ&#x20AC;&#x2122;s. Others are expecting rate increases to be about 10% overall in 2018. The riskier properties are expected to see rate increases 20%-30% over the next year. These rate increases are still subject to the reinsurance treaty renewals that the insurance carriers negotiate and purchase. If an insurance carrier has a strong book of business with lower risk properties (new superior construction and inland properties) may see better reinsurance terms. A carrier that has been putting riskier businesses on the books (older buildings that have not been updated or had good maintenance with coastal exposures) may be seeing the higher rate increases.

to combat

What does all of this mean to you and your properties? First, budget for an increase. Talk to your agent and find out what they are anticipating before the renewal date. If you renew in June, start talking to your agent in January or February. There maybe things you can do to the property to make it more appealing to the insurance carriers to reduce the increase you may be receiving. Be proactive with your property and do not neglect the maintenance and upkeep of it. Many carriers want to see updates within the last 15 years on the major systems of the building (Roof, Plumbing, Electrical, HVAC). If you are leasing out your building, make sure that you have the right type of tenants for your building. Having a bar or restaurant in a building may be more expensive than having just retail and offices. Also, a building that has more than 30% vacancy can see higher rate increases. The main idea is to not wait and see what your premiums and rates are going to do. Like anything else in your business, plan for the increases and budget for them. Take steps now to make your properties more attractive to the insurance companies. Look at making some of those capital improvements now to update and upgrade your building. Make sure you have the right mix of tenants in your building and that you keep your building occupied. The 2018 market looks to be taking an upswing in rates, but does that mean that you should sit by and let the increases just happen to you? Be proactive and you may find your increases may be lower than the rest of the market.

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what lease is right for you? a landlord’s By Debbie Anglin, SIOR

There are many different types of leases for Landlord’s to use. Over my 27 years in the Commercial Real Estate Industry, representing many landlords, certain leases work for certain people and certain properties. Before reviewing the lease types below, please note the following: + In the State of Florida, all commercial leases require tenants to pay sales tax. Sales Tax is calculated on the total rents received including any additional rent stated in the lease agreement. Sales Tax may vary between counties, so make sure you are using the correct percentage. For example, Escambia County is 7.5% and Santa Rosa is currently 7%. These percentages can change! + All Commercial leases over one (1) year require two (2) Witnesses per signature. If you do not, your lease may not be valid. + Last, but not the least, if you do not have an attorney to draw up your lease, I can point you in the right direction. Let’s discuss the different types of leases. Hopefully, the information below will help you decide which lease is right for you and your building. LEASE AGREEMENT TYPES: NNN (Triple Net) Lease. First, what does NNN stand for? The Rent is Net Net Net of Real Estate Taxes, Property Insurance and Operating Expenses. Rather than being included in the (base) rent, these costs are separated out and

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charged as “additional rent.” This “additional rent” is also subject to sales tax. If a tenant is leasing 100% of the building, it is responsible for 100% of these costs. If the tenant is leasing a portion of a building, they are responsible for its pro-rata share of these costs. This lease is meant to provide a base rent amount with the tenant paying a pro-rata share of the NNN expenses (usually on a monthly basis). In addition to the NNN expenses, and as with most other leases except for “full service” leases, the tenant would be responsible for other expenses like utilities, telephones, internet services, janitorial, etc. Gross Lease. Over the years, this type of lease seems to be preferred by both the Landlord and the Tenant. This lease not only includes the base rent, it also combines the NNN charges (Real Estate Taxes, Property Insurance and Operating Expenses). For instance, if the Landlord is advertising a NNN lease with a Base Rent of $12.00 PSF and assuming the NNN charges are $5.00 PSF, then the Gross lease would become $17.00 PSF Gross. Tenants should expect annual increases at about three percent (3%) on average. Tenants are still responsible for all utilities, janitorial, etc. Modified Gross Lease. This lease is like a Gross Lease, except some expenses that are normally paid by the Landlord become the responsibility of the Tenant. Full Service Lease. In a Full-Service Lease Agreement, the Landlord pays for all the expenses in the building. This includes janitorial, all utilities, real estate taxes, insurance and operating expenses. In most cases, a Full-Service Lease is used in a multi-story office building where the common area are shared by all tenants and there is one utility meter for water, sewer and electric.

perspective

Here are a few quotes from various Landlord’s and their reasoning of why they use certain leases: This one is from Clark Thompson, who is an owner of various downtown Pensacola properties. He prefers using a full-service lease agreement. “Over the past four decades of leasing office space, I have personally found that providing full-service to tenants has advantages for both parties. For budget planning purposes, most of my tenants like knowing that their monthly lease costs are fixed. In turn, as a landlord, I can maintain my buildings to a high standard without worrying about whether or not the tenant is living up to any maintenance obligation which may have otherwise been provided in their lease.”

This next one is from Steve Moorhead of McDonald, Fleming & Moorhead, who is a real estate attorney and owner of various retail and office properties. He prefers to use an NNN Lease Agreement. “I like using NNN leases for the following reasons. Institutional purchasers prefer purchasing NNN properties, it is easier to see the real return that’s attributed to ownership, and last but certainly not least, it eliminates any incentive for the landlord to manage the “property” on the cheap.” Landlords, please know your options. One may work better for you than the other. We recommend to always consult a real estate attorney in any real estate transaction.

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WHAT’S WITH YOUR BUILDING? INSIGHTS FROM THE TALLAHASSEE property manager Interview of Donnie Kean Donnie joined Beck Partners in September, 2013. She has over 21 years of experience in commercial property management, most recently holding the position of Director of Property Management for a large regional firm and overseeing the management of over 1.5 million square feet. Donnie has experience in all areas of commercial property management, from overseeing the maintenance team to interacting routinely with the owners of the Class A properties under her oversight. Q: Do you have suggestions on how to attract great tenants? What are they? A: I believe a well-maintained property will attract quality tenants. Such a property will also garner higher rents for the landlords, which in turn allows more dollars available to budget for updates and upgrades as needed to keep a property in top condition. In a sense, you make more so you are then able to spend more, or you have more to spend and then are able to make more. Q: What have been the biggest changes in property management in the last 5 years? A: Communication! Through email we are able to communicate instantly with tenants as need arise. Vendors are more sophisticated, you can now text a maintenance request and get a quick response from a vendor. Q: Are there any specific laws you have to keep an eye on? A: In Florida, we are still fighting the Business Rent Sales Tax. We are the only state which charges this tax and therefore those counties in particular which border other states are susceptible to losing business because of this tax. We are also watching any new bills which affect building access. In particular, legislation which wants to allow universal access. Difficult to control the security if allowed. Q: How can landlords make their property shine in the best light? A: Keep the buildings clean (interior and exterior). Pay attention to plantings around the

buildings because you want it all to look fresh at all times. Well-lit parking lots and exteriors. It never hurts to look at properties managed by other firms to see if there are ideas we can use to improve the overall appearance of our properties. Safety and security continue to be primary factors for prospective tenants. Q: What do you wish all landlords could know? A: How much pride we take in managing their buildings! Many of us truly enjoy what we do and manage as if the property was our own. We are often on call 24/7 and it’s not just a job to us, but a profession. We are always learning. Q: Any tips on multi-tasking with multiple clients and properties? A: Keep a file or binder on each property that travels with you when you visit the property. Take good notes and keep them available. Set aside time to review notes before you visit it again, before you do your monthly reports and any other time you may need to update someone on the property. Q: How can landlords get involved in the community to increase awareness of their property? A: If there is an HOA, read the minutes and stay aware of any issues. If there is a local merchant’s association for an area the property is located in, do the same thing. Be in the know so when a tenant has a specific request you know what the current climate in the area is to suit the business’s needs.

Q: What do you consider a success? A: Anytime a tenant renews a lease! When a vendor does a lot of work at a property and the tenants are not inconvenienced and are complimentary about the work!

in budget. Communication is a key here. Making an owner aware when something unexpected happens is crucial. Suggesting options within the budget to handle unexpected expenses is necessary.

Q: What are owners or landlordâ&#x20AC;&#x2122;s biggest challenges? How do you help? A: Filling vacancies is a big challenge. I can help by keeping the building in top condition and keeping the leasing agents informed of any issues, unique features, etc. The second challenge is maintaining the property and staying

Q: Favorite property type to manage and why? A: Commercial properties, office buildings in particular. Managing an office building enables me to use a wide variety of skill sets. Everything from coordinating security, handling fire drills and inspections, furnishing a common area lobby, to overseeing landscaping! INSIGHT I BECK PARTERS

the sales process: results will come in 8 steps By Steve Meyer

As a College football player, there was a process. As a College football coach, there was a process. As a business executive, there was a process. In each step of my career there has been a process, each process was a little different but each process was also very much the same. Each process was in place to help us do all the little things right. By doing all the little things right we improved our potential results. Do you focus on the results or do you focus on the process? Most people focus on the results not the process. We push for results and that is what we are recognized for, however, we have no control over the results. We “influence” the results by our process. You have 100% control of your process! Spend time on what you can control versus what you cannot. The process is the steps you need to take to achieve the results you would like. By breaking down the steps in your process and focusing on doing each step correctly, you increase your chances for greater results. By breaking down your process into smaller steps you can more easily identify areas that you need to improve upon or identify if you skipped a step in your process. No matter what industry or business we work in we all use a process. The key for us all is to know the steps in our process and to use our process with intent. Here at Team Beck we have developed and broken down our sales process into eight steps. These series of steps are customerfocused and help our team to gain and retain customers. The series of steps are 21

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systematic and not random. Random acts produce random and uncertain results. By understanding each step of the process, we can not only improve our results, but we can also decrease the amount of time in gaining our results. One of the keys to a successful process is that there is buy in by everyone on the team. Everyone on the team must understand each step of the process and the importance of each step. So, what are the eight steps? PROSPECTING In the broadest sense, prospecting is an ongoing process that everyone in the organization should be involved in. This simply means everyone should have their ‘prospecting radar’ up when they are out and about in the world. Who knows what you and your organization do? Is your elevator speech ready to quickly and simply let people know what you do? Think about the many people you touch every day. Where do you pay for things? Where do you play? Where do you pray? When prospecting, do you know who your ideal clients, prospects, and influencers are? Do you know where to find them? There are many sources when you are thinking about prospecting. The key is to be swimming in the correct pool that your ideal prospects are swimming in. There are many networking events out there. Make sure that they are the ones your ideal prospects are also attending. Know who is going to be there and make it a point of meeting and talking to your potential prospects early on. Know the organizations that your ideal prospects are members of and become an active member. Prospecting is the first step in the process that can never be a part-time activity. Prospecting must be done with intent and part of your daily plan.

WARM UP The warm up is your opportunity to get to know your prospect. It is also an opportunity for your prospect to get to know you, although the focus should always be on your prospect. You are trying to build trust and rapport while establishing your credentials. This is the step to help your prospect understand why you are there. Remember, the warm up is about your prospect and building trust and rapport! If people like you, they will listen to you. If people trust you, they will do business with you. You are asking your prospect to trust that you will bring them value and that it is all about their needs not yours. We all have people that we like and enjoy spending time with, but we choose not to do business with them. It’s all about trust. FACT FINDING You have two ears and one mouth! Fact finding is about asking the right questions and then being quiet and listening. Most people do not listen with the intent to understand. Most people listen with the intent to reply. It is very important during fact finding to listen and hear what your prospects are saying. You should be asking open ended questions to draw out information from your prospect. Your questions need to allow you to find out what are the prospect’s goals, needs, and concerns. Document the information you receive so you can formulate what the prospects true needs are. You may also come back to this information to confirm with your client later in the process. In selling, as in medicine, prescription before diagnosis is malpractice. PRESENT THE NEED Do not over think the presentation of needs.

It is more important to your clients that you understand their needs than it is for them to understand your solutions. Simply explain to your client based on the information they shared with you “here are what I see your needs are.” You are the expert! CONFIRM THE NEED You must get confirmation from your client that they see and agree to the need that you are presenting. Getting the clients buy in is essential to move forward with the process. Think of confirming the need as a marriage, both parties must say I DO! Ask your client questions and listen to them to confirm they agree. If your client does not confirm that they see the need, you have all the information to go back and review your discussion. For example, “Mr. Client, earlier you stated that having a location on a high traffic street with ample parking are your major needs, do you see how this location meets both of those requirements?” The key is to ask questions and review the needs they expressed during the fact finding. PRESENT THE SOLUTION Always remember, “What’s in it for them.” Here is what I can do for you to help meet your needs. It is all about value to your customer. Your true worth is determined by how much more you give in value than you take in payment. Money always flows in the direction of value and what you are doing for your client. Make sure you reconfirm that you have met their expectations and they truly see the value of your relationship. Did I say make sure you bring them VALUE!

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CLOSE There are many ways to close. The best way to close is to make sure you followed all the previous steps. Did you build trust and rapport? Did you find out what your clients goals, needs, and concerns were? Did you present their need? Did you confirm their need? Did you present the solution and bring your client value? If you can answer yes to these questions, then you simply need to ask them for their business. For example, â&#x20AC;&#x153;Mr. Client, all we need to do to take care of this lease for you today is your signature and I will get this to the landlord, so we can get you into your new space by the 1st of the month.â&#x20AC;? WARM DOWN/REFERRALS Many times, sales people fly out the door as soon as the deal is complete. Please do not make this mistake. During the warm down it is important to reconfirm with your client what you have accomplished together. It gives you the opportunity to reinforce to your client that they see the value that you have provided to them. This is also the time to explain next steps and what you will be doing for your client going forward. Set

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realistic expectations on the timing. If you have completed all steps and you have added value, you have earned the right to ask for referrals. Please ask for referrals. Studies show as high as 70% of clients would be willing to give referrals if they were just asked! Who do they know that you should know? No one has ever lost a client because they asked for a referral. Think about it, someone who knows and trusts you is telling other people that know and trust them that you are the person to work with. Why have a process? The benefit to any company for having a set process allows all team members to use the same system. This allows for better training and consistency throughout your organization. You will also benefit by developing stronger skills through repetition, and spares your team from reinventing the wheel for every opportunity. Your managers can also be more helpful and can provide guidance by looking at the steps and recognizing where your team is getting stuck. By having a set process, you create a system of accountability not guesswork. If you fall in love with the process the results will come!

2018 office in review

By Stacy Taylor, CCIM

For office tenants in Pensacola, expansion appears to have been the theme for 2017. However, on a macro level, Costar Analytics reports that absorption (the total new square footage leased by tenants) is down more than 30% from this time a year ago. In addition, Costar reports that rent growth has begun to decelerate. Donâ&#x20AC;&#x2122;t be too alarmed. The economy has continued to add 180,000 jobs per month and the overall national vacancy rate is hovering around 10%. These national trends are worth noting because Pensacola tends to trail the larger markets. Locally, we experienced similar national trends for much of 2017. Our vacancy rate for quality assets remained very low. That could be changing with the delivery of office space at Southtowne and the Garden Gateway Building in downtown Pensacola. While much of the new Southtowne project has been preleased to Clark Partington, the vacancy left in their existing building (One Pensacola Plaza) could have a softening effect on our market due to the added supply to the market. Nevertheless, ownership at One Pensacola Plaza has already preleased 30% of the upcoming vacancy, which is a direct result of the local tenant expansions mentioned above. Notable expansions include New York Life, TekSystems, and Dewberry Engineering. All of these companies increased their footprint locally over the past year. In addition, there

has been a significant increase in activity on the governmental side from both the General Services Administration and the State of Florida. While added supply could create some headwinds in our market, the biggest challenge moving forward is the rising cost of construction. There are three main factors contributing to this increase. First, the Northwest Florida market has a limited supply of qualified subcontractors that specialize in tenant finish work. Second, increased demand from large projects like the Navy Federal Campus, Southtowne Development and the $500 million Pensacola Bay bridge, has limited the availability of labor and applied pressure to pricing. Finally, a turbulent hurricane season has prompted many of our local, qualified sub-contractors to pursue more lucrative opportunities in both Houston and South Florida. The combination of these factors will continue to drive construction pricing throughout the coming year. In summary, additional supply combined with rising construction numbers, will make it more difficult to get deals done. Landlords will likely be forced to become more aggressive in attracting new tenants to their properties. Only owners that have implemented sound management practices and allocated proper reserves for their assets will have the upper hand in the coming year.

By Quint Studer Founder & CEO of The Studer Community Institute

Why small businesses a big difference

I have a great empathy for small businesses and their importance to a community.

successful leader. This passion helps the owner make it through the tough times.

Research shows between 50 and 80 percent of new jobs come from small businesses. Most small business are locally owned. Most of the owners took a great risk starting a business.

+ They want to control their own destiny. I find these owners have worked well for others, however they wanted to do it a bit differently on their own terms.

If I had read the statistics on the chances of a small business making it after the first year, I may have never started one. In the book, E-Myth Revisited, the author Michael Gerber shared that 80 percent of startup companies will not survive one year. But if a business makes it through that first year, they are in good shape, right? Wrong. Eighty percent of companies that make it one year will not make it five years. Another point the book makes is that most people who start a business do so because they are technically proficient in one area. Think about a baker opening a bakery, a chef opening a restaurant, etc. But running a business requires more than just being an excellent in the area you are passionate about. When you write that personal check, or sign that loan guarantee, or activate that lease to start a company, it’s a very nervous moment. I’ve been there. Leaving a job with an almost a guaranteed pay check and entering a situation where you don’t know if there will be dollars to cover expenses is difficult. Every 90 days I meet with many small business owners in roundtables with the goal of finding out how we can help each other be successful. I have heard very often how a parent mortgaged their house to provide startup money, how the small business owner put all their assets (including house) to run the company. Stories are shared about an owner making payroll, but taking little or nothing to make sure his or her people get paid. There are all those long hours, too. It seems risky and difficult. Here are some very common themes I find in these brave people who start businesses. + Passion. These entrepreneurs are very passionate about what they do. They want to provide quality in product and service. As Jim Collins wrote in his book Good to Great, passion is the key ingredient in a 25

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+ They care about their community. They want to be a good employer and they want to give back to the community. If you look at Pensacola, a great majority of the large donations come from individuals versus companies. This is because we have very few large corporate headquarters in the area. The challenge at times is that these small business owners are often so busy making sure their company makes it, they don’t have the time they wish they did to volunteer. Also, they may not financially be at a point to donate dollars. Do not take that for a lack of desire. + They have confidence in themselves. This does not mean they are cocky. You don’t start a business if you do not feel you have what it takes and can make it work. + They feel a great responsibility to their employees. I believe most companies feel this way, however in a small business you know the employees. You know their families. The fact that people are counting on you to feed, shelter and clothe their family is never out of an owner’s mind. So, this is the makeup of a small business owner. Why are these businesses vital to a community? + They often fill a need in the community. Once they prove there is a customer base to make them successful, often the larger chains then move in. + They are invested — big time — in the community. Their roots are in the community. So, when times get rough, they do all they can to stick it out. Larger organizations look at the numbers and in one decision can close hundreds of stores. + The dollars they receive stay in the community and are reinvested. Perhaps the most important of all. If you pay a little more, know that those dollars stay here to support other businesses, other causes and charities and families living among you.

make

Let’s be clear: This is not to say large companies with corporate headquarters are not important. They are. We need to be grateful for them, especially if they have a local presence. Each time you stay local — in whatever area you live — you are creating jobs and helping families have a better life. You are feeding a child, helping someone get an education, helping buy that home, rent that apartment, take that vacation. These owners have taken a big chance. Please know your patronage makes a big difference.

Workforce Development The Studer Community Institute provides effective skill-building training for area employees and business leaders. Our cost effective programs include Workshops, Lunch and Learns, Small Business Roundtables, Employee Engagements Surveys, “Management by Strengths” and our signature business conference EntreCon.

TRAINING WORKSHOPS

2017 stats:

10 268 1,100

Sessions

Local Organizations

SMALL BUSINESS ROUNDTABLES

Attendees

27 142 Groups

LEARN HOW WE CAN HELP YOU & YOUR ORGANIZATION

Rachael Gillette (850) 748-5656 rgillette@studeri.org Studeri.org

Leaders

STUDER COMMUNITY INSTITUTE

SAVE THE DATE:

Nov. 13 & 14, 2018

When asked, 97% of people love Studer Community Institute training and would recommend it to others. Better Lives, Better Jobs, Better Community INSIGHT I BECK PARTERS

hurricane disaster guide

By Janice Connelly

are you and your building prepared?

Why prepare for something that may never happen? We live in Florida! No one likes to think of what could happen if a hurricane hits. As we all know, disasters rarely give enough advance warning to allow time to do all that is needed to adequately prepare. Hurricanes afford us some time for last minute prep, but the bulk of preparation should be completed in advance of a storm or even better, by the start of hurricane season, June 1st. Studies show that the majority of small businesses that are hit by a disaster never reopen or fail within 2 years following the disaster. Businesses of all sizes that plan and prepare for disaster are much better off and are in a better position to help their employees and customers.

contact information to be able to reach our property owners and tenants.

In the property management world, we are focused on making sure the properties we manage are adequately prepared in the face of an approaching hurricane or any disaster. Come to think of it, maintaining and being prepared is what we do even on a nice, sunny day! As our facility service technicians visit our managed properties on a regular basis, all areas of the properties (from the parking lots to the buildings) are checked and maintained routinely as needed. This ensures the safety of our tenants, patrons and visitors to the property.

+ Prior to a storm or disaster, we provide a generic business preparedness plan that tenants may use as a basis to develop their own preparedness (before, during and after) plans.

How do we, as property managers, prepare for a hurricane as a storm approaches? + Communication with property owners and tenants is key to ensure all are well informed in advance of a storm and to let them know what we are doing as property management to prepare. This requires us to maintain current

+ We maintain a list of vendors critical to operations of maintaining properties, including back-up vendors outside of the area (i.e., debris removal, electrical, plumbing, utilities, etc.). + Our Facility Maintenance Technicians walk the properties to look for and resolve any facility issues they find. They also secure any loose items on the property until after the storm passes. + Communication...communicationâ&#x20AC;Ś communication. We remain in tune with the latest weather reports and information provided by local and state emergency management centers to relay the most accurate information.

When the storm has passed, then what? + After a storm passes and as soon as weather conditions safely allow, our Facility Service Technicians revisit the properties to assess any damage or facility issues that may result from the passing storm.

Hurricane Preparedness resources that are available to businesses and homeowners in our area will blow you away (pun intended)! There is a wealth of information available to businesses and citizens to assist with disaster preparedness and with recovery, if needed. Here are a few links you will find very informative:

+ After the storm, we update property owners to inform them of any damage or issues caused by the storm, ensure the appropriate steps are taken to resolve any facility and safety issues and to ensure the conditions on property are back to normal as quickly as possible. Communication with tenants after the storm is important to advise of any issues on the property and to gather feedback from tenants with reports of any facility issues.

+ Create your business, personal or special needs plans at floridadisaster.org/getaplan/.

As property managers, our primary goal is to ensure the properties we manage are properly maintained to provide a safe and clean environment for the tenants and their patrons at all times, especially in the event of a hurricane or disaster.

A community is as strong as its weakest link. The hope is that all businesses and citizens in our community will take the necessary steps (have a plan) to enable them to successfully weather any disaster. We should all live and work with this thought in mind: Prepare for the worst and hope for the best!

+ Business planning tools can be found at ready.gov and ready.gov/business. + BRACE (Be Ready Alliance Coordinating for Emergencies) is a non-profit dedicated to reduce loss of life and damage in emergencies.

pensacola: the studer family children’s hospital at sacred heart

Interview with Henry Stovall, President of Sacred Heart Hospital Pensacola and The Studer Family Children’s Hospital at Sacred Heart

The Studer Family Children’s Hospital at Sacred Heart is an $85-million project that includes 175,000 SF of new construction and 13,000 SF of renovation and backfill. The new four-story building is being built in front of the existing Children’s Hospital, extending from the current pediatric transport ambulance bay into the parking lot. Construction began on Sacred Heart’s Pensacola campus in March and is expected to open in the spring of 2019.

projects making a difference

development along the coast

Interview by Justin A. Beck, CCIM, CPM How did this development come about? For over 45 years, we have been improving our space and technology with our patients at top of mind. When trying to allocate where our funds were best spent, we looked at what care we excelled in. What do we do with our care? Where are we lacking? We tied it all back into what truly matters to us and our community-family. Originally, we started just to evaluate what a new Neonatal care unit would cost. We are the only dedicated children’s hospital, and the only Children’s Miracle Network Hospital, in Northwest Florida. We offer the area’s only Level III Neonatal Intensive Care Unit (NICU) for the most critically ill and premature newborns. We found that just to relocate that unit would be $30-million. With the future in mind and a focus on spending our funds in the best possible manner, we identified a bigger dream we could turn into reality. The layout of the hospital where new families were usually located was spread out, with family members traveling from building to building to get to other areas they needed to be. After this is completed, that will no longer be the case. With this completely new building dedicated to only children, we can provide better care to our patients and make their families more comfortable. This will increase access to all specialized pediatric care while consolidating inpatient pediatric services into one convenient location. State of the art equipment for infants and children will be an integral part of this operation. There will be one common area for children which will tie in all these areas. INSIGHT I BECK PARTERS

“We will continue to strive to make a positive impact on our community and contribute to its’ health as well as growth”

The new children’s hospital will include a pediatric emergency department and trauma center, pediatric-dedicated operating rooms, neonatal intensive care unit, pediatric oncology unit, medical/surgical beds, extended stay/observation beds, pediatric satellite pharmacy, pediatric inpatient rehabilitation gym and child life playrooms. In addition to the Ronald McDonald House currently on Sacred Heart’s Pensacola campus, the Ronald McDonald Family Room inside the new children’s hospital will offer a playroom specifically for patients’ siblings, as well as a space for families to cook, sleep, do laundry and relax without having to leave the building. This new hospital is the single largest investment in over 100 years that we have made.

What are the biggest challenges you have faced? Besides the usual challenges like financial resources, weather delays, staying up to codes, getting community buy-in, scheduling, and many other hurdles that a development faces, this one has particularly interesting obstacles to overcome. With a hospital that stays predominately full, how were we going to continue to provide the high-quality care our patients need during construction? Where will we direct ambulances and helicopters? How are we going to keep the area clean, dust free and safe so our healing patients are not affected by the construction? How are we going to reduce noise for the rest of the hospital?

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pensacola: the studer family children’s hospital at sacred heart 31

These are just some of the challenges that arise every day that we must diligently stay ahead of to provide the environment our patients are accustomed to. We closed the paved parking lot and entrance to The Children’s Hospital and Maternity and Women’s Center on March 6. This takes a lot of rerouting on our end, making sure our staff is aware of everything in the process and informing our patients. It is definitely a marathon, not a sprint. How do you go about raising the funds for the project? Sacred Heart Health System and Ascension have committed a predominant portion ($55-million), but our amazing foundation has done a tremendous job fundraising for the remaining funds ($30-million). We are over two-thirds there! This is an amazing process that involves educating people on what we do and how we do it. Most people are very familiar with our Neonatal services, but unsure of our other pediatric specialties. Our staff and the community has been incredibly supportive and charitable. It is so humbling to receive such acts of kindness. How did you go about designing the project? We had to take a step back and realize that the best way to design this project was to have the consumer and user in mind at all times. What would improve their experience, make things easier for them and provide even better care? We had to swallow the “humble pill” and realize we did not know it all. Utilizing “mom insight” to guide us on what is really essential for a Children’s Hospital, allowed us to go deeper into the design. We tailored it to them to make the space most efficient and comfortable for families. It will be more comfortable and cohesive since everything they see will have been designed from the ground up with their needs in mind. Our advisory boards have worked extensively to make this project a success. INSIGHT I BECK PARTERS

How do you feel this will affect other developments in the area? A facility like this is unheard of for an area of our size. They can be found in larger metro areas and they are traditionally not money makers. This hospital provides the area’s only neonatal and pediatric specialists and has been designated as a Pediatric Trauma Referral Center. The fact that we can provide this level of quality for our community is what drives us to dream bigger. Everyone in our community benefits from this. We went into this development with the intention to expand. The ability to add the additional two floors gives us the capability to add improvements and additions in the future. This allows for continued job security for our staff and the opportunity to grow. It provides the ability to add and improve upon our services and specialties. This is not the end of the journey for us. We will continue to strive to make a positive impact on our community and contribute to its’ health as well as growth. What will this development do for the community? More than $20.7 million has been awarded to Escambia County sub-contractors. Currently, 100 construction workers are on-site, and this will peak between 250 and 275 as the project progresses. This project will add 100 Sacred Heart jobs for the local community. Construction of the new Children’s Hospital is a massive undertaking that has required countless hours of planning and input from every department in our ministry. We witness some of the worst moments in these families’ lives. The diagnosis of a serious illness, the response to a tragic accident, the need for emergency surgery and the list goes on. While we do great work today, this new facility will enable us to do even better.

This hospital has impacted one of our very own, Karen Thrower, who is our Corporate Accountant. Below is an account of her story with her first-born son. “When I was pregnant with my oldest son, I remember having all the dreams a new mom has. Dreams like holding him for the first time and the trip home from the hospital. Reading all the books about these sweet and precious moments took me there. But that was not how my story went. There was no first hold, no first kiss, just me alone in a room, confused and filled with so many terrifying questions. As soon as my son was born, they took him straight to the NICU because he was not able to breathe on his own. We were told that without medicine to help his lungs develop he would die. Every day after that was filled with the fear of never taking our baby boy home. Then we were faced with having to leave the hospital without him. That was so scary and painful but thanks to Sacred Heart Foundation they provided an additional night at no cost to us. This allowed us to be close to him for one more night, to allow us to ease into the transition.” “Nathan is now 17 years old, getting ready to graduate high school and attend the University of West Florida. Two years ago, when Kristine Rushing (our COO) asked me to meet with the Executive Director of the Ronald McDonald House because they had an opening on the finance board, my immediate response was YES!

When Nathan was in the NICU, we were blessed to be living in a city that had a top-notch service that so many people had to travel hours to, just to be able to see their child. It’s organizations like the Ronald McDonald House that provide a home away from home at no cost to those families. They also provide support for families that just need a place to get away, a warm meal, a cup of coffee, a sympathetic heart – people like me. In the new building, there will be a Ronald McDonald family room that will be only 600 feet from where the children are. The Sacred Heart Foundation, the Ronald McDonald House, and the Studer Community Children’s hospital still have an incredible impact on me, my family, and our company.” Sacred Heart Health System and Ascension have committed $55 million, and Sacred Heart will raise the remaining funds from community supporters in order to complete all phases of the expansion. To make a donation towards the new Children’s Hospital, call the Sacred Heart Foundation at 850.416.4660 or visit www.sacred-heart.org/ childrenshospital.

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development along the coast In response to a Request for Proposals (RFP) issued by the Tallahassee Community Redevelopment Agency (CRA) in August 2016, national developer North American Properties (NAP) — in partnership with Uptown Rental Properties and other local and national entities — will invest $132-million in a mixed-use development on East Gaines Street, north of Cascades Park. Project components include market-rate mid-rise residential, retail, office, restaurant and hotel space built to maximize views of the park and the Capitol building, along with pedestrianfriendly paths to connect the development to downtown, a range of public amenities, and more than 1,000 parking spaces. Interview by Justin A. Beck, CCIM, CPM How did you get your start in Tallahassee? In 2012, as a company, we made it through the effects of the recession quite well. In Florida, we were primarily commercial retail developers having built a multitude of shopping centers including over 30 Publix shopping centers. However, we recognized that the commercial world was changing and that student housing was an opportunity worth exploring. One presented itself after an unsuccessful bid on a development called Fallschase in Tallahassee. While we were not the winning bidder, it brought me to Tallahassee, which I had some familiarity with since it’s Florida’s capital city and home to many state agencies that I had worked with for years. During that visit to Tallahassee, I was introduced to another opportunity. I was told about another development that hadn’t broken ground yet, College Town (a mixed-use development with 89 units of luxury student housing with 202 beds, restaurants and retail). It was apparent to me that an abundance of public infrastructure was being invested in the Gaines St. corridor. Following public infrastructure has been one of my career strategies. We follow this type of public investment because, as developers, we do not have the kind of money to spend on $28-million Gaines Street project or a $40-million park or a $50-million interchange in Orlando. 33

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I could see the Gaines Street project was a big milestone for Tallahassee. There was the physical investment of undergrounding of utilities, new water and sewer lines, and regional stormwater. Then there was the entitlement investment by providing corridor plans that gave height and density by right. There was no need to go before the zoning board or city council to get thumbs up or thumbs down on each project. There was very little entitlement risk and we had a cooperative city. While standing on the proposed site I could see Doak Cambell Stadium and the beautiful campus. I asked myself, “why isn’t this land under contract?” The Gaines Street corridor had historically been a warehouse district that was seen as an undesirable and dangerous area of town. The Seminole Boosters were saying that they were programming the area and starting to reroute campus activities down there. Land cost worked well in our models, so I recommended it to our board. They came down and we met with the Vice President of facilities at FSU. He said they had their hands full with existing dorms. Their program involved demolishing and rebuilding old dorms to add roughly 200 beds as FSU continued to grow. I saw competitors out at the West 10 Apartments and the Forum at Tallahassee Student Apartments, but no one was building

projects making a difference

Tallahassee: THE CASCADES PROJECT

Interview with Shawn McIntyre, Managing Partner at North American Properties (NAP)

“The goal of this project is to breathe life into Cascades Park and the downtown area, making them hubs of economic activity, growth, and overall vitality”

development article

the urban student housing product that was catching fire across the rest of the country. The football team was great, and FSU had a 42,000 enrollment. Why wouldn’t we do this? I put the first piece of property under contract on Gaines Street (now, The Deck). The City and the CRA were the sellers and had done all the environmental cleanup to try to attract development. It had been on market 2 years with little activity. We then brought in Uptown Rental Properties (our partner in Student Housing in Cincinnati with over 5,000 beds) and a group of student interns down. We sent the interns out into the community to visit every single apartment project and student housing project to determine what was being offered and available in Tallahassee at that time. Basically, we conducted our own market study. We decided at that point that we did not have enough land to create critical mass. We put more property under contract and we ended up with 750 beds built in a year and a half to establish a district market in conjunction with the American Campus Communities (ACC) who built 601 Copeland and Chance Partners that built Catalyst. As the market continued, I saw that the district could only handle 5,500 to 6,000 beds which was 15% of FSU’s student population. We bought more warehouses and old abandoned property,

traded some property between the city and state and assembled the next piece of the puzzle. We brought our general construction company here and established a foothold. We are our own general contractors because this works best for our scheduling of time and purchasing of materials. In student housing, you just can’t miss on those items. When you work in a jurisdiction, spending about one to one and a half million each month on construction, land acquisitions and everything else, you become very familiar with the city and their processes. We will have built about 2,200 beds in the district ($230-million worth of value) in a span of seven and half years (January 2013 and estimated completion is the summer of 2020). How did Cascades come about? We learned of FSU’s desires to make a trade of the O’Connell property for the Cascades property and became very interested in those two city blocks at Cascades. What we saw in student housing didn’t exist in market-rate housing either. This urban product that has become such a trend across the country is not here. A mixed-use development where people can park their car once at home and be able to walk to work along with a variety INSIGHT I BECK PARTERS

Tallahassee: THE CASCADES PROJECT

of amenities like restaurants, retail shops, hotels, fitness centers, etc. is the premise for our development. Specific strategies such as food truck vendor support, pop-up retail, familyfriendly recreation and play spaces will encourage greater activation and enjoyment of Cascades Park. It will also feature a fitness/wellness center fronting the park and a designated community arts and cultural space to support the performances at the Capital City Amphitheater and the events that occur there. The City of Tallahassee CRA asked us to provide additional public parking spaces and an amphitheater support space. They were willing to invest in public improvements and give us tax abatement for a period of time in order to make it possible to establish an 18-hour community on two city blocks that aren’t currently generating any ad valorem taxes as they stand. The RFP was a selection process with the city. We were selected at the January 29th CRA hearing in 2017. Here we are in January 2018 and have now been through the full CRA process. We anticipate breaking ground this summer with an expected opening in the summer of 2020. There will be a lot of local operators within the complex since Tallahassee is an authentic, locally driven city. For apartments, we have roughly 160 units in Phase 1 and 100 units in Phase 2. There will be 1 to 3-bedroom options with covered parking, Internet, and a gym membership included. The downtown workforce is roughly 35,000 so we need less than 1% to live there. We believe this is achievable. How are you preserving the historical aspects of the site? As the site of the nation’s first nonviolent jail-in during the Civil Rights Movement, the property is

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steeped in historical significance. Prominent Civil Rights leader Patricia Stephens Due and other activists were held at the jail formerly housed in the Firestone Building for a time following their involvement at the Woolworth sit-ins. It was during her incarceration that Due penned a “Letter from a Leon County Jail” that inspired a personal response from Dr. Martin Luther King, Jr. As a part of the RFP process, we sought input from individuals intimately familiar with the history of the property. The project team collaborated with local government and the community to cast the vision for a Civil Rights Memorial to be housed in a public plaza that will commemorate the bravery of Patricia Stephens Due and other activists at the jail in 1960 and educate Tallahassee residents and visitors of their importance. There are three vacant, historic buildings on the site. The Firestone building and the two Bloxham Annex buildings. The project team plans to preserve the Bloxham Annex building - the former Leon County Health Unit - in its entirety. Built by the WPA in 1940, the Health Unit was the first of its kind in the state, where interracial staff provided services for residents, including many residents of the nearby Smokey Hollow neighborhood, one of the city’s most important African American enclaves. In addition to symbolizing a new progressive influence on public health, the building’s architecture reflects the Art Moderne style, a style that is nearly extinct from the fabric of Tallahassee.

The second Bloxham building (the former WPA District Offices) and the Firestone building, which are positioned closer to the middle of the site, will not be incorporated into the new development. We formed a community historical user group to explore the stories behind these buildings and help cast a vision for how to best retell them in a large public plaza that will be created within the new development. How do you think this could impact the rest of Tallahassee? This takes Tallahassee to next stage of development that is occurring across the country. The lifestyle of the younger workforce has completely changed. They are waiting longer to have kids, and the e-commerce effects we are experiencing has changed the retail landscape. 2015 was the first-year restaurant sales superseded grocery store sales. I commend the city and the CRA for providing the infrastructure to start that. I see our Cascades development as a catalyst for future development of the blocks surrounding our project. The Department of Management Services (DMS) released a report that some of the state buildings need major renovations and consolidation. While some are thinking everyone is leaving downtown, this will be a less than a 5% impact on that workforce. The portion of stateowned buildings adjacent to the park is in an economic zone and could be made available for sale in the private sector. Significant economic impacts will be generated by our Cascades development. Approximately $1.29-million in new tax revenue (as estimated by the CRA staff) will be generated in the first year after the development has been completed. The construction impacts of the project will result in over $300 million in economic output and more than 2,200 jobs. Nearly 700 permanent local jobs will be created and

an ongoing annual economic output of more than $64 million, making this one of the regionâ&#x20AC;&#x2122;s largest economic development projects in recent history. We have talked about the younger workforce, but are you experiencing interest from baby boomers or empty nesters? Yes. We have seen that trend in Atlanta, Cincinnati, and other larger metro areas. We have segregated a building to see if that will happen. It is a different product type that usually has a larger floorplan, can often be more luxurious, and at a higher price. We are holding off to see how it goes. There will be 24 exclusive condos that should go over very well with that demographic. Developers that primarily work in larger markets shy away from smaller markets. Any advice on doing projects in smaller markets? There is much higher competition in larger markets. The benefits we saw in Tallahassee was that it is a state capital compressed against a major public university with feeder universities. I see college tertiary markets as opportunities. It is also about creating a lifestyle of todayâ&#x20AC;&#x2122;s professional market. Our project offers affordability and lifestyle this new workforce wants. This will help reduce the areaâ&#x20AC;&#x2122;s loss of young professionals. The goal of this project is to breathe life into Cascades Park and the downtown area, making them hubs of economic activity, growth, and overall vitality. We are committed to working with the City of Tallahassee and Leon County to increase the number and types of events held at the park and at the new development. Please visit www.cascadesproject.com to learn more about this development and register your email address to receive project updates. INSIGHT I BECK PARTERS

Get Off My Lawn! (Or Pay Me For It): An Overview of Eminent Domain Law for Commercial Real Estate Professionals By William D. Stokes, Shareholder at Clark Partington Attorneys at Law

Eminent domain has been instrumental to development of the infrastructure systems that sustain our modern economy. Broadly defined, eminent domain (condemnation) is the inherent power of government to take private property for public use. This essential public power is recognized in the state and federal constitutions, both of which guarantee payment of full compensation to affected landowners as a due process requirement. This article provides an overview of the condemnation process and related legal issues that commercial real estate professionals may encounter in northwest Florida. Eminent domain exists in several forms under Florida law. Condemnation of private property can be temporary (e.g., a construction easement) or permanent. Certain entities are authorized by statute to use the “quick take” method. This permits a condemning authority to take possession and title to property before a court enters a final judgment setting the amount of the landowner’s compensation. This is the most common method of condemnation seen in our region. By contrast, a “slow take” requires an initial judicial determination of the compensation to be paid to the landowner. The condemning authority then elects whether or not to move forward with the condemnation based on that price. The “slow take” method is typically used in Florida for environmental preservation purposes. The right of eminent domain is not reserved to government alone. The Florida legislature has granted condemnation powers to many utilities and to other heavily regulated industries such as railroads. Under certain circumstances, property may even be taken by government for private development, to alleviate blight, or to promote the economic growth of an area as long as the condemning authority can identify a valid public purpose for the taking and show that the property to be taken is necessary for that purpose. In cases where a court finds that these criteria are met, aggrieved landowners generally will be limited to seeking monetary compensation as their only legal remedy. 37

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Although eminent domain powers are broad, the procedure for use of those powers is strictly controlled by statute. In most cases, a condemning authority must first enact an authorizing resolution stating its intent to take private property for use in a public project, which will provide general information about the project and identify the properties to be taken. The next step in the process is a mandatory pre-suit negotiation in which the condemning authority must provide a written offer of compensation and a supporting appraisal to each landowner whose property will be taken. It must also provide written notice of the proposed condemnation to any business owners operating on the property. The condemning authority must make good faith efforts to reach an agreement for compensation with affected landowners before filing suit to condemn the property. If pre-suit negotiations are unsuccessful, the condemning authority will then file a civil lawsuit against the hold-out landowners in the circuit court of the county where the property is located. Although condemnation suits are often resolved through mediation during the litigation process, Florida law provides that a 12-person jury will determine the landowner’s compensation if the parties cannot agree on the amount. Unlike many states, Florida law allows landowners to recover attorney fees and other professional expenses incurred in condemnation proceedings. This levels the playing field somewhat given that many condemning authorities have taxing powers and considerable expertise and resources at their disposal. Attorney fees are generally awarded as a percentage of the dollar value of the benefits achieved for the landowner as a result of the attorney’s services. The governing statutes ensure that landowners receive full and fair compensation for their property in addition to any reasonable expenses they incurred in proving that value, including appraisal and engineering costs as well as attorney fees. Because these expenses are awarded separately from the landowners’ recovery, their constitutional right to full compensation will not be impaired.

The fundamental question at issue in most eminent domain proceedings is the amount that the condemning authority must pay to fully compensate the landowner for the taking of his or her property. This analysis is not identical to a fair market valuation. Depending on the facts and circumstances of the particular case, compensable items may include a landowner’s business losses, severance damages (in cases where only a portion of the property is taken), and relocation expenses. For incomeproducing commercial properties, this can be a complex issue that often requires the services of appraisers, accountants, and other professionals to accurately calculate landowners’ losses in presenting their case for full compensation. Further complications may arise when a contract such as a lease or an easement exists that imposes obligations on the landowner to third parties with regard to use or occupancy of the property. Well

drafted contract terms will address such issues in advance. Landowners and real estate professionals in northwest Florida should expect to encounter issues related to eminent domain with increasing frequency. Tourism and development are steadily on the rise—Continued expansion of the region’s infrastructure, and the corresponding need to take private property for use in those projects, is inevitable. Condemnation or the threat of condemnation may complicate an otherwise-straightforward transaction and can present unanticipated consequences for the parties without proper planning. Where a business owner’s livelihood is at stake, the importance of full compensation for the taking of a commercial property becomes particularly significant. As with any significant legal matter, the assistance of a qualified attorney can prove invaluable in addressing these issues.

Over forty years ago, our founding members rejected the idea of a traditional law firm model. Clark Partington is a full-service law firm serving clients in Florida and beyond. With offices in Pensacola, Destin, Tallahassee, and Santa Rosa Beach, we offer multidisciplinary solutions with a focus on real estate, construction, business transactions and government affairs. Commitment. Trust. Expectations. Elevated. 888.777.510 5 | ClarkPartington.com Pensacola | Tallahassee | Destin Santa Rosa Beach | Orange Beach

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By Chris Cobb

the slightest sense.

The Unstoppable Heart True Competitor

Determination. Discipline. Strength. These are some of the inspirational words you frequently observe painted on the walls of fitness centers and gyms. There is one gym here in Pensacola where the only word on the walls is “Move.” However, one fateful afternoon, Destini “Coach Rob” Robinson’s walls were not legible in

July 25th was just another day. Coach Rob was about to begin a workout as she always had. Then, tragedy struck. The Koala Mattress Outlet Store on W. Fairfield caught fire. Coach Rob’s gym shares the building. She saw black smoke billowing from the building. Without hesitation, she grabbed her dogs and ran out of the building. Fortunately, no one was injured during the fire. It must be a surreal experience to witness such an event. Especially when you consider the fact that the gym had just celebrated a 5-year anniversary. I caught up with Coach Rob in October to discuss her journey: Q: Where did you grow up? If not Pensacola, what brought you here? A: Ocala, FL. I was recruited to play softball at UWF back in 2000. Q: What does the word entrepreneur mean to you and what adjectives do you associate with an entrepreneur? A: Someone who is driven. Perseverance. Work ethic. Opportunity to make a difference. Q: When did you know you wanted to be a strength and conditioning coach? A: I had always loved working out. When I was at my first college, my coach said, “you are going to make the training program for the team.” They didn’t even have an exercise science program. I didn’t get involved in the exercise science program until I was here at UWF. I didn’t realize there was a deeper side of it. For me it has always been about adding value to myself, so you can add value to others. Q: What was the first thing that crossed your mind when you first saw your gym post-fire? A: It didn’t seem real at first. I was sitting at my desk in the middle of my area. I saw the smoke, ran into the warehouse. There’s a partial wall that separated us from the mattress store and I just saw it pouring over. I got my dogs, got my laptop bag, moved my truck and then came back. Q: How did you remain positive after? A: My Clients. I knew I had to keep my clients going and then I could figure the rest out. Q: What is the best thing about doing business in Pensacola? A: Some of my clients have been with me since I have been training out of my garage. It has been 8-10 years. I have also always seen room for growth in Pensacola. I am getting ready to start a non-profit organization and there’s potential with our youth to get them more involved. We have had some trouble with the youth and the schools here, but the more involved they are, the less likely they are to get in trouble. Q: What’s your why (what gets you out of bed in the morning)? A: It’s hard. But I ask why not. Why not help as many people as you can? Why not continue to add value. 39

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of a

Coach Rob’s determination inspired me to be relentless in the pursuit of finding Move Period a new home. After several property tours and meetings in public parks where Coach Rob had been interim coaching, we closed a lease in 14 days on East Gonzalez Street. From there, an incredible transformation took place. The before and after transformation pictures are tantamount to shocking weight loss stories. The new space is freshly painted with a polished concrete floor. It’s adorned with grand new free weights, stationary bikes and televisions. The office component is on par with any professional private office I have seen. Coach Rob also fixed sections of the ceiling herself. She can double as a handy-woman. If you ask anyone to list adjectives that describe a true entrepreneur, one that you will consistently hear is tenacious. Coach Rob possesses an unrivaled tenacity and that is why I am proud to put Coach Rob in the entrepreneur spotlight. I’ll leave you with a final question: If Coach Rob can endure the above challenges with fierce determination and resolve, what is stopping you from getting up a little earlier and hitting the gym?

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THE WHY OF BUDGETING: IT’S MORE SPREADSHEET By Karen Thrower

Do you know why budgeting is important? As with anything in life, if we do not know our ‘why’ we will not have the passion or drive to accomplish anything. You have probably heard this impactful three letter word before when referring to growing yourself, your company or your career. This is also true with a budget, whether it is for your business or personal finances. If you view having a budget as a task it can be tedious and painful, but when you understand the ‘why’ it becomes a win, a benefit and I dare even say enjoyable. There are several advantages to budgeting: planning, control, and measuring performance. The process of creating and implementing a budget takes you away from the short term, day-to-day management of the business and forces you to think long term. Budgets get everyone on the same page. Have you ever tried to put five people in a room to solve a problem? A lot of times the result is that you end of with five separate viewpoints and solutions. This is true for budgets as well. If you can cast a vision of the goal and purpose for a budget, then everyone is on the same page and all the sudden the budget is a tool to unite your team to one shared visions. For example, if your sales team thinks their goal is to grow sales by 20%, but your budget shows a 30% growth in revenue, you can work together to determine what is reasonable. Then you can either increase the sales goals, decrease your budgeted revenue, update pricing or meet somewhere in the middle. If you don’t

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set a budget and share it with your team, then everyone may be heading in different directions based on what they think is important. You don’t have to share every piece of the budget with everyone, but your teams need to be involved in the process and understand the ‘why’. A good example of this is the way we budgeted our revenue this year. We had strategic conversations with our sales team to get their annual goals in place to get the most accurate predictions on revenue. This allowed us to see the amount each of our team members was expecting to bring in and pinpoint gaps for us to fill with other opportunities. By having those conversations, we were also able to get a more accurate picture of the markets we are currently in and how they were performing to get a better forecast on where we should focus. A budget can help you control your revenue and expenses by seeing things you need to change ahead of time before you find yourself in a desperate situation. If you know that the first quarter of your business is your slowest seasons and results in lower revenue, then you will not want to plan your largest expenditures in that quarter. Budgeting allows you to see your business cycle in a larger picture and make decisions that are proactive and not reactive. Budgeting forces you to set goals and then plan to meet those goals. If you want to achieve a profit of 20% because you have plans for growth or expansion, a budget is a tool that gives you the insight to see what you need to do to make that happen. That could mean increasing revenue or decreasing expenses or holding off on hiring another team member.

THAN A

A budget is not just something you create and implement January 1st and then never look at again. It is a working tool to measure your success, measure if you are meeting your marks or where are you falling short. Are you having discussions on a monthly or quarterly basis to compare your actual finances to your budget finances? How do the variances impact your ‘why’? If your revenue is down compared to budget, it allows for a shift in the conversation to ‘why’ instead of a reaction when cash balances begin to fall. You can adjust your operations to help you get to where you want to go. If you don’t have a budget, you won’t know that you didn’t get there! While implementing a budgeting process can seem like a huge undertaking, it is a key element to a successful business. Realizing that a budget gives you the opportunity to align your ‘why’ with your finances and become proactive instead of reactive is a win for you and a company.

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the interns perspective By Alex Rothbard

My name is Alex Rothbard and I am a graduating senior at Florida State University coming out with a bachelor’s degree in real estate. It was during the summer going into my junior year at FSU that I realized that I wanted to pursue a career in real estate. I was originally an accounting major and I worked as an intern for my dad’s accounting firm that summer. In doing that, I got to learn a lot about his clients and what they do. Many of his clients were cultivating serious wealth from real estate and automatically I was interested. As soon as that summer was over and I got back to school, I changed my major. Through the coursework and curriculum of Florida State’s real estate program, I have gotten to see a broad scope of almost all areas of real estate. It is no mystery why FSU has one of the best real estate programs in the entire nation. I truly feel as though FSU’s real estate program goes the extra lengths necessary to adequately prepare its students for the next chapter of our lives, or as we commonly refer to it as the “real world”.

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For quite some time now, I have been pretty certain that commercial real estate brokerage is the path I should take, but to be absolutely sure of that I had to try something else first. I worked two full semesters for a multifamily and scattered residential asset management company. To say the least, it wasn’t for me. I killed two birds with one stone working for that company. I knew I didn’t want my career to be in residential real estate and even more so than that I knew that I did not want my career to be in property management. I came to Beck Partners to get a better peak at what commercial real estate brokerage and leasing entailed and to my surprise, I was actually right. Just being here for less than two weeks already, I am 100% sure that this is the line of work that I want my life to revolve around until I retire. I find myself very excited to come to the office on days I am supposed to work and I am only interning! To me, that really says something. The opportunities in this industry are endless and incredible. I would encourage anybody to consider commercial real estate as a potential career path.

my start in real estate

By Fletcher Dilmore

It is often said that college is the best time of a person’s life, these people clearly have never worked in commercial real estate brokerage. Being a college student and being a commercial real estate agent are really not all that different nor that far apart. There’s many hours of coffee fueled studying where you’re continually intrigued and surprised by what you learn and those studying binges are broken up by stress releasing social events. What is the main difference in the two? For one, the social crowd got a whole lot classier and the hours of study has far more than a letter grade on the line. This could mean potential investments and deals that can be worth millions of dollars. All kidding aside, as a young professional entering the workforce, I cannot imagine enjoying any other field more than I enjoy commercial real estate. I’m often asked what an average day looks like, and to that I’m stumped. There really isn’t an average day. As an agent, I have the power to create my own agenda and determine the direction and path that my career is going to take each and every day. The greatest portion of my first year has been learning and honing my skills in the sales process. The sales process is championed by our Sales Director and is a constant and revolving method that helps us and our clients to get the most out of our relationship. Considering that I’m in the first year of my career, I have been primarily focused on the early portion of the sales process which is prospecting. This means searching to find potential clients, researching, networking, and getting to know our current and potential clients so that I can fulfill their needs in the best possible fashion. With that in mind, this isn’t a lone wolf type of process. I have learned to focus on teamwork in order to utilize one another’s expertise and networking connections

in an open and collaborative work environment which produces the best possible result for our clients in the timeliest manner. I’ve noticed that by taking a collective interest in developing relationships with our clients and knowing that their needs are a priority to the company as a whole, rather than to just one broker, the end result is much more beneficial. The collaborative style has been extremely beneficial to me, working with the best senior brokers in the real estate world who can provide truly expert advice on any situation. I have learned so much about lease negotiations, creating leases, and managing client relationships from brokers like them. Even with the younger agents, like Shawn Maxey and Chris Cobb (who are only few years ahead of me in the brokerage world) are able to help assist and guide me in areas where they too found troubling first starting out. It’s not just the brokers who have been guiding me as I’ve begun to put deals together. There’s a whole real estate team that has been behind me, from marketing to transactions and research. What is most unusual about how my days often play out and extraordinarily rare for any company, is that our CEO is constantly in communication with me. He is working me through deals, taking meetings with me, guiding me through the process and casually commenting on my Facebook posts. Here, I have a team and it really would not be fair if I failed to attribute much of my success thus far to that kind of workplace culture. My advice to any other young brokers just getting started, would be to find yourself the right team. I guess I’m off to a good start in my first year as I’ve only been at it for five months and everyone thinks I’ve been hard at it for a year already. That must be a testament to our constant interaction and our go getter attitude that is far outpacing normal expectations for the first five months in commercial real estate.

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PEOPLE DRIVE YOUR CULTURE

By Kristine Rushing, CPIA, CIC

Over the past several years, businesses have shifted their focus to employee engagement, work life balance and culture. Why? Businesses are now realizing that by hiring the right people and creating a culture with engaged employees, their clients and business benefits. In a recent Gallup report, 33% of U.S. employees were engaged, 51% were not engaged and haven’t been for quite some time and 16% were actively not engaged. As a business owner, it’s staggering to think that 66% of your employees may not understand how what they do impacts the organization’s goals, feel that they aren’t valued, or don’t know what opportunities exist for them to learn and grow within the organization. Disengaged employees leads to lower productivity and increased turnover. The average cost of turnover can range anywhere from 20% of the annual salary for a midrange position to 213% for executive positions. Think about the impact it would make by re-investing the money spent on employee turnover back into your business. Developing a culture that engages employees is not difficult nor is it for the faint of heart. Where do you start? It starts with your team, the values of your organization and your leadership. In our organization, it starts with the talent selection process. This is an

important part of our culture. We know that when we hire for the right behaviors that the position requires and for a cultural fit, we can develop the skillsets that will help this team member succeed. 80% of employee turnover is due to bad hiring decisions. ~ Harvard Business Review The hiring process should include multiple steps and begins with the job description. + Job Descriptions should be evaluated on a regular basis as positions evolve, as new processes are adopted and the use of technology changes. It should be specific so that the candidate understands what is expected. +Determine through preliminary phone interviews if there are any expectations of the position that wouldn’t be a fit such as salary, benefit or scheduling. + Use behavior-based interview questions by identifying core behaviors from the job description. This keeps the hiring process objective and alleviates hiring biases that the interviewer may have. + Know what answers to look for by using the STAR Method: S – What is the situation? T – What was the task? A – What action took place? R – What was the result?

Engage your high performing employees to be part of the interview process by implementing a Peer Interview Panel. Once the hiring manager interviews the candidate, if he/she believes that the candidate has the right behaviors for the position, the candidate is then interviewed by the Peer Interview Panel who also uses behavioral based questions and the STAR Method. The Peer Interview Panel makes the determination of whether the candidate is a good fit. Weâ&#x20AC;&#x2122;ve found this to be the most important part of our hiring process. Along with the main steps that I mentioned, there are assessments such as ProveIt that can be used to determine baseline skillsets. There are behavioral assessments like Myers-Briggs, Trimetrix and Omnia that can help validate the natural behaviors that a candidate may have. The use of these combined assessments ensures that

youâ&#x20AC;&#x2122;re hiring the best person with the skillsets and behaviors for a specific position. Hiring successfully is an intentional process. We believe in forging successful futures for our team members, clients and partners. Our culture is centered around our team, where team members embrace each otherâ&#x20AC;&#x2122;s strengths and weaknesses, lives our core values and believes in making a difference in the community that we serve. The hiring process is a crucial part of this. The numbers do not lie, investing up front in this process can save you significant in turnover expenses. Next time you look at posting that job on Indeed or calling up a trusted professional to see if they know someone you can recruit, look at your team and what you really need to propel your business forward.

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sHAWN MAXEY RICK LOCCHEAD FLETCHER DILMORE BRITTNAY HAMMAC CHRIS COBB

By Flecther Dilmore 6 Months In My inspiration for pursuing a career in real estate comes from my grandfather, John M. Rudd. I have always viewed my grandfather as a role-model for the kind of businessman I wanted to be. He too grew up in the rural panhandle of Florida, (Cottondale, FL), and at the age of 16 forged his age and purchased his first real estate investment, a service station. He used his business savvy, hard work and desire to provide for his growing family to turn the one service station into several, and those into several more. It was not long after that he decided to exit the service station business and try his hand as a homebuilder. He had a strong track record of success in Northwest Florida as a prominent builder up until the housing decline in the mid-1970â&#x20AC;&#x2122;s. It was at this point in his life that he decided to try something that no

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one would expect any man from rural Jackson County, Florida to do. He took his company and his knowledge of construction to Saudi Arabia. In Saudi Arabia, he worked directly for the royal family expanding and creating the infrastructure, building everything from roads to ice-plants for the newly wealthy nation. He returned to America in the early-1980â&#x20AC;&#x2122;s as an experienced developer and began to focus his company on infrastructure building, rather than housing, as he had done before. He slowly but methodically built his company over the years to become a prominent builder in the state of Florida. My grandfather is not only a wonderful success story but a true example of someone who never accepted defeat and continued to search for his path to success no matter where in the world it took him.

THE BEGINNINGS OF A BROKER: REAL ACCOUNTS FROM OUR AGENTS By Chris Cobb 12 Months In If you like problem-solving, meeting people from all walks of life, and making a direct impact in your community, then commercial real estate brokerage is for you. I started my career in commercial real estate because of my resolute love for buildings and how they shape our lives. In New York City, I worked for a publicly traded commercial real estate investment trust doing project management for Class-A office space. Most of the projects took place in buildings that were constructed immediately following World War II. This meant we needed to be creative about not disturbing the current infrastructure and to ensure the tenant got the office layout they desired. In New York and here in Pensacola, I have met lawyers who need 800 SF for their practice, global project managers for

companies like Nissan who needed 20,000 SF in Midtown Manhattan, and everyone in between. As far as having a direct impact on my surrounding community, here in Pensacola, I have helped a gym owner find a new space quickly after theirs was tragically destroyed in a fire. helped a local high school honor their past by cleaning their coveted trophy cases and continue to stay involved in organizations that make a real impact in the area. If these examples resonate with you, then you need to take a serious look at becoming a commercial broker. Sure, it takes some time to get the wheels spinning in this industry, but if it were easy from the get-go, it wouldnâ&#x20AC;&#x2122;t be as rewarding.

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By Rick Locchead 19 Months In How can I explain my experience as a new commercial real estate agent and aspiring broker? My path may resonate strongly with the many 30 somethings currently working their butts off! Anyone find themselves in a profession that is just not as fulfilling as it was when you started out 10 or 15 years ago? I certainly did! I started my professional career in architecture as a designer of shopping malls and retail spaces throughout the US and eventually ended up starting a firm out of Miami with two partners. I loved a lot of my work in architecture, but all my clients and friends in real estate (some working just as hard) were having more fun, making more money, and spending more time with their families. I wish I could say I made a clean and easy thoughtful decision and then made the move to real estate. In reality, I worked myself sick and had to make a change! I completely burned out and found myself in poor health and hating my work life which we all know seeps into the rest of your life. I took this “opportunity” to jump head first into real estate. It has not been easy, but I know I made the right decision. I will say that one of the best decisions I made was to choose a brokerage where I was surrounded by other professionals with experience I could draw upon. As questions arise I can always find someone with an answer or direction on where to find an answer. In real estate, we are problem solvers and every deal is different which makes your support network extremely important. I may have been able to bring my past experience with me, but there was still a lot to learn so I will continue to do just that. I was told that it takes a while to start making a regular income and this is 100% true. Building a network and sales pipeline takes time but it starts paying off if you stick with it. If you are unhappy with your current career and working hard then real estate is a great option. Giving up the regular paycheck may be scary, but it should be! It’s that fear that keeps you pushing as you are truly your own boss and there is nobody to blame if you aren’t making progress. Mainly, be ready and willing to learn! 49

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By Shawn Maxey 20 Months In I began my career in commercial real estate while I was working in the residential property management field, which I worked in for over 6 years. In the last 3 years of that job, I worked at Eglin AFB managing and leasing 700 +/- homes. During this job, I learned the most about myself and what I wanted to do with my career. One of the biggest things I learned about myself was that I had a huge desire to become an entrepreneur. I didn’t want to start or run a property management company, and I didn’t want to leave the real estate field totally. So, I turned to getting my real estate license with the mindset I was going to help families that were currently renting to buy their first home in our beautiful area. In late 2015, I started working towards my goal. I took my real estate class, passed the Florida real estate exam, saved up my money and left my property management job. A lot of people thought I was crazy. I was leaving a steady job with good pay and benefits. I had been there since the day the company opened their doors here in the area. When I landed at my first real estate firm, I realized that I never did any research on what type of real estate field I wanted to work in. I just thought I could help every family renting a home buy a home. If I could go back and give myself one tip, it would be to research what type of real estate interested me. I wasted about 6 months in my new career finding out selling and renting houses was not what I wanted to do. Eventually, I figured out that I wanted to work in the commercial real estate field and landed at a great commercial real estate firm, Beck Partners in mid-2016. Landing at Beck has helped me with my long-term goal of building a great career. I have been able to help many different types of clients. Anywhere from helping a local company rent 1,000 SF, to helping a regional construction company buy a 14,000 SF warehouse and a national medical firm lease a 5,000 SF space in a medical park. The two best pieces of advice I could give to someone thinking about getting started in the commercial real estate business is to research and find which real estate firm will help you grow. Surround yourself with brokers that want to help you grow, ask if there is anything you can help them with. Take control of your future by learning the business don’t think you are going to jump in and know everything. It is very hard at first but if you let the entrepreneur in yourself take over. You will find a way to succeed in this business. INSIGHT I BECK PARTERS

By Brittnay Hammac 22 Months In I began my career in commercial real estate by opportunity, I was working at a Fortune 500 Company as a mortgage processor and really enjoyed working with clients through their home buying process. Originally, I pursued my real estate license with residential real estate in mind. When I started working with my mentor, who was in commercial real estate, I was given the opportunity to start in a licensed assistant role working under him. That role evolved into an independent role within the company as a sales associate contractor. Connecting people with other persons of value is extremely fulfilling in not only my career but in my network overall. Providing value to others is what makes what I do so exciting. It also provides me with a sense of purpose. I knew that by switching from a corporate job into real estate full-time would provide the freedom to immerse myself in the community with other organizations and projects that give my life so much joy. That ultimately was my end goal. If I could provide one tip to a professional interested in jumping into commercial real estate, I recommend that you find your niche before you start. Research what type of properties interest you. Decide if that is office leasing, retail leasing, industrial sales, or land development. When you have an idea of what type of commercial real estate youâ&#x20AC;&#x2122;re passionate about, youâ&#x20AC;&#x2122;re able to build from that interest. My interest naturally moved towards land development and residential lots due to Pensacolaâ&#x20AC;&#x2122;s huge revitalization. Because of this, there is an abundance of land needing to be developed in North Pensacola. Innately taking my interest in that area to match sellers and buyers. I know that taking control over your career can be scary and you are going to have people speak negatively to you about what you are trying to accomplish. Give yourself some pep talks, dig in and believe in yourself. I know you can do it!

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By Jay Revell, Vice President at the Tallahassee Chamber of Commerce

Tallahassee, Florida is in the midst of an economic upswing. The Capital City is seeing record pacing growth and development that is driving the metropolitan area’s jobs totals to new heights. 2017 ended with 185,000 non-farm jobs in the Tallahassee MSA, which was a new peak for the community. According to the U.S. Bureau of Labor Statistics, Tallahassee is now home to Florida’s fastest growing GDP per capita. There are also a number of positive development trends that are changing how real estate investors see the Tallahassee market. SINGLE FAMILY RESIDENTIAL HOUSING Tallahassee’s single-family housing construction is seeing steady growth with numerous new projects coming available in 2018. Large-scale developments like Canopy (a 500-acre mixed-use traditional neighborhood development) are bringing on new homes at a scale not seen since before the Great Recession. Pocket neighborhoods like Upper East are also in demand as infill housing continues to be a profitable venture. APARTMENT HOUSING Tallahassee is still seeing large amounts of new apartment housing complexes being built. There are multiple student housing projects underway in the heart of the urban Downtown, conveniently located to both Florida State University and Florida A&M. Market rate apartments are also in demand as projects continue to arise in areas like Southwood and Buck Lake. Tallahassee is also expecting its largest Downtown project since the recession to break ground in 2018. It is a mixed-use urban center in the new Cascades Park district that will feature apartments, retail, office, and a hotel component (see page ). COMMERCIAL DEVELOPMENT Retail centers and other commercial spaces being constructed throughout Tallahassee features various options for tenants. Publix Greenwise Market has broken ground on Gaines Street as an urban grocery option for residents near the universities and Downtown. In the Bradfordville area, the new Bannerman Crossings (a retail development with approximately 100 individual parcels) is now open and featuring a variety of restaurants, retail shops, and other services. OFFICE Tallahassee’s office market has seen strategic investments being made in new facilities, especially in 53

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the government relations and lobbying industries. The Ballard Building at the prime corner of Monroe Street and Park Avenue represents the largest new downtown office building built in over a decade. Other firms and companies with businesses before the State of Florida are following suit with new buildings and renovations in the Downtown Capitol Hill area. HOSPITALITY Hospitality continues to be a high performing development area for Tallahassee. There are currently over 1,000 new hotel rooms under construction in Tallahassee with a number of high profile projects slated to begin in 2018. Loews Hotels will be the brand included in a new Downtown redevelopment called Washington Square (a mixed-use $90 Million project expected to be completed in May 2020). It will have roughly 270-280 rooms. It will add a significant level of convention and meeting space to the Tallahassee area with 17,000 SF dedicated to events. Also slated for the market is Indigo Hotels that breaks ground in 2018 in the Collegetown district on Gaines Street.

growth in the capital: Tallahassee market update RESEARCH AND INDUSTRY Tallahassee is home to the National High Magnetic Field Laboratory. With that distinction comes a high level of national and international interest in research happening in the Capital City. The newly created Office of Economic Vitality is currently building a new strategy to recruit companies to Tallahassee seeking close proximity to the worldâ&#x20AC;&#x2122;s leading magnetics researchers. Companies like Danfoss Turbocorp Compressors (commercial HVAC company) are leading this effort. They have just announced a large expansion of its presence in Tallahassee. It is slated to create nearly 200 new high paying jobs.

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WHILE WE WERE OUT

By Justin Beck, CCIM, CPM

Each year this magazine takes a deep dive into the Gulf Coast’s real estate market. Knowing everything that happens within our market is imperative to our success, but getting outside of our market, experiencing new projects and uncovering trends is what inspires us to create better places back home. This year our featured project takes place in New York City. Now you might say, how can a project in the big apple be relatable to our communities along the Gulf Coast? Well to your surprise, NYC is not all stratospheric high rises or micro apartments. One of NYC’s newest jewel is something we all love along the Gulf Coast; a historic adaptive reuse project called the Beekman Hotel located in New York’s hot new neighborhood, downtown. The ICSC (International Council of Shopping Centers) New York Deal Making conference provided the perfect reason to experience the Beekman Hotel, located on Nassau Street and Beekman Street in Manhattan’s downtown and just blocks from ground zero. The Beekman was originally constructed in 1883 (the same year as the Brooklyn bridge) and was named the Temple Court (one of Manhattan’s first skyscrapers). Upon arriving at the property, one is immediately drawn to the rich red brick and terra cotta structured designed in the Queen Anne style, but the interior is what

really sets the building apart. As I walked in from the cold December afternoon, I was greeted by the warmth of rich wood walls and original tile floors. The lobby is welcoming, warm and quirky. The crown jewel of the property is the central atrium that rises to the full height of the building and is topped by a large pyramid shaped skylight. I immediately sank into a rich dark green velvet chair and cracked open my laptop to catch up on work, but it was hard to as the view looking straight up kept pulling me away. Previously an office building, the last tenant moved out in 2001, leaving the building in disrepair. Construction on the redevelopment started in 2012 and a 50 story condominium project adjoining the property is underway as well. The Beekman represents a move towards more hospitality projects in downtown. Over the past several years residential projects have sprouted up in and around the World Trade Center, and now hotels and more restaurants are coming too. The Beekman is another step in the evolution of New York. A city which continues to recreate itself. I learned a great deal about adaptive reuse during my stay. First, you can’t beat a great location. I know this sounds cliché, but it true. Why is this a great location though? Because it’s so close to massive public infrastructure. The Oculus is only a couple of blocks away, and the 911 Museum and the World Trade memorials are just as close. Private developers can reap huge rewards by following public infrastructure. Beyond great location, I was reminded of the importance of placemaking. The Beekman has this in spades. Granted a nine-story atrium helps, but the developers carried out the vision in every detail. It would have been easy to make a building like Beekman a success, it’s a beautiful piece of architecture, but the developers knocked it out of the park because of the details. On your next trip to New York I encourage you to travel south to downtown, and after a visit to the oculus and the memorial, stroll over to Nassau Street for a drink in one of the most beautiful places of all of New York City, you won’t be disappointed. INSIGHT I BECK PARTERS

day in the life of a transaction coordinator (#paigerowe) By Paige Rowe

6:45am Alarm goes off. With that comes the daily dilemma. Do I hit snooze, stay in bed and cuddle my dog or should I immediately get up, make coffee and get ready for my day? Usually it’s a mix of these two. I cuddle our 2-year-old Golden doodle named Archie for a few minutes (until he’s had enough), get out of bed, and begin my day. 7:15am I grab breakfast, hop in the car, turn relaxing music on to ease in to my day, and begin the traffic filled trek to downtown. I stare out at Pensacola Bay, and wonder how I get on one of the sailboats I see… Then I snap back to reality. 7:50am Work begins. I immediately turn on Spotify tunes, grab a second cup of coffee and begin going through emails and setting my schedule for the day. No one day is the same, which I love. My days are always interesting. I find that if I get the easiest tasks over with first, my day goes much smoother. What do grandparents always say? ‘Eat your elephant one bite at a time?’ 8:30am Today is Tuesday, which means it’s Sales Meeting time. I head to the large conference room with the sales associates, brokers, sales & marketing manager. We go over listings, sales processes, issues, requests and ideas. Today there’s a speaker from a local bank, and they’ve come bearing gifts… in the form of bagels. We like bagels. 9:45am As I return to my desk full of bagels and coffee, the questions begin. “Did you receive xx contract back?” “Have you seen a commission check for this property?” “This listing needs to be updated” “My email is acting weird” “Do you know how to take a computer apart and put it together again?” This is why I drink the second cup of coffee. 10:15am Someone inevitably walks in with Krispy Kreme donuts. I avoid the kitchen at all cost until after lunch, when the donuts will certainly have all been eaten. 11:00 am Our most senior broker, famous for hand written contracts, walks in my office with a pile of papers. He makes himself comfortable, while I decipher his handwriting. I begin working on the contract and finish it up before lunch. Feeling like a hero for typing 8 pages of handwritten notes. 12:00pm Lunch time. Although, I’m still stuffed from the aforementioned bagels. I run through Bodacious Brew, grab a green tea, and head home. I am now realizing just how much caffeine I’ve had.

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12:15pm I walk through the door and immediately get trampled by Archie. We head outside and play ball for a bit. I eat a quick snack, and possibly turn on a recorded episode of the Real Housewives. But this is only if my husband isn’t home for lunch, too. He can’t know what I really do in my spare time…. 1:00pm I return to work, and on my desk, I have a pile of commission checks waiting to be processed, a second draft of the contract I worked on before lunch (handwritten edits in red included) and several unread emails, six of which are marked urgent. 1:45pm I begin processing commission checks. Now, I am no mathematician, but sometimes I feel like one after I split a commission a million different ways. Did you know someone can get 25% of a half of a half at their 70% split? Well they can. #mathlete 2:30pm Time to start processing lease invoices. This is always interesting. Every lease is different. Some are straight forward, others are written in near hieroglyphs. I process the leases in our system, create the commission invoice and send out for payment. This makes the brokers very happy. 3:45pm Meeting reminder pops up from Outlook. I’m supposed to meet with a broker to go over changes on a listing at 3:45pm. No sign of the broker. Anywhere. So, I take that as my cue to get caught up on the aforementioned unread emails. 4:00pm The listing meeting commences, and we make the necessary updates. We’re always trying to improve the quality of our online marketing. This takes constant updating and attention to detail. 5:00pm The day starts winding down, and I start to prepare, as much as I can for what will come tomorrow. 6:00pm I find myself at The Magnolia in East Pensacola Heights having a glass of wine with friends I grew up with in this beautiful place I call home.

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2018 LEGISLATIVE PREVIEW By Todd Thomson, Vice President of Public Affairs at Pensacola Chamber of Commerce It is unlikely that we will see the same amount of activity during the 2018 legislative session compared to the happenings in 2017. With the 2018 elections on the horizon, many of the contentious issues that were discussed last year will be put on the backburner this year as legislators look to get home and begin campaigning. On the issue of taxes, we saw a slight reduction in the Business Rent Tax last session but are unlikely to see any further reductions this year. Any tax reductions this year will likely come in the form of sales tax holidays. The most likely proposals are a Back to School Sales Tax Holiday and Hurricane Supplies Sales Tax Holiday. A new issue that has arisen over the last few years is the increasing amount of fraud relating to the Assignment of Benefits. Assignment of Benefits has been used by some unscrupulous actors to

assume complete control over homeowners’ insurance benefits, inflate the cost of repairs and file unnecessary lawsuits. This has led to rising insurance rates, in some areas as much as a 10-15% increase. Bills have been filed in both houses of the legislature that would provide protections for homeowners in these circumstances. The legislature will again consider workers’ compensation reform bills that would help to normalize rates in the wake of two Florida Supreme Court decisions. These decisions removed a cap on attorney’s fees and lengthened the time limits for claimants to be eligible for benefits. While there was a workers’ compensation rate decrease in Florida this year, without reforms, rates could rise significantly again soon. The overall state budget will be a little bit tighter this year, so it is likely that we won’t see as many special projects funded as in past years.

Markets change. Are you prepared? Stop by or contact your Edward Jones financial advisor to schedule a financial review.

John Hodgdon II Financial Advisor

MKT-5163E-A

2180 Creighton Road Pensacola, FL 32504 850-476-3682

www.edwardjones.com

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Giving Yourself Credit: Loans Written in the Margin By John Hodgdon, Financial Advisor at EdwardJones The Nasdaq, the S&P500, and the DOW all began 2018 at near-record highs. Many investors are very happy with their 2017 returns and are confident that the market will continue to grow. At the same time, our area is in the process of undergoing vast improvements and growth, creating investment opportunities in multi-family and triple net commercial spaces in incredible locations. If you’re looking to invest in real estate opportunities, financing is one potential hurdle. Should you sell out of the market to finance your purchase? That could leave you with a stiff capital gains tax bill in addition to missing out on potential gains in 2018. Moreover, interest rates are projected to rise. Should you rush to your bank or local lender to get a mortgage before the fed makes another hike? And how long will the property be available? Is there time to wait for eligibility? If you have investments in the stock market, you may want to ask your advisor if you’re eligible for a Margin Loan before you do anything else. What are Margin Loans and how do they work? That’s a great question. Essentially, a Margin Loan is a unique type of financing from a lender you might not expect. Instead of borrowing from a bank, you’re borrowing from your brokerage firm using the wealth that you have created as collateral for your loan. A Margin Loan isn’t a typical loan. If you’ve never looked into them, you might be

surprised at some of the features and benefits. Here are some reasons you should look into them: Tax Advantages. Selling your investments to fund another endeavor could result in capital gains taxes. Using Margin Loans keeps you invested so you don’t have a tax bill for selling them. Convenience and Confidentiality. Most Margin Loans don’t even require an application, unlike a typical loan that requires an application, credit check, approval, etc. A simple phone call to your advisor can get you access to your money and directly into your bank account in just a few days. There is no credit check. Lenders aren’t notified. Competitive Interest Rates. The interest rates vary from firm to firm. At most firms, rates are based on the size of your loan. The bigger the loan, the lower the rate. At some firms, your interest rate is simply determined by your relationship with the firm (the more of your portfolio they hold, the lower your interest rate). Flexible repayment schedule. You can pay a Margin Loan back at your own pace without penalty. There is no monthly minimum. Be warned though, if the value of your portfolio falls below a certain threshold, you could be required to deposit cash to make up the deficit between your loan amount and your account value. Your investments did well in 2017, so give yourself some credit. If you think now is the time to invest in real estate and financing is holding you back, don’t hesitate to call your advisor to see if you’re eligible for a Margin Loan. You could give yourself a little more credit.

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lease terms for tenants

By Stacy Taylor, CCIM & Shawn Maxey

Searching for a new office, retail, and industrial space can be challenging, especially if you’re not sure how to navigate your local commercial real estate market. We understand it can be very intimidating, and while chances are, you have heard terms like “TI” and “Triple-Net”, it’s easy to hear those terms without knowing the true meaning. It can be a little overwhelming, especially if it’s your first time going through the commercial real estate rental process. We’ve compiled a list of the top six leasing terms that we encourage all of our clients to know. TENANT REPRESENTATIVE: A tenant “rep” is a commercial real estate broker that will represent the tenant instead of the landlord. This broker will: + Help you survey the market, identify and narrow down the best space options via local market intelligence. + Obtain or facilitate letters of intent. + Avoid pitfalls in the negotiation process (you must know what questions to ask). + Assist in generating lease agreements.

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+ Provide much-needed access to the different vendors once the lease agreement is signed. All fees are included in your rental stream but are typically paid for by the landlord or split with the landlord’s leasing agent. LANDLORD REPRESENTATIVE: A landlord “rep” is the leasing agent. They represent the best interests of the owner/ landlord. They are responsible for obtaining the best deal for the landlord. Do not mistake the landlord’s agent as your own. IMPORTANT: If you’ve never had representation and aren’t familiar with typical real estate clauses and provisions, you will be at a huge disadvantage. You are entitled to have representation and being told otherwise is simply not true.

LETTER OF INTENT: Often referred to as an LOI. The letter of intent is used to start negotiations for leasing a commercial space. This process is prior to signing an actual lease agreement and is a written document that solidifies the tenant’s commitment to lease the space.

ABATED RENT: This basically means free rent. The ability to negotiate free rent is very much dependent upon market conditions. However, landlord’s much prefer to provide free rent in lieu of reducing base rent. Reducing the base rent has a dramatic effect on reducing the value of the building.

This document is meant to summarize general business terms before engaging an attorney to review a lengthy lease document. General terms include, but are not limited to: the base rent, time-frame of the lease, annual escalations, operating expenses, any abated rent and TI allowance. This is usually a non-binding document and can be prepared by your broker.

TENANT IMPROVEMENTS: Tenant improvements (TI) are changes or alterations the tenants would like to make the leased space to customize to their needs. Most commonly tenants want new flooring, ceilings, office partitions, air conditioning, and painting.

TRIPLE NET LEASE & FULL-SERVICE LEASE: A Triple Net Lease (NNN) is a lease where the tenant pays a base rental rate and all of the operating expenses are then passed through to the tenant (i.e., repairs and maintenance, insurance, property taxes, landscaping, janitorial, utilities, security costs, pest control). This type of lease structure is most common in retail property. Most landlord’s like this arrangement because it shifts all expense liability and exposure to the tenant. A Full-Service lease, (FS), is common in most Class “A” office buildings or buildings that have onsite management. Most large, multi-tenant office buildings will work under this scenario. This type of lease is all-inclusive, meaning all operating expenses are included in the base rental rate. The lease agreement itself may or may not include a “true up” provision at the end of each year. Meaning one or both parties agree to settle any deficiencies if there was an increase or decrease in the operating expenses over the prior year. RENTABLE AND USABLE SQUARE FOOTAGE: Rentable square footage (RSF) is the total usable square footage plus the shared common areas of the building. The common areas include the lobbies, hallways, restrooms and storage areas. Usable square footage (USF) is the actual space you can occupy in the property you will be leasing at.

The TI allowance will be negotiated in the letter of intent along with the base rent, lease term and any other concessions you may be requesting. The landlord has to factor all of them into the equation before agreeing to any offer. Theoretically speaking, the longer the lease term and the better credit and/or financial statement you have, the more allowance money you should be able to obtain. Once negotiated, any amount due over the allowance provided by the landlord will be the responsibility of the tenant. Those additional TI’s can be funded out of pocket, via the tenant’s lender. Sometimes an aggressive landlord will allow the tenant to amortize them back into the lease at some agreed upon interest rate. If possible, it’s best to know how much the improvements will cost before you sign on the dotted line. PERSONAL GUARANTEE: A personal guarantee is a separate agreement between the landlord and tenant that makes the tenant personally liable for all the terms and conditions of the lease agreement itself. This provision is often driven by the market and/or by the fact the Landlord is being asked to provide significant allowance money to the tenant for build out. In conclusion, these top six terms should help you understand some of the key terms that will come across when identifying and negotiating the best space to meet your current and future office needs.

INSIGHT I BECK PARTERS

By Reid Rushing, CPIA, AAI

What does all of this mean to you and your business? You’re not exposed if you are not one of these billion-dollar companies, right? Cyber Criminals are not targeting your business and you don’t have anything to steal. In 2015, IBM’s Chairman, President and CEO said, “Cybercrime is the greatest threat to every company in the world.” Wow, that is a pretty big statement. Since that statement, global ransomware costs are predicted to exceed $5 billion in 2017. That is up from $325 million in 2015. These ransomware attacks are hitting small businesses now more than ever before. According to data from Symantec, 43% of all cyber-attacks are targeting small business. Criminals are always looking for the easy targets. Robbing a bank has a higher payoff but opening an unlocked car door is less dangerous and you have a better chance of getting away without being caught. This is now true in cyber-attacks. Cyber criminals are not just searching for the large companies anymore. They have realized that the large companies are getting harder and harder to penetrate. These companies spend millions a year on updating their systems and training their employees. Small businesses, on the other hand, have limited budgets and almost never train their employees on how to handle a cyber-attack or phishing scheme. Small businesses are the

unlocked car door. Even the unsophisticated cybercriminal is walking away with small payoffs from their work. What type of data do you have that a cybercriminal would be interested in? The common thought is that I don’t have anything a cybercriminal would be interested in. My company does not have any social security numbers or credit card information, so what do I have to protect? We sometimes forget all of the information we have on our clients. We could have full names, addresses, email addresses, signatures, telephone numbers and other Personal Identifiable Information (PII) can be found on anyone’s computer or office server. Even if you just own some property, you may still have leases or contracts that have two or more PII’s that can be stolen and sold. With an increase in phishing attacks and social engineering attacks, the criminals are hitting us and our employees more often. A University of Maryland study states that hacker attacks occur every 39 seconds on average. These attacks are asking you to click on websites in emails, or they are sending emails to your own team members posing as you or a leader in your company. We are unknowingly allowing these attackers into our lives because we fail to properly secure or train our team. Here are a few quick things you can do to help protect your company from a cyber-attack: + Don’t send Personally Identified Information over unsecured systems like unsecured email. Get a secured email solution or send this information over fax. +Have a password strategy by making your password complicated or by using a password vault system like LastPass. Either way, change your passwords often and do not use the same password for everything.

WHAT YOU NEED TO KNOW

When you think of Cyber Breach, what are the first things you think about? Big Data, Equifax, Target, Verizon or something like that? The headlines that grab our attention are the big data breaches and the ones that affect millions of people. I am sure everyone that is reading this has been affected at least once in the past 5 years. I know I have. I was one of the 143 million people that may have been affected by Equifax’s breach. I am not sure what will come of this, but as of now, I have a 1-year subscription to a credit monitoring program.

CYBER-ATTACKS: everyone’s at risk

+ Backup your sensitive information. If a hacker does send you ransomware that shuts down access to your data, have a secured backup that you can quickly retrieve. + Educate your team, develop a training program for your team, and train regularly. + Keep your software up-to-date. Make sure the software you use is continually updated. Many breaches come from software that has not been updated. Software developers are patching the holes and vulnerabilities in their programs routinely, so updating your software will close those vulnerable areas.

The question is not if you will have a breach, it is now when will you have a breach. Do you have the systems in place to recover? A study from the Ponemom Institute states the average cost to clean up a small business after it has had a cyberattack was $690,000. Also, according to the U.S. National Cyber Security Alliance, 60% of small businesses are unable to sustain their business over six months after a cyber-attack. Are you prepared? Now is the time for you to invest in your business’s security. You cannot stand by anymore and expect your business to survive our interconnected cyber world.

TIPS TO CYBERSECURITY START WITH THE BASICS

ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ

Post and share carefully Know which data is critical (high security, sensitive data) Guard using multiple authentication Use HTTPS for encrypted transfer of information Good, strong passwords Updated softwares are safe softwares Back up all your data automatically and regularly Firewall your internet connection

make your critical systems resilient

ҴҴ Segment your networks ҴҴ Comply with your industry regulations ҴҴ Stay up to date on new technologies and efficient vendors

Strategies for safety & privacy

ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ

Secure your IT Infrastructure Have an identity for every ‘thing’ Strong authentication at every step Empanel a ‘white hacker’ Switch to Cloud

DEVELOP A CULTURE OF CYBERSECURITY IN YOUR ORGANIZATION

ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ

Deploy policies for BYOD Have a response strategy in place Train your employees well Look at for HTTPS on sites Secure email communications Senior leaders should take charge Conduct phishing simulation tests

WAYS TO COMBAT

ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ ҴҴ

Have a response team ready: PR, Sales Analyze internal threats Response Guidelines External communication plan Internal communication plan Post-incident analysis and share learnings Understand and accept vulnerabilities

Source: GlobalSign (globalsign.com/en-in/)

INSIGHT I BECK PARTERS

By Chris Cobb

How long will it be before drones are delivering packages to our doorsteps? I am writing this article in the midst of the holidays, a time of year when shopping is at an all-time high. It seems to be the most appropriate time to address the rise of e-commerce and its potential effects on commercial real estate. Approximately five years ago, almost all my Christmas shopping was done in person, at a mall or in a shop. This year, 90% of my shopping was done by pointing and clicking from the comfort of my couch. No crowds, no traffic. This seemingly simple transition has profound and lasting effects on the retail industry. Retail Sector. The large metro areas like New York or Los Angeles are known for their large malls and retail centers. Department stores like Macy’s and JC Penny have been the beating heart of big-box retail in malls since their inceptions. However, e-commerce has taken a significant bite into the pie, as evident by the number of store closures that have happened in the last year. JC Penny has closed 138 stores and Macy’s has closed 68 in 2017 alone. It is easy to see why phrases like “retail apocalypse” are thrown around routinely. In the smaller metro areas across the country, e-commerce effects have been significantly smaller. This is because many residents of secondary and tertiary markets still shop locally (even the millennials). Industrial Sector. E-commerce has had a momentous effect on industrial properties. E-commerce sales have increased by 16% year-over-year. Currently, they account for 9% of all retail sales. And with grocer partnerships like Amazon with Whole Foods, we can expect these numbers to grow. In addition, e-commerce tenants account for approximately 12% of leasing activity for industrial spaces. Thus far, 208 million square feet of industrial space has

INSIGHT I BECK PARTERS

e-commerce: foe

been completed in 2017. This is a 25% increase from last year’s 166 million square feet built. There is also 277 million on the docket to be completed within the next year. More companies are exploring the warehouse model to house their goods and even office space to expand its reach. With industrial vacancy rates close to 5%, the supply needs to increase. Furthermore, 70% of new warehouse construction has been done “on-spec” which means that investors are very confident that the space will be utilized. Coming soon to a vacant parcel of land near you, a drone hangar that delivers your online purchased goods directly to your front doorstep.

Investor Sector. Investors have had to shift their capital from traditional brick-and-mortar retail to assets that are e-commerce resistant. One such investment is dollar stores. Dollar General, Family Dollar, and Dollar Tree are not sexy but are the stable, robust workhorses in the discount shopping universe that continue to forge ahead like the little engine that could. Top brokers across the country like Marcus & Millichap report that free-standing triple net leased dollar stores are among the safest in the retail game. When considering an investment, risk is at the top of the list. In a recent report from The Boulder Group (an advisory firm that specializes in retail), the median asking price for dollar stores under the banners of Dollar General, Family Dollar and Dollar Tree varied from nearly $1.3 million to $1.8 million. Median cap rates ranged from 6.7% to 6.9%. Along the Gulf Coast, more and more dollar stores are hitting the market for sale with an average price closer to $1 million. Finally, dollar store customers are far less likely to shop online than other consumers. Customers generally live in close proximity and can buy most of what they need quickly. The communities that surround the dollar stores are more likely to drive to the store than to shop online and have it delivered. In addition, dollar store chains still rely greatly on their brick-and-mortar presence rather than investing heavily in e-commerce.

friend or for cre?

Most Affected. Traditional clothing and apparel retailers. It has become all too easy for the future shoppers who grew up with cell phones attached to their hands to order online. With the growing prominence of services that send sample clothing and other goodies once per month seems to be enough for most millennials to stay ahead of the fashion and gadget curves. How will grocers be affected with Amazon’s acquisition of Whole Foods? Time will tell. Least Affected. Dollar stores. Their model does not warrant being supplanted by the online shopper. Don’t expect to see a Dollar General or Dollar Tree go away anytime soon. They may change ownership due to being a good investment, but they won’t be closing 100 locations in 2018.

Strategy to Grow with E-Commerce. Before we all assume this is the “retail apocalypse”, it is important to remember that e-commerce is still a piece of the pie. It has not developed a completely new market that will supplant the old. There are ways to tilt the scales back into the favor of non-ecommerce using entities. Today, consumers are focused on convenience, price, and experience. In order to be successful in 2018, it is important to realize this fact and be good at multiple channels of pushing your brand and business. Get more involved in the social media game. Did you know you can boost your posts on some social media platforms? There are also metrics that you can tap into from social media platforms which may bring you value or tell you that it is time for a new plan of attack. If you don’t know how to do this, it’s time to hire a team who knows the online universe and e-commerce. As the song goes, “the times, they are a changing.”

INSIGHT I BECK PARTERS

WHY TENANTS NEED TO BE HAPPY By Jennifer Webster

The goal of all property managers is to maximize income and minimize loss for the owner while pro-actively maintaining the property. Keeping tenants is one of the main goals to maximize income because tenant turnover can be very expensive. To fill a vacancy, a building owner will pay an exorbitant amount of money in leasing commissions, tenant improvements and marketing expenses. Can you imagine losing an anchor tenant? Do you think the non-anchor tenants would want to stay in a retail shopping center when the main attraction has vacated? When tenants move out or do not renew, that is a huge financial loss. How do you keep tenants satisfied so that they don’t want to shop for a new space? In my experience, tenants appreciate a good listener and an efficient problem solver. Have you ever had an issue and customer service was not really listening or responding when you needed them? Then you understand how frustrating it can be to be ignored. Imagine you have a roof leak in your store or office and it is leaking on your products or office equipment? I am sure you would not be a happy camper. Tenants need to know that the property manager cares and that he or she has their back when things go wrong because inevitably, things can and do go wrong in property management in a

INSIGHT I BECK PARTERS

moment’s notice. Some problems are an easy fix. For example, a sink won’t stop running water in a common area restroom. The property manager would call a plumber. Easy, right? What if the air conditioning stopped working in a tenant’s office in the dead of summer? No one can handle a hot office and patience starts to wear thin. This has happened in my own office and let me tell you, folks get agitated quickly. The property manager would call a vendor to make the repairs. These types of scenarios will absolutely occur at some point. The key is to act quickly, but the follow up is just as important as the repairs. When a property manager checks in with the tenant to see if the sink stopped running water or if the air is comfortable in their office, that is truly excellent customer service. This communication between the tenant and the property manager is vital to tenant satisfaction. How do we know that a tenant is satisfied? Surveys are an excellent tool to utilize to gain insight, but a property manager must also be ready to act on their findings if there is an issue that needs to be addressed. Direct contact is always important, but especially when a tenant is dissatisfied. You never want to lose a tenant’s loyalty. Lease renewals maximize the portfolio’s income stream and keeping the tenants satisfied is a long-term strategy that builds value in the properties.

ITEMS to include in your survey How management is responding to requests and project completion Amount and effectiveness of communication efforts The condition of the property Opinion of the leasing services Overall maintenance capabilities and performance Vailidity and accuracy of financial reporting Opinion of marketing programs Overall tenant satisfaction rate INSIGHT I BECK PARTERS

By Scott Jennings

A BRIDGE TO REAL ESTATE What typically comes to mind when you think about the Pensacola Bay Bridge, or as some refer to it, the Three Mile Bridge? A transportation link, right? After all, it gets us to and from Gulf Breeze, Pensacola Beach, Pensacola and beyond. What about a real estate link? Most of us were not around in 1931 when the original Pensacola Bay Bridge opened as a narrow, two-lane bascule (drawbridge) structure thanks to Otto Heinrich Louis Wernicke (a local manufacturer and lumberman). Prior to this time, travel between the peninsula and mainland was possible only by boat. Built at a reported cost of $2.5 million, the initial Pensacola Bay Bridge charged users a $5 monthly toll. Seventeen years later, the bridge was renamed in honor of influential local businessman, Thomas A. Johnson. Johnson had served as the Secretary of the Florida State Road Department, the predecessor to today’s Florida Department of Transportation, and was credited with removing the toll from the bridge. What was real estate like in 1931 in Gulf Breeze and Pensacola Beach? Well, there may have been a few camping retreats in Gulf Breeze that was accessible by boat, but no utilities. Pensacola Beach had nothing until Wernicke and the Pensacola Bridge Company constructed the Casino and Gulf fishing pier after the two original bridges were opened in 1931. Of course, the US Government had Ft. Pickens on the west end of the island which was also accessible only by boat. What happened after 1931? Well, I’m not John Appleyard, but real estate slowly developed commercially and residentially. While they had to beg people to “buy” a leasehold interest on

Pensacola Beach, Gulf Breeze was a different story. It is safe to assume that both areas had no taxable value base in 1930. Pensacola Beach did not have “assessed values” until the early 1980’s. Compare that to today. Gulf Breeze “Proper” has a taxable value base over $767 million. Depending on which side of the lawsuit you are on with Pensacola Beach assessments, Chris Jones, Property Appraiser, says that the taxable value of all property is $1.35 billion, while the market value is $1.8 billion. That is pretty substantial. I do not think it would have progressed to this point without a bridge, or two, and now a third on the way. I think we owe a great deal of gratitude to Wernicke and his fixation on the idea of a pair of bridges connecting Pensacola with the Fairpoint Peninsula and Santa Rosa Island. Wernicke invested $50,000 of his own money to seed the project, which eventually led to the formation of the Pensacola Bridge Company. Unfortunately, Wernicke died of a heart attack in August 1930, less than a year before the bridges opened. The new bridge under construction will have a lifespan of roughly 75 years, which will take it to the turn of the century. What do you think transportation will be like in the year 2100? Will bridges be needed then? After all, we are seeing drone technology take off. Even Uber says they will be able to pick you up in a Jetsons-type craft in a couple of years. And real estate values in 2100? Well, just imagine if your family were some of the early homesteaders and settlers of Gulf Breeze, or bold enough to have ‘bought’ that leasehold interest on the beach not so many years ago. Go ahead, make that investment for your grandkids.

INSIGHT I BECK PARTERS

for LEASE: OUR LISTINGS The Shops at southtowne

101 E Romana St Pensacola, FL 32501 + $80 Million Mixed-Use Development + High ceilings, ample plaza area + Vanilla Box delivery + 258 Class A Residential Units + Highly visible signage

Justin Beck, CCIM, CPM Stacy Taylor, CCIM

10 E Texar - Office Building 10 E Texar, Office Building Pensacola, FL 32501

Prime East Hill Office Spaces 1013 N 12th Ave

Pensacola, FL 32503

+ Corner of Palafox & Texar + Part of a mixed use project that includes office/ warehouse and office + Available immediately + 5,041 SF - 10 offices, lounge and open work space + 16+ parking spaces

+ Located in the desirable East Hill region of Pensacola + Close to Downtown and Interstate 10 + Property has been recently redeveloped with countless upgrades + Conveniently located near West Florida Hospital & The University of West Florida

Debbie Anglin, SIOR

Shawn Maxey

Retail/Office IN EXCELLENT LOCATION 1020 N 9th Ave, Suite A Pensacola, FL 32501

+ Excellent Exposure for small retail or office on 9th Ave + Signage Available going North & South on 9th + 2- Year Lease Minimum - gross lease Subway also in this center + First monthâ&#x20AC;&#x2122;s rent and a deposit equal to 2 months rent required at lease signing + 1,242 SF - currently leased with tenant vacating within 30 days

Artistic Space for Lease in Downtown Pensacola 109 W Romana Street Pensacola, FL 32502

+ Cool, Artistic Space for Lease + Heart of Downtown Pensacola + Approximately 6,600 SF + Owner will Renovate or Build to Suit + Two Blocks off S Palafox

David Valletto, SIOR Shawn Maxey

Debbie Anglin, SIOR

12th & Gonzalez Professional Building 1108 N 12th Ave

Pensacola, FL 32501 + Office space available in the heart of East Hill + Office Center is a quick 5 minute drive to downtown Pensacola and I-10

Shawn Maxey

Live Oak Village Retail Space 1143 Gulf Breeze Pkwy Gulf Breeze, FL 32563

+ Finished Restaurant Space Available + Approximately 3,100sf - An additional 2,000sf could be made Available + 54,000 Cars Daily + Tremendous Location -Directly Across the Street From Baptist Hospital + HH Income of $81,000 - 1 Mile Radius

Stacy Taylor, CCIM Shawn Maxey

INSIGHT I BECK PARTERS

Dynamic Retail Out Parcel in Cordova 1210 Airport Blvd

Pensacola, FL 32504

Freestanding Retail Building 1210 Airport Blvd

Pensacola, FL 32503

+ Class A Location in Cordova Mall Retail Market + Adjacent retailers include Barnes & Nobles, Gander Mountain, Sam’s Club and Lowe’s + Excellent Visibility for Outparcel on Airport Blvd + Significant Signage Available on Street Pylon and Building

+ Class A Location in Cordova Mall Retail Market + Adjacent retailers include Barnes & Nobles, Gander Mountain, Sam’s Club and Lowe’s + Former HHGregg building with High Visibility/Space Divisible + Significant Signage Available - Street Pylon/Building + Easy Delivery via Truck Well w/2 Loading Doors

Justin Beck , CCIM, CPM Stacy Taylor, CCIM Chris Cobb

Office And Retail at southtowne 125 Intendencia St

Stacy Taylor, CCIM Justin Beck , CCIM, CPM Chris Cobb

One Pensacola Plaza 125 W Romana St Pensacola, FL 32502

Pensacola, FL 32501 + 53,217 SF Class “A” Office with Street Level Retail + Flexible Square Footages + 7 story structured parking garage - on site + Spaces delivered in move in condition

+ Premier Office Space in Downtown Pensacola + Tremendous Views of Pensacola Bay and Downtown + Close Proximity to Numerous Retail/ Restaurants on Palafox + Abundant Parking in the Downtown Core + 1,100 SF - 5,600 SF Available

Justin Beck , CCIM, CPM Stacy Taylor, CCIM

East Hill Retail Space Available 1301 9th Ave

Pensacola, FL 32501 +Easy access to Hwy 110 + Average Daily Traffic Volume on 9th Ave of 15,204 + Average Household Income is $68,954 within a 1 Mile Radius + Current parking Ratio of 4.43/1000 SF + Serves East Hill, Downtown, Aragon & North Hill

Rick Locchead Chris Cobb

11,400 SF Retail/Commercial WITH High Visibility 1502 Creighton Rd Pensacola, FL 32504

ALSO FOR SALE

+ On .77 Acres - Highly Visible on Creighton Rd +Located close to 9th Ave, Davis Hwy, Walmart and University Town Center + 18’ Ceilings - Double Glass Sliding Door Entrance + Sale Price: $1,099,000 Lease Price: $9.50 PSF NNN + 36+ Parking Spaces - Zoned COM

FOR LEASE

Stacy Taylor, CCIM

Versatile Lot on W 9 Mile Road 1310 W Nine Mile Rd Pensacola, FL 32533

ALSO FOR SALE

+ Located in rapidly growing 9-Mile Road corridor + Commercial zoning with multiple uses + Excellent land-lease value + Close proximity to University of West Florida & Navy Federal Credit Union HQ + Close proximity to Lowe’s, Home Depot, and other national retailers

David Valletto, SIOR Chris Cobb

Retail Space Available in Downtown Pensacola 151 W Main St Pensacola, FL 32502

+ Retail space available in prime Downtown Pensacola location + Delivered in vanilla shell condition

Justin Beck , CCIM, CPM

Debbie Anglin, SIOR

End-Cap Available

Premier Office Space

1580 W Cervantes Pensacola, FL 32501

1701 Hermitage Blvd Tallahassee, FL 32501

+ Traffic Count - 21,000 Cars + Close Proximity to Pace Blvd / W. Cervantes Retail + Center was built in 2005 + Facade and storefront are in excellent condition

+ Premier Office Building on Hermitage. + Conveniently located to the I-10 & Thomasville Rd interchange + In close proximity to Starbucks Coffee, local restaurants and shopping + Less than 10 minutes from Downtown Tallahassee!

Chris Cobb

Jared Hatcher

INSIGHT I BECK PARTERS

FOR LEASE

Multi-Story Office Building

Plaza Building Outlot

1720 W Fairfield Dr Pensacola, FL 32501

+ Office building in Central Pensacola FL + Full service leases & Competitive rental rate + Quick access to Interstate 110 and 10 + On-site security + Full Floor or office suites available

+ Outlot building on W Fairfield Dr + 32,000 Average Annual Daily Traffic + Quick access to Interstate 110 and 10 + On-site security + Great Location for ATM or Other Drive Up Services

Rick Locchead

Alpine Center - Former Salon Available 1813-1823 Alpine Avenue Navarre, FL 32566

Shawn Maxey Rick Locchead

Nice, turn-key office building on St. Mary 1851 St Mary Ave Pensacola, FL 32501

+ On Highway 98 In Navarre with excellent exposure - Only One Unit Available + Thriving retail/commercial corridor + Easy In, Easy Out - excellent parking + Signage Available on Monument Sign + Former Naylor Cosmetics/Salon with 2 shampoo bowls

+ Turnkey Office Space -5,989 SF + Move In Ready + Across from Sheriff’s Department, Juvenile Justice Center, Fl Dept of Health and Escambia County Transit Center + Minutes to Downtown Pensacola + Wire for Voice/Data

Scott Jennings Debbie Anglin, SIOR

Stacy Taylor, CCIM

Office/Warehouse with laydown yard 209 Massachusetts Ave

Pine Forest Commons 2101 W Nine Mile Rd Pensacola, FL 32534

Pensacola, FL 32505

+ Office/Warehouse combo + 2 acres of fenced and secure property + Zoned HC/LI + Great access to Pace Blvd and Pensacola Blvd + Gas & Diesel station

ALSO FOR SALE

+ Highly visible suite next to Pine Forest Center From $14.00 to $15.00 PSF NNN ($4.96 PSF) + High traffic and Growth Area + Ste 1 - Restaurant Space available 4/1/18. Ste’s 2 & 3 - leased through 6/1/19 + Extra Parking in Rear + 30,000 Cars Per Day

Scott Jennings Justin Beck, CCIM, CPM

Affordable retail/office suites 2115 W Nine Mile Rd Pensacola, FL 32534

Scott Jennings Debbie Anglin, SIOR Brittnay Hammac

2.18 AC Warehouse - Office Complex 2370 N Palafox S

Pensacola, FL 32501

+ High traffic and Growth Area + Office, Retail and possibility of Restaurant + Recently Updated Center - $12.00 PSF NNN (+$3.77) + Diverse Tenant Mix - great demographics + Center is 1 mile from Exits 5 & 7 on I-10

Scott Jennings Debbie Anglin, SIOR Brittnay Hammac

Downtown Office Space

INSIGHT I BECK PARTERS

ALSO FOR SALE

Rick Locchead Scott Jennings Brittnay Hammac

Shoppes at Paradise Pointe

24 N Tarragona Str Pensacola, FL 32502

251 Miracle Strip Pkwy Fort Walton Beach, FL 32548

+ 4,410 SF Downtown Pensacola Office Suite + Located on the Corner of Chase & Tarragona Street + Signage Available + Unit contains offices as well as a small warehouse + Showings by Appointment Only! Call Debbie Anglin at 850.501.1075

+ Publix Anchored Shopping Center + Retail Spaces Available in Heart of Downtown Fort Walton Beach + Offering the most attractive lease rate in the market! + 52,000 Cars Per Day + 1,200 feet of road frontage.

Debbie Anglin, SIOR

+ 37,924 SF of combined warehouse space and 2,877 SF of combined office space + Buildings can be sectioned off for multi-tenant use + Close to the downtown Pensacola, I-110, & Port of Pensacola + On-Site access to CSX Rail line if desired

Shawn Maxey Stacy Taylor, CCIM

Langley Ave Professional Office 3000 Langley Ave., Suite 100-B Pensacola, FL 32503 + Langley Avenue Office Park availability. 1,666sf includes 5 offices & conference room + Northeast Pensacola office space + 1,666s SF available in Langley Office Park just east of 9th Ave

David Valletto, SIOR Gregg Beck, SIOR

Medical Space Available

Former PRINTING PRESS FACILITY 310 John Gray St

FOR LEASE

Pensacola, FL 32523 + Office is 980 sf, climate controlled warehouse is 19,340 SF + Engineered to handle extremely heavy printing presses and similar equipment + Cold and Clean rooms, & Heavy duty generator + Two 12’ X 14’ Roll-Up Doors

Jack Williams Scott Jennings Brittnay Hammac

Tiger Point Shopping Center

3201 E Olive RD Pensacola, FL 32514

3307 Gulf Breeze Pkwy Gulf Breeze, FL 32563

+ Move in Ready! + Tremendous signage capability

+ WinnDixie and Beall’s Department Store anchored shopping center + Junior Anchor space available + Inline shops space is being created next to Beall’s + High income demographics at entrance to golf course + 40,500 Cars Per Day

Stacy Taylor, CCIM Shawn Maxey

Justin Beck, CCIM, CPM Stacy Taylor, CCIM

Retail Space on N Pace Blvd

ALSO FOR SALE

17,000 SF Office/Warehouse

3310 N Pace Blvd Pensacola, FL 32505

3842 N Palafox St Pensacola, FL 32505

+ Large walk-in safe, 11 small safes, and 4 drivein teller lanes + Renovations include new AC units, freshly painted, shower added and roof resealed (2014) + Previously built for bank branch and purchased in 2013 for retail use + Lighted parking field with over 25 spaces

+ 10,000 SF 2-story Office with 7,000 SF Warehouse + Main entrance on Palafox St with secondary entrance on Liggett St + 40 parking spaces with main entrance fronting Palafox St + One Grade Level Dock, One Dock-Hi, One Ramp

Debbie Anglin, SIOR Brittnay Hammac

Scott Jennings Debbie Anglin, SIOR

Auto Repair site

Fairfield Crossing

4137 Avalon Blvd Milton, FL 32583

4345 W Fairfield Dr Pensacola, FL 32505

+ Dual Access to property on Avalon & Mulat Road + Three (3) 500 gallon oil drums located in the repair pit + One (1) lift and two (2) garage doors + Covered outdoor space ideal for a workstation + Signage includes digital marquee

+ Excellent Visibility + National Anchored Shopping Center + 50,000 Cars Per Day + Anchored by Lowes, Office Depot, Ross Dress For Less + Significant Signage Available on Street Pylon and Building

Chris Cobb Shawn Maxey

Climate Controlled Warehouse 440 E Heinberg St

Pensacola, FL 32503 + 1,432 SF Office (3 private offices) break room, file room, 1 rest room + 3,720 SF climate controlled warehouse + 14’ +/- of eave height in warehouse + Convenient access to I-110, Hwy 98, 9th Ave + Pedestrian to many restaurants, etc.

Scott Jennings Brittnay Hammac

Shawn Maxey Stacy Taylor, CCIM Justin Beck, CCIM, CPM

Plantation Commons 4495 W Commons Dr Destin, FL 32541 + Anchored by Fresh Market, Home Depot, Marshalls and Home Goods + Located along Hwy. 98 with daily traffic counts near the center exceeding 50,000 CPD + ”Shadow-Anchored” by the only Home Depot in the Destin Market which draws crossshopping traffic to the property + Free Rent is Negotiable

Justin Beck, CCIM, CPM Stacy Taylor, CCIM

INSIGHT I BECK PARTERS

FOR LEASE

Alco Plaza 471 South Blvd Brewton, AL 36426 + Grocery Anchor Needed! + Next to McDonald’s, Arby’s, PopEyes and Ford/ Chrysler Dealership + Just outside of the Historical Downtown of Brewton, AL + 15,400 Cars Per Day + Full Floor or office suites available

Stacy Taylor. CCIM Shawn Maxey

Available Units at Westside Plaza 4871 Westside Plaza Marianna, FL 32448

+ Dollar Tree anchored shopping center + Located adjacent to WalMart SuperCenter + Extremely Low Vacancy Rate + Excellent Traffic Counts | 23,500 + Former Naylor Cosmetics/Salon with 2 shampoo bowls

Stacy Taylor. CCIM Fletcher Dilmore

Bayou Corporate Center MEDICAL Space 4900 Bayou Blvd Pensacola, FL 32503

+ 3,643 RSF Medical Space with 4 Exam Rooms + Located in Bayou Corporate Center Suite 104 + Close to Airport, Cordova Mall and many other retail/office locations + Excellent Parking on Site, $10.50 PSF NNN with Est. Op. Cost at $5.32 PSF + Check-In, Check Out Area, Waiting Room, 3 offices, 4 exam rooms, lab, nurses station, filing and storage areas

Cordova Collections Shopping Center 4751 Bayou Blvd Pensacola, FL 32503

+ Target, Winn-Dixie and Michael’s anchored Community Center + Located on Bayou Blvd immediately across from Cordova Mall + 24,653 AADT + Extremely Low Vacancy Rate

Justin Beck, CCIM, CPM Stacy Taylor, CCIM

Bayou Corporate Center Office Space 4900 Bayou Blvd Pensacola, FL 32503

+ From $11.00 to $11.50 NNN + Recently Renovated Restrooms, Common Area and Courtyard + Medical or Office Space Available + Close to Cordova Mall, Target as well as Airport and I-10 + Interior Courtyard - perfect for tenants to enjoy lunch

Debbie Anglin, SIOR

Berryhill Medical Park office space 5950 Berryhill Medical Park Dr, Suite B Milton, FL 32570

+ Berryhill Medical Park Office Space. 2440 SF + Direct drive access to Santa Rosa Medical Center next door + Easy access from Berryhill Rd + Relaxing outdoor patio space included

David Valletto, SIOR Rick Locchead

Debbie Anglin, SIOR

Tradewinds Shopping Center 6601 N Davis Hwy

Pensacola, FL 32504 + Excellent Visibility from Major Highway + Excellent Daily Traffic Count: 33,000 cars per day +Competitive Retail Rental Rate + Junior Anchor Available For Lease!

Shawn Maxey Stacy Taylor, CCIM Justin Beck, CCIM, CPM

Westside retail space next to Papa Johns 805-B N Fairfield Dr

Pensacola, FL 32506 + 1000 SF with drive-thru window + Retail space next to Papa Johns & CVS

David Valletto, SIOR

Quayside Quarters 700 S Palafox Street Pensacola, FL 32502 + Downtown Historic District South of Main Street + From 1,267 up to 13,135 SF Available immediately. + Originally renovated in 1975 with First-Class Management Team On-Site! + Some units with Water Views! Parking for 4 per 1,00 SF + Individual Office suites available from $600/mo up + Great Free Parking - 4 per 1,000

Debbie Anglin, SIOR

Warehouse with Loading Dock 9900 Old Palafox Hwy Pensacola, FL 32514 + Easy truck access to Interstate and highways + This space functions perfectly for a regional distribution center + 20’ eve height and 10’x12’ grade level doors + 5,000 SF warehouse with covered loading dock

Shawn Maxey

INSIGHT I BECK PARTERS

FOR LEASE

Blue Angel Crossing

Tiger Point Pavilion - A New Publix Development Gulf Breeze Pkwy

24 Blue Angel Pkwy. Pensacola, FL 32506

Gulf Breeze, FL 32563

+ Nice West Pensacola location + Blue Angel Crossing strip center + 4,550 square feet available, can be divided + Formerly a Hallmarks

+ New Publix-anchored shopping center + Adjacent to Walmart Supercenter, Lowe’s and Walgreen’s + Site fronts Tiger Point Country Club. + HH Income - $79,000 + Average Daily Traffic Count: 34,000 cars per day

David Valletto, SIOR

Justin Beck, CCIM, CPM Shawn Maxey

Interstate Office Plaza 1 & 2 Single Story Office/Retail Building

Multi Story Office Building

7280 & 7282 Plantation Road Pensacola, FL 32504 + Conveniently located near I-10, I-110 & University Town Plaza + Property has been recently redeveloped with countless upgrades + Conveniently located near West Florida Hospital & The University of West Florida + Diverse mix of tenants including Walgreens regional office, Shrimp Basket HQ, Bowhead Financial

David Valletto, SIOR Shawn Maxey

Shoreline Village shopping center

OFFICES available

862 & 922 US Hwy 98 Destin, FL 32541 + Corner of Hwy 98 and Holiday Isle + Competitive Office Rental Rate + Office Spaces for Lease + Abundant Parking in the Center + Premier Office Space in Destin, Florida

Shawn Maxey Chris Cobb Paige Rowe

O: 850.477.7044

CONTACT THE AGENT! DEBBIE ANGLIN, SIOR

JUSTIN BECK, CCIM, CPM

CHRIS COBB

FLETCHER DILMORE

850.501.1075

850.529.7499

201.675.0539

850.326.1463

DANGLIN@TEAMBECK.COM

JBECK@TEAMBECK.COM

CCOBB@TEAMBECK.COM

FDILMORE@TEAMBECK.COM

JARED HATCHER

SCOTT JENNINGS

BRITTNAY HAMMAC

RICK LOCCHEAD

251.538.0012

850.443.2289

850.341.7209

317.501.5087

BHAMMAC@TEAMBECK.COM

JHATCHER@TEAMBECK.COM

SJENNINGS@TEAMBECK.COM

RLOCCHEAD@TEAMBECK.COM

SHAWN MAXEY

paige rowe

STACY TAYLOR, CCIM DAVID VALLETTO, SIOR JACK WILLIAMS

850.240.1252

850.525.5696

404.936.8936

850.982.7352

850.698.5346

SMAXEY@TEAMBECK.COM

prowe@TEAMBECK.COM

STAYLOR@TEAMBECK.COM

DVALLETTO@TEAMBECK.COM

JWILLIAMS@TEAMBECK.COM

INSIGHT I BECK PARTERS

for SALE: OUR LISTINGS Assisted Living Investment Opportunity 1851-1854 W Ten Mile Road

Downtown Investment Opportunity 180 N Palafox St Pensacola, FL 32502

Pensacola, FL 32533

+ Convenient location, 0.2 miles from Pensacola Blvd & 6 Miles from West Florida Hospital + Brand new sewer tie-in + Ample land for parking or expansion + Living component for staff members in the rear + 16+ parking spaces

Shawn Maxey Chris Cobb

Centrally Located Warehouse/ Office Site 604 North Pace Boulevard Pensacola, FL 32503

+Large office area with private suites and an open floor area + Two (2) dock-high bays with roll-up doors + Ideal candidate for regional distribution + Infrastructure in place to accommodate parts/ inventory storage

Chris Cobb Shawn Maxey

UNDER CONTRACT

+ Downtown Investment or User Opportunity! Located off of N. Palafox and Gregory St. + Office Space for Lease (10,027 sf) + Sale includes 180, 186 N. Palafox, 7 E. Gregory St. & 9 E. Gregory + Over 19,000 SF - Excellent Parking in Private Lot

Debbie Anglin, SIOR Scott Jennings Brittnay Hammac

Church Property + HC-LI Land 8025 N Palafox St Pensacola, FL 32534 + Nice Corner Lot consisting of 3.57 acres of HC/ LI Land with excellent exposure + Church and multi-use building leased until 9/30/18 + Church seats approx. 200 people, with several private offices and restrooms at entrance. + Please Respect Privacy - call to set appointment + Property located just North of Palafox & Olive Road - Northwest Corner

Debbie Anglin, SIOR

Class A Warehouse/showroom/ office 9954 N Palafox St Pensacola, FL 32534

+Showroom that is 20’ x 24’ 4 offices, 2 bathrooms (1 with shower) + Office/showroom is 1488 SF, warehouse is 10,000 SF + Oversized break room/kitchen with exit door for outside breaks + Office and showroom space are upscale + Warehouse has: 3 rollup doors, 2 are 12’ x 12’, 1 is 10’ x 12’

Commercial Corner in Milton 5840 Dogwood Drive Milton, FL 32570 +Commercial Corner on High Traffic Highway + 5.05 acres of Commercial Land For Sale + Zoned C-1 + Great ingress/egress via median cut and multiple curb cuts

Justin Beck, CCIM, CPM Stacy Taylor, CCIM

Scott Jennings Debbie Anglin, SIOR

Commercial Development Opportunity Dog Track Road Pensacola, FL 32506

6200 Tippin Ave Pensacola, FL 32503

+Ideal for small residential subdivision + Easy Access to Blue Angel Parkway & Lillian Highway + Mixed zoning HC/LI & LDMU

+ Well positioned commercial parcel with broad array of uses. + Close proximity to Pensacola State College, Pensacola International Airport, & 9th Ave. retail + 127’ frontage on Tippin Ave

David Valletto, SIOR Chris Cobb

INSIGHT I BECK PARTERS

Corner Commercial Space

Chris Cobb Justin Beck, CCIM, CPM

Davis Hwy Development Opportunity 6300 N. Davis Hwy.

Pensacola, FL 32504 + Outstanding Davis Highway redevelopment opportunity. Retail or medical + 11,280 SF on more than 2 acres on Davis Highway just south of University Town Plaza

David Valletto, SIOR

Development Opportunity on Navy Blvd 900 Blk Navy Blvd

Pensacola, FL 32507 + Ideal for shopping center, hospitality, or standalone retail + Rectangular shape provides versatility in layout + One of the last remaining undeveloped lots on this section of Navy Blvd + Excellent road visibility and exposure

Justin Beck, CCIM, CPM Chris Cobb

Fish Camp, Marina & Land Development Acreage 10421 N. Davis Hwy Pensacola, FL 32514

+ 14 +/- acre marina/development site Boat slips and two boat launches + Northeast section of Pensacola + Zoned HC/LI + Former grill/bar & Residential apt

Scott Jennings Brittnay Hammac

Gulf Breeze Retail-Office Opportunity 3608 Gulf Breeze Pkwy

FOR sale

Development Opportunity - Carpenters Creek 5000 BLK Carpenters Creek Blvd Pensacola, FL 32504

+ Outstanding Development Opportunity! + Ideal for Office/Medical Office User + Small Multi-Family and Townhomes Possible Cordova Mall Location + Zoning R-2

Stacy Taylor, CCIM Justin Beck, CCIM, CPM

Development Ready I-10 Retail Site 2069 Highway 71 Marianna, FL 32448 + Less than half a mile South of I-10 + Perfect for Hospitality, Retail, Quick Service Restaurants, Fast Food, Multi-Family + Zoning provides for a wide array of uses + 1,300ft +/- of Hwy 71 Frontage + Rectangular shape provides for diverse layout opportunities

Fletcher Dilmore

Free Standing Office Bldg on Corner Lot 225 N Pace Blvd

Pensacola, FL 32505 + Priced great for Investment or Owner Occupied Buyer + 16,000 Cars per day on Pace Blvd + C-1 Commercial Zoning great many uses + High traffic on corner lot + Many great local businesses

Rick Locchead Justin Beck, CCIM, CPM

HC/LI Land on Fairfield

Gulf Breeze, FL 32563

3330-3380 West Park Place Pensacola, FL 32505

+ Gulf Breeze Retail-Office location near Walmart + Gulf Breeze Pkwy multi-use site for retail, office, medical, daycare, etc + Drastically reduced Gulf Breeze Opportunity + Currently a church but easily modified for many uses (medical, office, retail, church, school & daycare)

+ 6.42 Acres of HC/LI vacant land + $372,000 for .94 acres & $1,507,000 for 5.48 acres + Located directly in front of the Escambia County Central Office Complex + $1,800,000 for purchase of entire 6.42 acres ( $79,000 savings) + High & Dry - 100% Buildable Land - no retention pond required

David Valletto, SIOR

Hwy 87 acreage near I-10 9400 Blk S Hwy 87 Milton, FL 32583 + Hwy 87 S. retail/business location next to Piggly Wiggly & just north of I-10 + 350’ on Hwy 87 just north of I-10 & next to Piggly Wiggly grocery store. 1.6 acres

David Valletto, SIOR

Debbie Anglin, SIOR Scott Jennings

I-10/Hwy71 Vacant Retail LotMarianna Hwy 71

Marianna, FL 32448 + Across from Wal-Mart SuperCenter and Lowe’s + Excellent Hwy frontage (just under 100’+) + High Traffic Counts (16,600per day) + Major I-10 Interchange + Build Ready Site

Fletcher Dilmore Justin Beck, CCIM, CPM

INSIGHT I BECK PARTERS

FOR sale

I-10/Hwy 79 Development Opportunity 409 St Johns Rd

Income Producing Property Available 3733 Navy Blvd Pensacola, FL 32507

Bonifay, FL 32425 + 9100% Occupancy investment property + Income Producing Property + 0.96 Acres +/-at the Corner of Navy Blvd & Chaseville St + 120 feet of frontage on Navy Blvd + Paved & Concrete Parking

+ Outstanding Development Opportunity! + Ideal for Office/Medical Office User + Small Multi-Family and Townhomes Possible Cordova Mall Location + Zoning R-2

Shawn Maxey Chris Cobb

Fletcher Dilmore Shawn Maxey

Live Oak Village Out Parcel

Madison Office Park Unit

0000 Gulf Breeze Pkwy Gulf Breeze, FL 32561

4300 Bayou Blvd, Suite 14 Pensacola, FL 32504

+ Rare 1/2 Acre Outparcel in Gulf Breeze, Florida + 54,000 Cars Daily + $81,000 Average HH Income + Directly Across from Andrews Institute + Infrastructure in Place

+ Two story office building in Madison Park + Thriving business area of Pensacola + Three ingress/egress points to this office complex + Pedestrian access to the neighboring Cordova Square + Well maintained + Monthly office owners association dues are $130 for 2017

Stacy Taylor, CCIM Justin Beck, CCIM, CPM

Mixed-Use Commercial Opportunity 1339 Creighton Rd. Pensacola, FL 32504

Justin Beck, CCIM, CPM Scott Jennings

Multiple Mixed-Use Buildings 151 E. Burgess Rd

Pensacola, FL 32503

+ Excellent visibility on Creighton Road + Potential redevelopment site + Ample signage + Com & R-1AAA Zoning

+ New Roof on Burgess St Property + Located across the street from Woodham Middle School + Three separate buildings with solid masonry construction + Traffic count 10,300 AADT + 0.25 acres of vacant land between buildings ideal for another structure

Chris Cobb Shawn Maxey

Justin Beck, CCIM, CPM Chris Cobb

Medical Office Investment Available 6160 Davis Hwy

N Davis Hwy Land 9318 N Davis Hwy. Pensacola, FL 32514

Pensacola, FL 32504 + Excellent Medical Office Investment Property + Solid Long Term Tenant + Recently Remodeled Medical Suite + Very Limited Landlord Responsibilities + Located very close to West Florida Hospital and Sacred Heart Hospital campuses

+ 1.39 Acres for Sale off Davis Hwy + Less then 1/4 mile to 9 Mile Rd

Shawn Maxey

Navarre Pkwy (1.77 Acres) - dual road access 8056 Navarre Pkwy

Office For Sale 1851 St Mary St Pensacola, FL 32501

Navarre, FL 32566

+ Outstanding Owner Occupant Opportunity! + Move in Ready - Wired for voice/data + Just Renovated - Like New Condition + Minutes to Downtown Pensacola + Across from Sheriffâ&#x20AC;&#x2122;s Department and Juvenile Justice Center

+ HCD Zoning + Ideal for most commercial development, restaurant, financial, business offices, etc. + Less than 1 mile from Hwy 87 + Thriving business corridor in Navarre

Scott Jennings Brittnay Hammac

INSIGHT I BECK PARTERS

ALSO FOR lease

Stacy Taylor, CCIM

Office Complex in Central Location 3902 N. 9th Avenue

Office Space Available 102 Hilltop Business Dr Pelham, AL 35124

Pensacola, FL 32503 + Fully Leased Office Building Available for + Investment opportunity + Long Term Tenants in place + Central Location near Downtown, Airport, + Cordova Mall and Interstate

+ 2 separate suites + Dentist office and has been completely renovated + 3 large offices, 6 small offices, reception area, and two restrooms + Excellent location directly off Hwy 31

David Valletto, SIOR Brittnay Hammac

Office/Workshop next to Walmart in Ensley 87 W Hood Dr

FOR sale

Shawn Maxey Debbie Anglin, SIOR Justin Beck, CCIM, CPM

Old Bagdad Hwy - Vacant Land 6120 Old Bagdad Hwy Milton, FL 32583

Pensacola, FL 32534

+ Vacant Land - CITY OF MILTON + 1.367 Acres - Zoned C-2 + Close to Fastenal, Adams Homes, DOT, and Parkmore Plaza + Many other properties fronting Highway 90 back up to this land, small Office Center, Racetrack, Paint & Body Shop

+ Superior location by the Walmart Supercenter + Well maintained building + Many equipment accessories

Scott Jennings Brittnay Hammac

Debbie Anglin, SIOR

Outstanding Bank Branch on Hard Corner 6425 Mobile Hwy

Retail Pad Site

Pensacola, FL 32526

1115 North Navy Blvd Pensacola, FL 32507

+ Bank Branch for Sale + Located on a Hard Corner + 4.46 Acres + Prime Redevelopment Opportunity + Zoned Commercial

+ Retail Pad Site For Sale! + Fully Improved Retail Site + Lighted Intersection + North of Pensacola NAS + 21,000 Cars Per Day

Stacy Taylor, CCIM Justin Beck, CCIM, CPM

LEGAL SERVICES office building 701 S J St

Pensacola, FL 32502

Santa Rosa Mall Outparcel 301 E Hollywood Blvd Mary Esther, FL 32569

+ Alarm System and new Carpet throughout + Extra storage space and Handicap Access + Three (3) AC units + SAFE Room + Kitchen/with appliances + Natural Gas + Five (5) Restrooms

+ Santa Rosa Mall out parcel for sale + 4.48 acres available at southwest entrance to the mall + Corner parcel ideally suited for hotel, restaurant, office building + Zoned C-2

Scott Jennings Brittnay Hammac

Justin Beck, CCIM, CPM Stacy Taylor, CCIM Shawn Maxey

Vacant Commercial Land on pace & Fairfield 2209 W Fairfield Dr Pensacola, FL 32505

+ Traffic on Fairfield Dr is 34,500 AADT + Just West of Fairfield and Pace Intersection + Located Next to Waterfront Rescue Mission Thrift Store + County developing large property at Pace & Fairfield + Mostly Clear and Ready for Development

David Valletto, SIOR Rick Locchead, LEED BD+C

Vacant Corner Lot on HWY 87 6600 Langley St Milton, FL 32570 + Excellent visibility on both Highway 87 & Langley St + Rectangular shape provides versatility for development + Preferred Flood Zone X (minimal risk) + Heavily wooded with good timber value

Chris Cobb

INSIGHT I BECK PARTERS

FOR sale

Vacant Land on scenic hwy Scenic Highway Pensacola, FL 32504

Vacant Lot In Historic Downtown Marianna 4300 Blk Lafayette St Marianna, FL 32448

+ Outstanding Commercial Site + Tremendous Interstate Exposure + Approximately 1 Build-able Acre + Breathtaking Views Overlooking Escambia Bay + 20,000 Cars Per Day

+ Located in Downtown Marianna + Favorable Traffic Counts + 78ft of Frontage on Hwy 90 + Zoning conducive to all commercial needs + Ample Parking Space

Justin Beck, CCIM, CPM Stacy Taylor, CCIM

Fletcher Dilmore

Vacant Office Lot Near I-10 2071 Hwy 71 Marianna, FL 32448 + Located Less than half a mile south of I-10 + Build Ready + Ample Parking + High Traffic Counts + Can support multiple tenants or development options

Waterfront Lot on Sound AND Canal 2671 Del Mar Dr

Gulf Breeze, FL 32561 + Waterfront lot For Sale in dream location! + Lot on Sound and Canal + Lot includes Boathouse with life

Scott Jennings Jack Williams

Fletcher Dilmore

Waterfront Lot-Indian Springs Subdivision 00 S Lake Trail Marianna, FL 32446 + 1 acre Waterfront lot + 130+/- ft of waterfront

Fletcher Dilmore Justin Beck, CCIM, CPM

Wells Fargo Branch Available 406 S Waukesha St Bonifay, FL 32425

+ 120â&#x20AC;&#x2122; of Hwy 79 Frontage + Great traffic counts 12,500 per day + Visible from Hwy 90 intersection w/ Hwy 79 + Bank Branch For Sale! + Ample Parking Available on Site

Stacy Taylor, CCIM Fletcher Dilmore

Woodbine Rd & Cobblestone Dr 6160 Davis Hwy Pensacola, FL 32504 + 2.5 Acre Residential Site + Fully Developed Site + Across from Future Publix + Planned for 17 Townhome Units + Prime Stonebrooke Location

Stacy Taylor, CCIM Justin Beck, CCIM, CPM

1.88 Acres Vacant Land - C-1 - off Tippin Ave 2300 BLK Toni St Pensacola, FL 32504

+1.88 Acres Zoned C-1 + Close to Airport, Sacred Heart Hospital, + Cordova Mall Area, Pensacola State College + Prime development for residential use - would be ideal for new employees of VT Mae + Property is located within the Pensacola City Limits

Debbie Anglin, SIOR

INSIGHT I BECK PARTERS

0.34 Acres Corner of Beal & Barks FWB 1001 Beal Parkway

Fort Walton Beach, FL 32547 + Great location on corner of Beal Parkway and Barks Drive + 1,248 F Bldg. on .35 acres - fenced - 80 FF x 160 + Across from ZT Motors (Mercedes, BMW, Toyota, Mazda dealership) + Close to Hospital

Debbie Anglin, SIOR

1.93 Acres on W Fairfield Drive 4425 Fairfield Dr Pensacola, FL 32506 + 1.93 acres of high visibility and high traffic retail land adjacent to Home Depot + Flat, graded and ready for a variety of retail uses + Can be combined with the adjoining 1.56 acres for a combined retail land size of 3.49 acres

Justin Beck, CCIM, CPM Rick Locchead, LEED BD+C Chris Cobb

Vacant Land across from Lowe’s on Fairfield 4212 W Fairfield Dr Pensacola, FL 32505

+ Approx. 1+/- Acre of Vacant Land, high & dry + Across from Many Big Box Retailers (Lowe’s, Office Depot, Auto Zone, Chili’s, etc.) + Banks in Area - Wells Fargo, Compass Bank, Members 1st + Zoned COM (Commercial) + 200 FF x 217 Feet Deep, two driveway entrances

Scott Jennings Debbie Anglin, SIOR

160+ Acres in McDavid, FL

10 acre parcel in pace

FOR sale

1111 Lakes Dr Pace, FL 32571 + Outstanding 10 Acre Residential Tract Zoned HCD & R-3 + Potential for 36 Townhome Units + Inside the Prestigious Stonebrook Village & Golf Club + Tremendous Access from Cobblestone Drive

Stacy Taylor, CCIM Justin Beck, CCIM, CPM

Business Relocating

3000 Velor Road McDavid, FL 32568

201 N Pace Blvd Pensacola, FL 32505

+ Large track acreage in McDavid, FL + 163 acres- Zoned AG (allows for 1 unit per 20 acres)

+ Free-Standing Brick Bldg. - Originally built in 1959, restored in 1990 and again in 2007 + Reception Area, two offices, conference room, two restrooms and lots of storage + Security Systems stay with building + 15 parking spaces + Roof in good condition, HVAC replaced 3 years ago

Brittnay Hammac

Debbie Anglin, SIOR Scott Jennings

3.75 Acre land in North Pensacola

3.84 Acres on Neal Rd

7860 Untriener Ave Pensacola, FL 32503

1115 North Navy Blvd Pensacola, FL 32507

+ 3.75 acres near 9 mile road + Zoned HDMU + Permitted for multiple entrances

+ 3.84 acres located in Cantonment, Fl. + Close proximity to Hwy 29 + Zoned HC/LI. Utilities are available to the site + Mobile home on site not included in purchase price, may be purchased in separate agreement

Brittnay Hammac Scott Jennings

Brittnay Hammac

4 Acre Development Site

40 ACRES in Cantonment

506 E Burgess Rd Pensacola, FL 32504

Carrington Lakes Blvd Cantonment, FL 32533

+ 4 acre Developer Opportunity! + Excellent Exposure on High Traffic Corridor + Easy access to I-10 & I-110 +Zoned commercial, allowing for multiple uses

+ Engineered plans available + Just east of Hwy 29 + 57 +/- potential lot development

Brittnay Hammac

Scott Jennings Brittnay Hammac

5,147 sf Restaurant Ready for Renovation 4425 Fairfield Dr

Pensacola, FL 32506 + Sits on 1.56 acres and can be adjoined with the neighboring 1.93 acres for a total of 3.49 acre, plus 2,400 SF warehouse in the rear + High Visibility and high traffic counts + Zoned C-1 with over 365 feet of frontage + 3.49 acres of retail land directly across from Home Depot

Justin Beck, CCIM, CPM Rick Locchead, LEED BD+C Chris Cobb

80+/- acres in Seminole, AL Vaughn Rd Seminole, AL 36574 + Ideal for residential development, acreage estate, or hunting club + Just south of Hwy 90, or 2.5 miles west of the AL/FL line + Sewage disposal would be by septic tanks and water would be by well

Scott Jennings Brittnay Hammac

INSIGHT I BECK PARTERS

how we determine the coverages to provide for you and your home By Cat Liffner

The process of insuring your home starts with us asking questions and having a conversation with you. This is so that we can gather the information that we need on the home, and to find out what kind of insurance you are looking for. One person’s need is always different from the next, so there is never one policy that fits all. We will go over details such as prior claims, animals on the property, diving boards and trampolines, because sometimes these can affect eligibility with some carriers. We also have to look at the age of your home, location of the home and other features. For example, if you have a flat roof, this may not be as easy to insure as a gable or hip roof. If you have an older home, it is also important to determine the updates of the roof, heating, electrical and plumbing by having a 4-point inspection done. All carriers have their own rules on what they accept and reviewing the inspection will show us the features of the home so that we can determine eligibility. The next step is to determine the estimated Replacement Cost of the home, which is going to be the amount that your home will be insured for. This value can be very different than the market value or the tax value because the replacement cost is the estimated cost that it would take to rebuild your home. How much it would be to build with new materials and to demolish the old structure, not the value of the existing structure. It is important to understand that this is simply an estimate, and there is never a guarantee that your home is going to be insured for the exact amount it takes to rebuild.

INSIGHT I BECK PARTERS

The cost of construction and supplies changes over time and when the demand is high, such as after a hurricane, the cost to rebuild or repair your home may be inflated. Once we have determined all of the factors needed to quote your home, we look at the markets to see which carrier would be a good fit for your needs. For example, if you have a need to add extra coverages for jewelry and firearms, we can make sure to quote you a policy that has this option and make you aware of the policy limitations. I recently received a call from a client that was unable to locate her engagement ring and she wanted to know if there was coverage under her homeowners’ policy. She remembered putting the ring in her pocket to make sure that she didn’t lose it while she was at the beach with her family. As she was getting ready to leave, the ring was nowhere to be found. Unfortunately, this is a situation that is not covered under a standard homeowners’ policy, but it could have been changed so there was coverage for an additional fee. This is why it is so important for us to get to know our clients. The more we know about you, the easier it is for us to make recommendations. In most cases, we can get a quote back from the carrier right away. In other cases, we may have to submit more information to the carriers before they release their rate or determine if they can offer a quote. Sometimes it may require a little more research to find a carrier that works. At this point, we now know what the carriers are offering and we can present the different options and recommendations to you to get some coverage in place.

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REDEVELOPMENT: A BEFORE AND AFTER By Shawn Maxey

In 2017, we brought you an update on what was going on at the Interstate Office Plaza on Plantation Rd here in Pensacola. Now, one year later, we have completed the construction process of bringing this property back to life. The New Orleans-based Five R Investment Group purchased Interstate Office Plaza formally known as One University Plaza in August 2016. The firm purchased the four-story office building and the old theater adjacent to it with big plans for the complex. “We saw this as a rare opportunity to redevelop a property that’s been neglected for many years,” Richard Juge, RE/MAX CEO, stated in 2016. Richard Juge led the acquisition and redevelopment of this project. When Five R Investments purchased these properties, their vision was to bring the area back to its prime. Interstate Office Plaza has offered a unique development opportunity to an emerging Pensacola market. “Our group sees a bright future for the Pensacola market with an improving job market and with the inbound population growth” stated Juge. The Interstate Office Plaza complex started its’ remodel in late October 2016. Phase I: It began with the demolition of the 6,500 plus square foot building included in Plaza Two. To make it easier for tenants to access the four-story office building, a driveway to the back-parking lot and an additional 25 parking spots were added. Phase II: Remodeling of the Silver Screen Theater began (now known as Plaza Two). This included remodeling and restoring the entire building inside and out. The old theater’s lobby has become a common area of the building with new bathrooms. Phase III: It kicked off in late 2017 on the existing four-story office building (Plaza One). The building is undergoing continuous repairs and updates to the

INSIGHT I BECK PARTERS

building’s windows, lobby, common area, hallways, bathrooms and outdoor signage, as well as, the painting of the building. The revitalization of Interstate Office Plaza has attracted the attention of several local officials, including Escambia County Commissioner Grover Robinson, who said, “Escambia County is very excited to have Five R Investments redeveloping this property. We feel the redevelopment, when finished, will benefit both our citizens and taxpayers, and we look forward to seeing the finished product.” Several companies have expanded into the building or have relocated their businesses to Pensacola. Once the leasing began, deals were quickly completed. This is due in large part to the help of our local commercial brokers taking a chance and bringing their clients through the complex to see the many upgrades and improvements. Beck Partners is ecstatic to have taken the Interstate Office Plaza from a mere 25% occupancy rate to nearly 70% of the plaza being occupied as of today. “I’m really proud of the finished product and the fact that we used all local companies like Bay Design Architecture and Hanto & Clarke for construction...they’ve been outstanding in this process. We’ve leased up over 17,000 square feet of new tenants and hope to announce another new tenant in the near future,” Juge. The redevelopment of Interstate Office Plaza has impacted the aesthetics of the building and its surrounding area in an extremely positive way. We believe this has encouraged others to think about redevelopment in the area. Neighboring owners have begun updating their buildings and parking lots to reflect positive growth in the area.

1ST RUNNER UP FOR BEST REHAB/RE-PURPOSE DEVELOPMENT OF THE YEAR BY NAIOP NORTHWEST FLORIDA!

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brand you: why build it

By Maggie Whittemore

When you hear the word branding, what do you think about? Maybe a logo, a mission statement, a commercial or a fancy brochure? Do you ever think of yourself? Personal branding has become more and more popular over time. As you have probably noticed, getting your opinions out to the world through various channels is extremely easy nowadays. Why not leverage this to advance yourself personally and professionally? What is a personal brand? It is who you are, why you do what you do and how you present that to the world. It can be a way to connect your name with your business, become a thought leader and/ or advance your career. Luckily, now it is easier more than ever with social media, the ability to have a digital presence, networking functions, events and many other opportunities out there ready to be seized. Letâ&#x20AC;&#x2122;s talk about some good examples of people that have excelled in this. Tony Robbins is focused on coaching people to achieve limitless potential and get results, right? What does he normally wear? A suit with dark colors, right? What about Seth Godin? Marketing and idea creation is his niche. Those glasses are pretty noticeable, right? Ellen DeGeneres is a comedian that is incredibly charitable to people in need. She is usually rocking that button down

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with a V-neck sweater over it, right? Gary Vaynerchuk is a quintessential entrepreneur that provides valuable business insights. Usually, he is dressed more casually in a plain short sleeve shirt or long sweater with jeans. Warren Buffet is considered one of the most successful investors in the world and is known for his financial tactics, right? Normally wears a black suit with a red tie. All of these examples have clear messages that are easy to identify with and they express it with a clear, consistent image. If you want people to relate to you, they must be certain what it is you actually represent and see it consistently. With the amount of content and noise we are all surrounded with, it is imperative to stand out. Why have a personal brand? Guess what? You already have one. Google yourself, look at what people are saying on your social media and ask some of your peers what you do and how they see you. People already have a perception of who you are. This is just a chance to make that perception what you want it to be. Opportunity finds you with personal branding. The brand ends up doing some of the selling or promoting for you because you are providing them value, establishing trust and providing social proof. Social proof is a psychological phenomenon where people assume the actions of others reflect correct behavior for a given situation.

This means that they are more likely to do business based on inputs from an outside party. It is seen as unbiased and more trustworthy. This can be easier to achieve for a personal brand because people buy from people and when people buy into your brand, the results are exponential. It can help your company grow by tying it back into that brand. Mark Zuckerberg, Steve Jobs, and Arianna Huffington are good examples of leaders that use their personal branding to escalate their companyâ&#x20AC;&#x2122;s efforts. They must tie into each other, feed off of each other and complement each otherâ&#x20AC;&#x2122;s efforts. Unique relationships can be forged because you are presented on a broader, more public scale with a clear message of what you do. You might be limited geographically or by industry without one.

How do you create the one you want? You want people to have one thought when you walk into the room or when they look at you online. This is your purpose in life. This is what gets you fired up to do what you do every day. This is how you add value to the world. This is what you are willing to go through pain for and set unrealistic expectations for yourself for. Once you know what this is, you can build your brand around it. As a marketing professional, I see a lot of companies and people struggle with their marketing and communication efforts. The biggest thing I see is that they are unsure what they are marketing, why they are marketing it and who it should be marketed to. The biggest thing with a personal brand is that it has to actually be you. People can tell when you are not being who you really are so there is no reason to fabricate your brand. INSIGHT I BECK PARTERS

Be authentic. Be relatable. Be personable. Be you. People will sense that and be more convinced to follow you and utilize you. Identify the people you want to work with or do business with. How old are they? Where are they located? What are their interests? What kind of education do they have? What is their title? What events do they go to? The list goes on and you might have a few versions of the type of people you want to work with. Build those profiles so you know who you are targeting. Social media, especially Facebook, makes it easy to get the right message in front of the right people. You just need to be clear about who those people are. This does not mean you need to be on every social media channel or participate in every event possible. It is more about finding what works for you in the areas that your audience is participating in. For example, if your ideal consumer is a decision maker in the tourism industry between the ages of 35 and 55, you might not need to be on Snapchat or participate in podcasts for auto junkies. Besides finding your purpose and identifying your audience, you need to ask so other questions to get the overall feel of your brand:

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+ What are your values or morals? + What are the strengths that have helped you succeed? + How do you interact with others? + What is your personality like? + Are you funny, witty, precise, articulate, intense or creative? + Why would people be attracted to your brand? + What do people want you to do for them? + What value can you create for them? Be consistent with your branding. Think about it this way, if you are going off on so many different topics, not taking a clear stance on a subject or changing around your profile every week, how is anyone supposed to know you or what you do? Be clear, concise and help people personally or professionally. Not to just anybody though, add value to your people that you have identified. Absorb all the knowledge you can, stay up to date with industry trends and share it. Be committed to your audience. Listen to want they want, what they are doing, what they are interested in, etc. Then go out and build relationships with other people that are thought leaders in areas your audience participates in. This is called influencer marketing. This goes back to social proof that is mentioned previously. This extends your presence and reaches outside the network you have built. Do this by providing that partner with something that will benefit them as well.

Create and share content that is engaging, educational or entertaining. This can be in the form of blog posts, social media posts, podcasts, videos, etc. This is also your seminars and speaking engagements. Make it interesting, take a stand on something and make it different. Remember, not everyone is going to like you. Find your niche and build that content for them specifically. Finally, monitor your brand and analyze trends. Your digital presence should be maintained, and the analytics should be tracked. Where are your people coming from? What posts are they engaging on? What

is being shared? When are they utilizing my content? Use this to escalate your efforts and pivot as need be. Whatâ&#x20AC;&#x2122;s stopping you? You donâ&#x20AC;&#x2122;t have to create a new product or service line. You just need to look within yourself to find your purpose, your strengths, and your values to provide unique value to the world. Investing in resources like interns, freelancers or employees to help build content and analyze your results could make a world of difference for the momentum of your personal brand. The payoff is well worth it.

#teambeck highlights Growing our Tallahassee office.... 2017 Top 100 Companies to Work for in Florida by Florida Trends!

2017 Top 50 Florida Companies to Watch by GrowFL!

Attended great events

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Team building day

Kristine Rushing received a Pinnacle Award honoring community-leading ladies

We put in some work for our community

Added our dedicated sales coach, Steve Meyer

We give 10% of our profits back to the community, utilizing our Donation Committee that is comprised of our amazing team members

Top Producers: 1st - Stacy Taylor, CCIM 2nd - David Valletto, SIOR 3rd - Debbie Anglin, SIOR Rookie of the Year - Shawn Maxey

F A S T

Became an Accredited Management Organization (AMO)

Up for a challenge? We are searching for other FAST professionals! Find out more at teambeck.com/who-we-are/career/ INSIGHT I BECK PARTERS

LEADERSHIP CEO, PRESIDENT OF REAL ESTATE

KRISTINE RUSHING, cPIA, cIC

REID RUSHING, cPIA, AAI PRESIDENT OF INSURANCE

COO & RISK CONSULTANT

OUR TEAM

JUSTIN BECK, ccim, cpm

REAL ESTATE DEBBIE ANGLIN, SIOR VICE PRESIDENT

FLETCHER DILMORE SALES ASSOCIATE

SCOTT JENNINGS SENIOR ASSOCIATE

STACY TAYLOR, CCIM VICE PRESIDENT

GREGG BECK, SIOR FOUNDER

BRITTNAY HAMMAC

CHRIS COBB

ASSOCIATE

JARED HATCHER

SALES ASSOCIATE

RICK LOCCHEAD

SENIOR ASSOCIATE

SHAWN MAXEY

SALES ASSOCIATE

DAVID VALLETTO, SIOR SENIOR VICEPRESIDENT

SALES ASSOCIATE

JACK WILLIAMS COMMERCIAL ASSOCIATE

BRICE PELFREY, CPM

COMMERCIAL AGENT

cat liffner

DIRECTOR OF PROPERTY MANAGEMENT

Lennie Aguilera

Senior Property Manager

cindy ritchie

Janice Connelly

Executive Administrative Assistant

CORPORATE ACCOUNTANT

Rachel Hayes

Jeff Mack

Property Management Accountant

Jennifer Webster Facility Service Technician

SALES DIRECTOR

Alice Toohill Administrative Assistant

Property Manager

PAIGE ROWE Transaction Coordinator & sales associate

Maggie Whittemore Marketing Manager

support

KAREN THROWER

CL ACCOUNT MANAGER

Tenant Services Coordinator

Steve Meyer

Tammy Ford

PL ACCOUNT MANAGER

Facility Service Technician

DONNIE KEAN

krisse hayes

Insurance

Property management

tim danna

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