2017 Insight Magazine - Beck Partners by Beck Partners

Insight

2016 ANNUAL REPORT | TEAMBECK.COM

THE YEAR OF DEVELOPMENT

PLUS VIRTUAL REALITY: A BRAVE NEW WORLD Exploring a new dimension for CRE

IN RESPONSE TO NPR: THE BUSINESS OF DISASTER Examining the insurance industry’s portrayal by the media

BACK PAGE PROUST Jamming with Colliers Int’l Atlanta’s Jodi Selvey 1

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What’s Inside BECK PARTNERS BUSINESS MAGAZINE |

INSIGHT 2017

Digital Marketing

Perspective

Back Page Proust

Virtual reality technology is poised to make an enormous impact on the commercial real estate industry.

After Superstorm Sandy, the media came down hard on the insurance industry. Was the condemnation justified?

We sit down with Colliers International Atlanta’s Jodi Selvey for some sage wisdom on how to build a successful career.

By Lisa Daiss

4 Year in Review

A recap of what we were up to in 2016.

By Justin Beck, CCIM, CPM

6 Regional Spotlight See what’s new in the Gulf Coast’s major destinations.

By Paige Swain, Shawn Maxey, David Monroe and Jared Hatcher

8 Office Space Happy times are here again for office owners in Pensacola.

By Stacy Taylor, CCIM

By Kristine Rushing, CIC, CPIA

Interview by Brittnay Hammac

24 Top of the Rent Cycle

38 $0 Hurricane Deductible?

Examining Mobile’s 2016 multifamily market.

Widespread deductible savings options are on the horizon.

28 Meeting a Growing Need

40 Giving Back

By David Monroe

An interview with Blake Management Group COO Glenn Barclay.

By Catrin Liffner

Recalling our various community service initiatives throughout 2016.

By Lisa Daiss

By Justin Beck, CCIM, CPM

48 Trending

30 Entrepreneur Feature

A look at the 5 hottest spots on the Gulf Coast.

By Shawn Maxey

42 Around the Office A review of Beck Book Club’s 2016 picks.

35 Coverage Corner

By Justin Beck, CCIM, CPM TEAMBECK.COM

By Reid Rushing, CPIA, AAI

By Brittnay Hammac

50 Available Peruse a selection of our listings.

Would your business be covered if a terrorist attack took place on your premises?

Southtowne: Making Downtown “The Place to Be."

The resurgence of an historic New Orleans jewel.

By Lisa Daiss

Blake Rushing and Pat Bolster jumpstart a new corner of Downtown Pensacola.

12 Downtown: Revolution

46 While We Were Out

60 Meet the Team 44 Revitalization New Orleans investors aim to bring the University Mall area back to its glory days.

By Shawn Maxey

From Mobile to Tallahassee, we’re committed to delivering stellar service through our brokerage, insurance and property management divisions. Meet the individuals who make it happen. INSIGHT | BECK PARTNERS

Year in Review

By Justin Beck, CCIM, CPM

“It’s not what we do once in a while that shapes our lives. It’s what we do consistently.” – Anthony Robbins “When it all comes down to it, nothing trumps execution.” – Gary Vaynerchuk Doing something one time, no matter how complex or difficult, still only requires a singular effort. Last year we published our inaugural issue of Insight, Beck Partners’ annual report on the real estate and insurance industries as we see them, sprinkled with a healthy dose of our people and our culture. So as we began the task of creating this first annual issue, it became clear to me that one of the things that makes our company, our people and our clients so special is the ability to do the work day in and day out. When I wrote this piece for last year’s edition, I beamed with pride at the huge milestones we had accomplished in 2015, including opening our new offices in Pensacola, combining our real estate and insurance divisions under one roof at One51Main, and expanding into the Mobile, Alabama market. As 2016 took shape, it became clear to me that the theme of the year wouldn’t be massive headlines or "that one huge deal," but rather the fact that our team leaned in to the task at hand and steadily went on creating the best year in our history, again. Looking ahead to 2017 I remain extremely optimistic, not because of the state of the economy, not because of who’s mayor, governor or president, but because our success is in our own hands, as it always has been! Insight is meant to be entertaining, educational and of course, Insightful! At a minimum, I hope it serves as a reference and resource for real estate and insurance, but ultimately, I hope it inspires you to do the work you want to do and create a better environment—much like Studer Properties is doing at Southtowne, or perhaps like Ben Weprin has done at the Pontchartrain Hotel New Orleans, or maybe like Atlanta super-broker Jodi Selvey is doing to inspire a new generation of female brokers. Once again, thank you for reading, and enjoy!

Insight EXECUTIVE EDITOR

Justin Beck, CCIM, CPM EDITORIAL EDITOR

Lisa Daiss MANAGING EDITOR

Lisa Daiss ART DIRECTOR

Lisa Daiss CONTRIBUTING WRITERS

Debbie Anglin, SIOR; Douglas A. Bates; Justin Beck, CCIM, CPM; Lisa Daiss; John Fifer, CCIM; Brittnay Hammac; Jared Hatcher; Catrin Liffner; Shawn Maxey; David Monroe; Brice Pelfrey, CPM; Kristine Rushing, CIC, CPIA; Reid Rushing, CPIA, AAI; Paige Swain; Stacy Taylor, CCIM; Todd Thomson; David Valletto, SIOR This magazine is a product of Beck Partners

Headquarters 151 W. Main St., Suite 200 Pensacola, FL 32502 850.477.7044

To order more copies or learn about advertising options, contact Lisa Daiss at ldaiss@teambeck.com. Publishing services provided by

Justin Beck

President and CEO Beck Partners

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The Printing Company

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Beck Partners Wins 2016 Entrecon Employer of the Year Award One of our greatest honors of 2016 was being named Employer of the Year at Studer Community Institute’s Entrecon. “We feel that this award really is an honor given to each one of our team members, because they make our organization what it is. We just do our best to be intentional with their growth, development and creating opportunities for everyone to succeed,” said Kristine Rushing, Beck Partners’ COO. The inaugural Entrepreneur Awards recognize the achievements and economic impact entrepreneurs and businesses have on their community. Award categories aim to honor businesses at every stage in their life cycle, from start-ups to family businesses that span multiple generations. Beck Partners strives to stand out as the top choice for anyone looking to join a successful, fun, fast-paced and driven team. With over 30 employees in three locations, our rapidly growing firm emphasizes employee happiness and well-being as one of our core cultural tenets.

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Regional Spotlight PENSACOLA By Paige Swain With most Pensacolians in agreement that the city is headed in the right direction, the future continues to look bright for the City of Five Flags. Job growth is at its highest percentage in a generation, and the local economy is showing no signs of stopping. Southtowne, the Studers' latest project in the ever-growing downtown region, prom-

DESTIN By Shawn Maxey Destin and South Walton County are continuing to experience a resurgence, and 2017 will be one for the books. In the 12-mile stretch from the Destin Bridge to Sandestin, two new shopping centers have recently been built: Seascape Towne Centre and City Market Bayside. The retail market is hot in the area, with most centers being leased up already—showing demand for more developments to hit the market. With the popularity of Destin and South Walton Beaches and all the jobs being added to the area, there is a major influx of families moving to the area and vacationers coming back year after year. The housing market is on fire, with families looking for their dream homes to savvy investors looking for 6

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THE GULF’S MAJOR PLAYERS

ises to not only bring exciting new additions to the downtown skyline, but also to be an economy booster and employment maker. The entire neighborhood project is estimated to cost $85M and bring around 200 local construction jobs—100 of which are planned to be permanent. Studer is hopeful that the $400,000 yearly property tax revenue will help fund local schools and add to improving the quality of life for Pensacola residents, thus fulfilling Studer’s vision “to make the Pensacola Metro Area the greatest place to live in the world.” Downtown Pensacola isn’t the only area of the city experiencing growth. Navy Federal, which announced a 1.5 million SF expansion

scheduled to open this summer, is bursting at the seams in its current Nine Mile Rd. location. The world’s largest credit union completed its best year yet in 2015, and is expected to surpass those totals for 2016 and 2017. Navy Federal’s current campus boasts 4,500 employees, with the new infrastructure promising to bring an additional 2,000 workers. But that is only the beginning of their planned expansion. Another 1.1 million SF, $594M second phase will add capacity for 5,000 more employees by late 2018/early 2019. This will bring the local total of Navy Federal employees to 10,000 by the year 2020. While the headquarters are still located in Vienna, VA, Navy Federal’s Executive Vice President Debbie Calder stated that Pensacola will be where the majority of their growth will be “for the foreseeable future.” Anyone skeptical of the strength of the economy and health of the markets should look no further than Pensacola.

a great beach rental for their portfolios. Below are a few projects that are underway in the Destin area and are scheduled to break ground in 2017. The Seascape Towne, located

Village Door, Acme Oyster House and others. Grand Boulevard at Sandestin Town Center is expanding their retail space to their master project inside the Grand Boulevard Mall. During 2016, they added a Starbucks and Jimmy John’s in front of the Publix, and new retailers Vineyard Vines, Lilly Pulitzer, and Anthropologie in the shopping mall. In the spring of 2017, a 12,000 SF Pottery Barn will make its debut. The biggest development in the area is the Baby Grande (now in Phase II). This behemoth will be the newest addition to the HarborWalk Village. The nine story project will include 90 multi-family short-term units and 25,000 SF of retail space, as well as a new parking deck and a 251 room hotel. With all of this exciting progress, the markets in Destin and South Walton Counties will soon look very different.

at the Seascape Resort, is a 55,000 SF commercial lifestyle center set to open in spring of 2017 and will include retailers like 2 Birds Coffee Shop, John Wehner’s

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MOBILE By David Monroe Mobile is growing quickly, with new development and redevelopment all over the city. Airbus – In 2012, Airbus laid out the plan for a $600M facility to create 1,000 new permanent jobs and 4,000 indirect jobs through airliner production in Mobile. The Mobile Aeroplex facility, located on a former Air Force base, now hosts the final assembly of a family of A319, A320 and A321 aircraft. In June 2015, the first components of the JetBlue A320 arrived in Mobile to great fanfare and were delivered via a Mardi Gras-style parade from the Mobile Con-

TALLAHASSEE By Jared Hatcher The Tallahassee market has continued to boom in 2016, and 2017 is set to carry on the trend. These three projects are the reasons why: Washington Square: This huge mixed use project is located on 1.33 acres at the northeast corner of South Calhoun Street and East Jefferson Street. The project, by Fairmont Development, will consist of a 19 story, 575,840 SF mixed use building that will host a 260 room hotel, 33 residential condos, four restaurants, office space, conference rooms and a ballroom. It’s expected that the complex will be finished by June 2018. We are very excited to see this downtown urban growth! Collegetown Phase III: Phase III is located on 1.79 acres at the southeast TEAMBECK.COM

tainer Terminal to the final assembly line. With production starting March 2016, there are already 500 employees, but that number looks set to expand. Since the assembly plant opened in September 2015, 15 suppliers have followed. Austal USA – When Austal USA set up shop in Mobile in 1999, the company had fewer than 100 employees on 14 acres. Since then, they’ve generated around $31M in tax revenue and created around 15,000 direct and indirect jobs. The company’s presence goes far beyond that of being the largest employer in the area. The University of South Alabama – The University of South Alabama provides students a quality education in fields from business to health care. USA offers nearly 100 undergraduate, graduate and doctoral degrees through its nine colleges and schools, enrolling more than 16,000 students annually. It’s also an

economic driver for the central Gulf Coast, with an annual economic impact exceeding $3B. In health care, USA plays a dual role by providing students outstanding medical education through colleges of Medicine, Nursing and Allied Health Professions, and the community with advanced and innovative care through the USA Physicians Group, Medical Center, Children’s & Women’s Hospital and the Mitchell Cancer Institute. Downtown – Downtown redevelopment is in full swing. The RSA redeveloped the Van Antwerp Building into a mixed use beauty that quickly filled to capacity, and a developer out of Jackson, MS has begun construction on The Meridian on The River, a 268 unit, five story, Class “A” apartment complex located where the old Delchamps used to be on Water Street. Mobile will continue to grow through 2017 as developers have not taken their feet off the gas. We show no signs of slowing down yet.

corner of West Madison Street and Lorene Street. This project will result in a seven story, 129 unit student housing building with 300 beds and 6,000 SF of street level retail and a seven story parking garage. This project will add significant traffic to the already popular College Town, and this area will continue to thrive. Cascades Park: “Capturing the spirit of Tallahassee and creating an iconic sense of place in the downtown region.” National developer North

American Properties, in partnership with Uptown Rental Properties, has proposed a $158M mixed use development on East Gaines Street, north of Cascades Park. Project components include mid-rise residential, retail, office, restaurant and

hotel space built to maximize views of the park and the Capitol building, along with pedestrian-friendly paths to connect the development to downtown. At the heart of the development is “Festival Street,” a main corridor that can be closed off to support pedestrian-only events, food trucks, pop-up retail and outdoor entertainment. (Source: cascadesproject.com) INSIGHT | BECK PARTNERS

Office Space

BOUNCING BACK

The eight story One Pensacola Plaza building on Romana Street

Enjoying the Present, Planning for the Future Happy times are here again for office owners in Pensacola. By Stacy Taylor, CCIM

andlords seem to be enjoying the good times again. The Pensacola office market is very tight but unique. Overall, Pensacola carries very little Class “A” vacancy, but there is a significant amount of Class “B” space on the market. Pensacola is still maintaining strong rental rates for quality properties and landlords for the properties that aren’t offering significant improvement allowances. As is true with any market, owners with funds available for tenant improvements are having the most success in getting deals done. Much of the “B” grade product is being offered on an “AS IS” basis, with little or no allowance money available. Those owners typically prefer to offer free rent in lieu of funding tenant improvements due to the lack of readily available funds. The CoStar advisory reports post overall market vacancy for all office product at less than 6%, with downtown reflecting the same. Low vacancy usually spells new construction, which we’re also starting to see. With regards to absorption, Pensacola is still experiencing a bit of the “musical chairs syndrome.” We haven’t seen much in the way of new regional or national tenants entering the office market, particularly downtown. However, the area has experienced some organic growth from existing tenants, which has enabled us to maintain a landlord-friendly market. Navy Federal continues to add employees and expand their campus. That should lead to additional growth with ancillary 8

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businesses that service Navy Federal Credit Union. In addition, the Studers continue their investment into our core downtown market. Construction is underway on his $85M, mixed-use Southtowne project. The project consists of 258 apartments, a $16M YMCA, a 65,000 SF office building and 40,000 SF of ground floor retail. The majority of the office space is leased to Clark, Partington & Hart, Pensacola’s largest law firm, but there will be approximately 14,000 SF of space remaining in the building. This will be the first project of its kind in Pensacola, and can only spur additional growth in the downtown market. Other projects of note include the Servis 1st office building on Garden Street, the redevelopment of Palafox Place and the announcement of the Mobile-based VT Mobile Aerospace Engineering expansion into Pensacola. This expansion will bring 400 jobs to the area with a healthy average pay salary. All of these projects bode well for the community and should continue to facilitate growth and expansion in our market. In summary, the office market is healthy. The new projects mentioned will add some vacancy, but with occupancy levels being what they are, the effects should be minimal. Continued growth in the economy will lead to further internal expansion from existing tenants within our market, which will assist in offsetting future deliveries. Also, look for rental rates to remain flat in the coming year. For owners who manage their properties soundly and budget for future capital improvement and tenant allowances, 2017 should continue to be prosperous. Quoting from Proverbs, “The wise man saves for the future, but the foolish man spends whatever he gets.” TEAMBECK.COM

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DONE DEAL. Property Address: Challenge:

Action:

5111 N. 12th Ave. Pensacola, FL 32504 When Midway Corporation, a family owned real estate investment company located in Detroit, received notice that their long-time tenant was altering real estate strategies and would not be renewing their 22,000 SF Class “A” building, they knew it could be challenging to find as strong of a replacement. Midway Corporation owns properties throughout the country and leases to credit tenants, and their goal would be to continue this strategy in Pensacola. Unlike major markets however, 22,000 SF is a large space for one tenant to occupy, and the base for such a tenant is extremely shallow. Midway Corporation engaged the experienced leasing team of Gregg Beck, SIOR, Justin Beck, CCIM, CPM, and John Fifer, CCIM. The team was hired to not only identify a credit worthy tenant to lease the entire space, but also to advise on a myriad of other local issues the landlord would encounter. In order to procure the right tenant and the best deal, the team quickly set in action a marketing plan that included detailed collateral including up-to-date plans, professional photos and aerial photos. Furthermore, a survey of existing systems was investigated, and a detailed study of operating expenses was conducted to ensure the offering was inline with the market. Next, Justin Beck and Fifer conducted detailed market research and determined that the most logical tenant would be healthcare-related.

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To explain, given the building’s strategic location to the market’s largest hospital and the property’s substantial construction and quality finishes, the space made the ideal location for a company operating in the healthcare space. After the strategy was developed, the tenant began an aggressive prospecting effort that included regular updates with ownership through Beck Partners’ activity tracking system. Result:

After more than a dozen market tours, the leasing team identified the ideal tenant: a national healthcare services company looking to relocate within the market. Unfortunately, the business unit in search of space only needed 15,000 SF, well under the 22,000 SF available. In order to make the deal happen, the leasing tenant and the tenants’ representative identified another business unit of the company that could take the additional space, resulting in a lease for the entire space at asking rate, with one parent company and two business units.

“Gregg, Justin and John provided

the expertise and creativity we needed to secure a great lease for our building. It’s great to have a broker you can trust, and one that works as hard as Beck Partners does.” –Joseph P. Boyle,

Midway Corporation

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2017 Legislative Preview

A look at what could affect Florida businesses this year. By Todd Thomson, Vice President of Public Affairs | Pensacola Chamber of Commerce

here are a number of issues important to the commercial real estate world that the Florida Legislature will address during the 2017 Session. Some of these issues are repeats from last year, while others are fresh for 2017. The Business Rent Tax cut will be back on the table for consideration in 2017. This tax break made considerable progress in the House of Representatives last year, but was bogged down in the Senate. This is an issue that the business community at large would like to see addressed. While an elimination of the tax is unlikely, there is hope that the state would at least look at a reduction in the rate.

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Another key issue for the commercial real estate industry and the business community in general is workers’ compensation. Due to two Florida Supreme Court cases from last year, workers’ compensation rates are currently undergoing a 14.6% average increase. The increase will be greater for the construction industry and related fields due to their nature. A collection of business groups are working together to bring legislation forward to help stabilize rates so we don’t see the dramatic increases we are now experiencing. While this is more of a local issue, there are proposals popping up in cities across the state that seek to monitor energy consumption of commercial buildings and potentially issue fines for “inefficient buildings.” If passed, these ordinances would raise the costs of operating a commercial building. By passing a state pre-emption law, the Legislature can prevent local governments from taking this

kind of action. It will also be interesting to see how the budget is handled this year. Due to projected increases in health care costs, the state faces a potential budget shortfall in the coming years. We will need to monitor how this will impact other portions of the state budget.

Todd Thomson has served as Vice President of Public Affairs for the Pensacola Chamber of Commerce since February 2015.

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Downtown: Revolution

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“If you don’t have a downtown, you really

don’t have anything. It’s hard to build a community around parking lots and subdivisions.” -Ed McMahon

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The Year of Development

SOUTHTOWNE

Southtowne: The Anchor of Downtown Making Downtown Pensacola “The Place to Be.” By Justin Beck, CCIM, CPM

s a lifelong resident of Pensacola, I’ve been able to bear personal witness to the changes our town has experienced throughout the years. Like many, I remember driving down Palafox Street in the evenings looking at dark storefronts and empty sidewalks. Over the past few years, I've met with and discussed Downtown Pensacola with people from every possible walk of life, and it's clear that the positive effects are far-reaching. In these discussions, however, I’m quick to correct those who make the mistake of calling it a "resurgence" or even a "renaissance." Why? because those words evoke a feeling of going back to better times, or recreating former greatness. What we are seeing today is now beyond former greatness, it's a revolution.

“I’m quick to correct those who make the mistake of calling it a 'resurgence' or even a 'renaissance.' Why? because those words evoke a feeling of going back to better times, or recreating former greatness. What we are seeing today is now beyond former greatness, it's a revolution.” - Justin Beck, President | Beck Partners I believe that Pensacola is reaching critical mass, and is positioned to exceed anything we’ve seen before. In May of 2009, a long-time client called to ask my father, Gregg Beck, if we would research the salability of their local headquarters and printing facility located in Downtown Pensacola. The client of course was Gannett, owner of the Pensacola News Journal. Our company had been fortunate to call them a client for over 20 years, with Gregg assisting them in the acquisition, disposition and leasing of various properties throughout the Pensacola area. This request, however, was different. The home of the 14

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Pensacola News Journal encompassed a full city block in the core of downtown along with two other parcels, one to the north and one to the south. The single story main office building was an edifice straight out of the Cold War, and the massive, concrete, tile-walled printing facility was a windowless monolith that rose three stories skyward. Keep in mind that it was 2009, and we were in the depths of the Great Recession. In short, this wasn’t going to be an easy task. An asking price was established in early 2010—based more from gut knowledge than verified comparable sales, since there wasn’t anything like this in the region. We began marketing the property and despite its “unique opportunities,” we garnered very good interest. In fact, several offers surfaced, but no one had the ability to close given the difficulty of the deal. No one knew what to do with it. The best idea anyone could come up with was to raze everything and start over—but that would be expensive. Enter Quint and Rishy Studer. On December 30, 2013, the sale of nearly five acres of property from Gannett Company to the Studers closed for $3.4M, and the process of creating what will become an exciting new neighborhood in the Downtown Pensacola core began. It’s hard to believe that 2017 will mark my eighth year since first becoming involved with this property, but there’s no doubt it will be the most exciting one yet. Beck Partners is incredibly fortunate to continue the relationship with Studer Properties that began several years ago, and we are just as excited to be a part of this centerpiece development for Pensacola. As the commercial leasing agent and property manager, we have the opportunity to be part of a project that will truly redefine living in Downtown Pensacola: Southtowne. We’re thrilled to announce that Southtowne will be home to: • • • • •

The brand-new, world class $16M Levin Bear Studer YMCA 258 amenity-rich luxury apartments A six story parking garage Street level retail featuring restaurants, shops and services such as health care, a pharmacy and more A 53,000 SF office building with 11,000 SF of ground retail space

One of the region’s premier law firms, Clark Partington, is already set to move its offices to the third and fourth floors of the new four story, 53,000 SF Class “A” office building. Although we’ve only been actively marketing the space for a short time, the response has been unbelievable. I have no doubt that Southtowne will be the home to an ideal mix of tenants that will service the residents of the new flagship development, as well as the rest of the downtown area. TEAMBECK.COM

RETAIL

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Brick by brick, the Southtowne development will soon change the face of Downtown Pensacola

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Office and Retail at Southtowne, planned for 125 Intendencia Street

PHOTO: SHAWN SANDUSKY

The brand new $16M Bear Levin Studer YMCA, located at the corner of Intendencia and Tarragona Streets

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Digital Marketing

GETTING CONNECTED

Virtual Reality: A Brave New World

Exploring a new dimension for CRE.

By: Lisa Daiss

t’s easy to excuse the commercial real estate industry as a change-resistant dinosaur. Excel spreadsheets, PDF flyers and the almighty telephone still dominate how a lot of brokers conduct their business. But workforce demographics are shifting and a new generation is replacing the old guard. With that will come a new way of doing business, and investors and venture capitalists are beginning to recognize the enormous potential in the largely untapped commercial real estate industry. From 1Q2012 to 2Q2016, $5.5B was invested in real estate technology. To illustrate the rate of growth in those four years, consider this: 15 deals totaling $49M were struck in 1Q2012, versus 44 deals totaling $1.77B in 2Q2016 (Source: cbinsights.com). That’s more than a 3,512% monetary increase between quarters just four years apart. Investors are sensing blood and have started circling. Industry-specific, cloud-based customer relations management (CRM) software, blockchain technology and syndicated listing platforms are among the many new potential game changers trying to break through as the next big evolutionary step in commercial real estate. But as a marketer, I find one emerging piece of technology particularly exciting: Virtual reality. The promise of virtual reality has been around for decades, but until now, technology was not advanced enough to support it. Affix a headset, go nowhere yet go everywhere—that has been the allure of virtual reality since mankind dreamed up the concept.

“Affix a headset, go nowhere yet go everywhere—that has been the allure of virtual reality since mankind dreamed up the concept.” - Lisa Daiss, Marketing Manager | Beck Partners Commonly thought of as a novelty for gamers and geeks, society is beginning to recognize virtual reality’s vast opportunity for real world application. Now that the technology is finally catching up with the fantasy, commercial real estate is among many industries aiming to get in on the ground floor. Its 20

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benefits specific to the industry make investing in virtual reality a no-brainer. A worthy investment According to Goldman Sachs Research, virtual and augmented reality is predicted to become an $80B market by 2025 (that might sound far away, but it’s only eight years from now!). And of that $80B, $2.6B will be specifically in real estate. Virtual reality opens up the market to a much deeper prospect pool, as any investor from San Francisco to Abu Dhabi can realistically tour a space without actually being there. Instead of relying on flat photos, videos and a broker’s rosy descriptions, a prospect can guide themselves through a space, scrutinizing detail and placing themselves within the four walls in more experiential participation. The actual technology, mostly based in headsets and smart phones, can range from a fully immersive video tour to a video game-like experience, where you are at the controls for how you tour a space. Walk this way, walk that way, look up, zoom in on this, pull up and see that room from above—every move is up to you. If a picture’s worth a thousand words, virtual reality is priceless. Depending on the type of software and the size of the space or building, virtual reality scanning could cost anywhere from a few hundred dollars to tens of thousands. It might not make economic sense to employ this software for smaller listings, but for multi story buildings and multi million dollar deals, the bang is arguably worth the buck. TEAMBECK.COM

However, it’s important to consider that as with most new technology, as it becomes more widespread and the market gets more and more competitive, prices will drop—rendering even the smallest spaces affordable to showcase with virtual reality. By 2040, virtual reality tours in commercial real estate could become the norm, greatly reducing the need for time-consuming, costly physical site tours. Property tours from your desk chair One of the most obvious benefits of virtual reality in commercial real estate is the ability to tour properties remotely. Going on site visits, especially if you are an investor from out of town, can cost you or your company thousands of dollars a pop. From airfare to hotel rooms to transportation and meals, the dollars add up. What if there were a way to transport yourself to a building without leaving your desk chair? Thanks to virtual reality, you can do just that—in a more realistic and life-like way than most of us could have previously comprehended. Tapping into virtual reality means having the ability to tour five different properties in

one afternoon, all in different cities across the United States. In a way, virtual reality bends time and space. Nerd out on that for a second. The ability to vet potential buildings and spaces before investing time and money to go see them in person is a huge benefit, and could end up saving you or your company hundreds of thousands of dollars over time in travel costs. Talk about increasing efficiency and slashing expenses. Showcasing what could be Perhaps one of the most valuable aspects of virtual reality is that it can build out a space that doesn’t even exist yet. The capability to virtually construct and personalize a space geared toward a certain prospective client enables them to better imagine the space as TEAMBECK.COM

their own, which is a huge weapon for sellers and brokers alike. Building out the space for a possible client by adding potential furniture options, themes and fixtures that reflect their own brand (created through Computer Generated Imaging) is significantly cheaper, less logistically challenging and has greater customization potential than using staging furniture. Taking it a step further by adding logos and other branding flare really showcases to a client how at home they could feel in that space. It’s difficult for potential tenants to envision themselves in a building that isn’t near completion. Virtual reality can tap into that imagination. Speeding up the process Additionally, virtual reality can expedite the decision-making process when a lot of key stakeholders are involved in a project. By needing only a headset, smartphone and the right software file, each individual involved in a project can explore the space on his or her own time, and in an immersive way that was previously inconceivable. Virtual reality can get the ball rolling more quickly

by helping speed up the decision making process. The technology can also help facilitate phases of design, by making architectural concepts more comprehensible for tenants. Ever try to understand an architect talking about her vision for miesian fenestration? It’s much easier to throw on a virtual reality headset and check out the floor-to-ceiling windows for yourself. Virtual reality can help mitigate the back-and-forth between site plans and clients, saving both parties time, resources and money. Virtual reality is a brave new world, not just for commercial real estate but for everyone beginning to embrace the magnificent technology that’s finally starting to fulfill its promise. Thanks to virtual reality, the phrase “site-unseen” will soon become as obsolete as “adjust the TV antenna” or “like a broken record.” n INSIGHT | BECK PARTNERS

DONE DEAL.

Property Address: Challenge:

Action:

Result:

5033 N. 12th Ave. Pensacola, FL 32504 This transaction involved the sale of a building that was home to a local home furniture and furnishings business. The building was first class and surpassed local codes for strength and durability. It was developed on what would be considered a secondary arterial to the Cordova Mall commercial district. The roadway has become a much more traveled road in correlation with the expansion of the Pensacola International Airport, Sacred Heart Hospital and Baptist Hospital’s new airport development. The seller had decided to sell and contracted Beck Partners’ David Valletto, SIOR after an unsuccessful period with another firm. Valletto had discussed the property with the seller about a year prior to listing the property and luckily kept all of his notes. The owner stated he wanted to get the property under contract within 60 days, which is exactly what Valletto did.

The unique construction and floor plan were ideal to enhance and extend Cole’s vision of the business. Cole conducted numerous surveys of other jewelers in order to determine the new “look” for Bere’. The new flagship store will reflect not only the high quality of Bere’ Jewelers, but the people behind it.

“I entrusted David with a situ-

ation where I needed to move my property ASAP. I gave him a short time frame and told him I wasn't looking for a listing agent, I was looking for a selling agent. He said he could get it done, and he did —on time and at asking price.”

–Mickey Johnson, Luxe Home Interiors

The property was bought by Barry Cole, owner of Bere’ Jewelers, which was then located about a mile from the property.

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Retail Rewind

STILL GOING STRONG

A Sector on the Rise

Deals are getting done in Northwest Florida, but roadblocks persist. By Stacy Taylor, CCIM and John Fifer, CCIM

etail is on the rise in Northwest Florida. Over the last 12 months, our retail leasing team has experienced a significant rise in activity for shopping centers, outparcels and retail land sites. With the economy gaining steam and the stock market at an all-time high, consumer confidence seems to be driving demand for retail expansion and growth. Despite news of Macy’s, Kmart and Sears closing locations, retail expansion appears to be the trend with the majority of our clients. Of the 20 shopping centers in our portfolio across Northwest Florida, we’ve experienced a tremendous surge in inquiries for large anchor spaces, inline shops and outparcels. Large anchor spaces have been filled by discount grocery, discount retailers, gyms, alternative uses such as call centers, and of course, restaurants continue to excel as well. Despite what many analysts have reported, e-commerce hasn’t destroyed the need for brick and mortar retail locations. ICSC President Tom McGee recently reported that e-commerce only accounted for 7% of all $4.7 trillion of the country’s retail sales. In fact, research has shown that e-commerce is actually driving more activity to physical locations. An example of this trend is Amazon opening book shops and “pop up” stores where customers can browse on their various devices. Amazon also wants to open 2,000 grocery stores where customers “click and collect” grocery items they previously ordered online. This macro view is holding true for Pensacola and Northwest Florida in general. While the majority of national tenants will only consider primary trade areas like Cordova Mall in Pensacola, Destin Commons in Destin and Pier Park in Panama City, there is still an overwhelming demand for B+ centers in secondary areas from local and national tenants. Our team completed over 30 retail transactions in 2016 and will exceed that in 2017. Deals are getting done across the Panhandle. Pensacola Retail Rundown: Why can’t we get Trader Joe’s in Pensacola?! We get this question on a weekly basis. And believe us, we’ve tried. The feedback we’re receiving is a combination of factors including lack of quality sites at affordable rates in the Cordova Market, distribution issues to Northwest Florida, population density and insufficient household incomes. Chipotle, PF Chang’s and many of the other trendy nationals share the same concerns with regards to our market. Over the next 12 to 18 months, we believe the trend for expansion in Pensacola will take place along Airport Blvd. and Brent Lane. It’s a natural progression and we’ve seen signs already with the new Mattress Firm and Outback Steakhouse deals being completed at the intersection of Davis Hwy and Airport Blvd. With a new, large senior project planned across the street and affordable vacant land in the immediate area, look for this trend to continue. Another area of growth to note is the Nine Mile Rd. corridor between Hwy 29 and University Parkway. There were several large, anchor type transactions in this area during 2016, with a few others pending, and it will only continue to strengthen. Tallahassee Retail Rundown: Tallahassee has several hot spots these days. Gaines Street has boomed with retailers and restaurants capturing FSU’s student population. Publix is building a smaller footprint store on Gaines Street similar to its locations in Gainesville near campus and East Hill in Pensacola. The Magnolia Grove development added a Starbucks, Which Wich, Stanton Optical, Smashburger, Bento Pan Asian, Mattress One, Blaze Pizza, Village Inn and Home2 Suites by Hilton. Thomasville Road in Northeast Tallahassee is hot with a lot of existing retailers in that part of town. With the success of Bannerman Crossing, we will continue to see growth in that direction for many years. TEAMBECK.COM

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Market Update

AT THE SUMMIT

Top of the Rent Cycle

Examining Mobile’s 2016 multifamily market. By: David Monroe

he Mobile MSA, which includes Mobile and Baldwin County, traded $163,680,000 worth of inventory in 2016. This is a 15% decrease from last year. The average cap rate for all multifamily sales was 7.9%, the lowest at 5.1% and the highest at 12.8%. The average price per unit was $51,212, the lowest at $18,200/unit and the highest at $126,573/unit. Rent growth in 2016 averaged 2.4% versus 4.2% last year. Vacancy increased 1.1% and concessions increased 1.7%. Rents began falling back a little from an average price per square foot of $0.78 in the third quarter to $0.77 in the fourth. In 1Q2016 the average effective rent per unit was $715 with a peak of $731 in 3Q2016 and finished the year at $721 per unit. There are 34,095 existing units in the Mobile MSA with 823 starts and 582 under construction. We delivered 543 units over the last 12 months and had a -87 unit absorption. With the increase in vacancy, increase in concessions and lowering of rents to end the year, it appears the Mobile market is at the top of the rent cycle. We will need to watch 2017 closely to see if the rents flatten out, increase again, or if the trend continues downward, possibly showing signs that renters are moving back into the housing market. With interest rates on the rise, the flattening of rents and slight increase in vacancy, I expect 2017 will be a big sales volume year with the value add investors who purchased from 2011-2013 to start cashing in on their rewards. We also expect to see the developers sell their Class “A” properties as they stabilize to reap their benefit. This should lower cap rates and the price per unit value across all multifamily asset classes.

Mobile, AL Multifamily Market Total

2822 8.3 1.1

582 1.7

Deliveries Properties

6000

Under Construction %

7000

349

Deliveries %

Decrease

Deliveries Units

Increase

4 -42 -0.1

5000 4000 3000

725 733 0.77 2.4

2000 946

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Under Construction Units

Under Construction Properties

Net Absorption %

Net Absorption Units

Vacancy % Growth/Yr

Vacancy %

Vacancy Units

Effective Rent Conc. %

Effective Rent % Growth/Yr

Effective Rent Per SF

Effective Rent Per Unit

Asking Rent % Growth/Yr

Asking Rent Per SF

Asking Rent Per Unit

325 Inventory Avg. SF

Year

Inventory Properties

1000 0

0.76 2.2 1.1

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DONE DEAL. Property Address: Challenge:

113 E. College Ave. Tallahassee, FL 32301 This property is a high profile building in the heart of Tallahassee. A four story multi-tenant office building, the structure sits at 17,000 SF. Tenants in the building include: JP Morgan, Association of Florida Colleges, Space Florida, Liberty Partners and RSA Consulting. There were multiple interested parties in this highly sought-after property before even going on market.

Action:

Beck Partnersâ&#x20AC;&#x2122; Jared Hatcher moved extremely quickly to submit an offer and begin negotiations on the multi-million dollar deal. This was all done in a matter of hours.

Result:

Hatcher successfully negotiated the deal for his client by beating out multiple bidders. The building sold for $2.5M on January 6, 2017 to an LLC owned by Jennifer Green and Ron Pierce.

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850-637-8479 allseasonsservicenetwork.com

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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

Follow the Rules, and Let the Buyer Beware Examining caveat emptor’s role in commercial real estate. By Douglas A. Bates, Shareholder | Clark Partington Attorneys at Law

he long-standing concept in American law known as caveat emptor, or “buyer beware,” is still alive and well in the State of Florida with respect to the purchase and sale of commercial real estate (though quite dead in the residential real estate context, see Johnson v. Davis). In its most basic application, the concept of caveat emptor shifts the burden of discovering property defects to the buyer of commercial real estate, largely relieving the property sellers from any duty to disclose latent defects known to the seller that may negatively affect the property’s value. As a consequence of the rule, buyers often opt to undertake significant 26

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due diligence prior to closing on any sale of commercial real estate property, or make the choice to forego such due diligence knowing that they do so at their own peril. While the concept of caveat emptor shifts the responsibility to the buyer, let the seller, and the seller’s broker, beware also. There are several exceptions. One exception explains that under caveat emptor, the seller is not allowed to actively interfere with a buyer’s attempts to discover defects in a commercial real estate property prior to closing. A seller should be certain to avoid actively concealing defects that are known to exist, or fundamentally misrepresenting the condition of any property being sold. As a general rule, buyers may be expected to fend for themselves, but this general rule does not give the sellers license to make misrepresentations or actively conceal defects. While buyers may be well-advised to perform extensive due diligence before closing on the purchase of any com-

mercial real estate property, the doctrine of caveat emptor does not require them to decipher calculated misrepresentations and other forms of concealment. Of course, contractual provisions existing between a buyer and a seller often address certain issues relating to the purchase and sale of commercial real estate property, and any contractual provisions that exist will necessarily have the potential to create varied results. Astute brokers will keep their eyes open for these issues, and astute sellers will make certain to engage brokers with a track record for integrity to avoid being saddled with liability long after the checks are deposited and the closing dinner table is cleared. This information should not be construed as legal advice. Its applicability is dependent upon specific facts and circumstances and is provided for informational purposes only. You should not act upon this information without seeking advice from a lawyer licensed in your own state. TEAMBECK.COM

CRE’s Top Tech Companies

Five gamechangers that are moving our industry forward. By Justin Beck, CCIM, CPM As commercial real estate catches up with the technology curve, a handful of companies have already established themselves as trailblazers. Here are a few of our favorites—some we’re already using, and some we can’t wait to try. Apto Apto is the only web-based brokerage platform for managing contacts, properties, listings, deals and all the back-office needs of a full service real estate firm like ours. As the industry graduates from Excel docs and saving to desktops to working in the cloud, Apto is a godsend for a growing firm. An app designed for the CRM behemoth Salesforce, Apto simplifies its capabilities and constructs the interface specifically for commercial real estate. That’s precisely why our firm uses Apto. (www.aptotude.com) Honest Buildings We are anxious to give this one a try. Honest Buildings is geared toward owners and managers that need better data at their fingertips to make decisions on capital and construction projects. It’s currently being used by several of the world’s biggest property owners such as SL Green, Vornado and Invesco. (www.honestbuildings.com) Hightower Hightower allows automated report creation, deal tracking, side

DONE DEAL.

by side proposal analysis, stacking plans and site plans—all accessible from anywhere, on any device. It’s the first end-toend leasing software that offers real-time leasing analytics and insight into the performance of your clients’ portfolios. Hightower saves time and allows for fast, effective collaboration. (www.gethightower.com) PeerStreet There are a few companies out there providing crowdsourcing real estate investments, but after meeting Founder Brew Johnson this year, I think PeerStreet is a winner. The site is easy to use, and the deals are really attractive. PeerStreet focuses on offering real estate-backed loans that are usually shorter term (about 6-18 months), and the returns are very enticing. (www. peerstreet.com) Buildout Buildout is our go-to source for marketing our properties. The company’s software produces branded brochures and proposals easily, allowing our brokerage team to spend more time selling and less time in the office. Digitally, Buildout integrates with our website beautifully to list all of our properties and drive traffic to teambeck.com, and also syndicates with other listing sites like OfficeSpace and theBrokerList. (www.buildout.com)

Action:

After a successful previous transaction, Sonic Automotive engaged John Fifer, CCIM and Justin Beck, CCIM, CPM to find the right location. After extensive research and due diligence, Sonic and Beck Partners agreed the corner of Industrial and Pensacola Blvds. provided exceptional visibility, full access and a lighted intersection in the bullseye of “Car City.” However, in order to accommodate the new dealership, a two-property assemblage would need to be structured. One of the sites was only offered as a ground lease, so the team went about negotiating a purchase for one site and a ground lease for the other, all the while ensuring that both agreements created a situation where Sonic could build and operate a dealership on the two parcels.

Result:

Sonic Automotive’s Pensacola Audi dealership is set to open in the spring of 2017 and will be one of the most state-of-the-art dealerships on the Gulf Coast. The 30,000 SF building will allow Pensacola residents access to the luxury auto brand, which previously would have required driving to Mobile, AL.

Property 108 Industrial Blvd. Address: Pensacola, FL 32505 Challenge: Sonic Automotive is a publically traded com-

pany that operates over 107 dealerships across the U.S. The company won the opportunity to build and operate the first Audi dealership within the Pensacola metro and needed a dominant location that would match the strength and prestige of the luxury carmaker.

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“From a real estate perspective, Justin and John

know the Car City market better than anyone. Their diligence and experience in the market has allowed us to locate multiple successful dealerships.” -John Russ, Sonic Automotive INSIGHT | BECK PARTNERS

Meeting a Growing Need

THE BLAKE

New Assisted Living Facility to Break Ground in Pensacola An interview with Blake Management Group COO Glenn Barclay. Interview by Lisa Daiss dining offerings. LD: How do you think this new facility will positively impact the community?

As a principal of QSL and Chief Operating Officer for Blake Management Group, Glenn Barclay is responsible for program development and supervision of all aspects of operations for QSL facilities. Barclay lends more than 25 years of healthcare experience to QSL and is responsible for program development and supervision of all aspects of operations for QSL communities. He is currently serving as a board member for the Florida Assisted Living Association. (Source: QSLmanagement.com) LD: Why do you believe 428-432 Airport Blvd. will make a successful site for a new Blake facility? GB: This location is perfectly centralized in the heart of the Pensacola. The chosen property is in close proximity to all three major hospital systems, as well as shopping, restaurants, churches and the Pensacola International Airport. Also, new exit and entrance ramps to Interstate I-110 will provide our families with easy access to our community as they go about their routine daily activities. We are also excited about the new development that is occurring in this area, which will provide plenty of opportunities for our residents and families to enjoy the growing selection of retail and 28

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GB: The Blake at Pensacola will bring a level of service and amenities that is not currently available to our older adult population. Our Pensacola families deserve a senior lifestyle option that addresses their expectations for the highest level of technology, innovative apartment designs and unique offerings, such as a full-service coffee shop, restaurant and lounge, expansive courtyards, media theater, chapel, full-service salon and spa, outdoor fire-side seating situated in a beautifully landscaped courtyard with putting greens and an unmatched activity program. In addition, the property will offer a full continuum of wellness and personal care supportive services, including 24-hour nursing, housekeeping, transportation, onsite primary care practitioner services, home health and outpatient rehab therapies. The property will create at least 50 full-time jobs, as well as an array of contract and third-party service opportunities. LD: What is the construction timeline/ grand opening date for the facility? GB: Weâ&#x20AC;&#x2122;ll break ground in January of 2017, and open late spring 2018. LD: What drove you to want to open a facility in Pensacola, specifically? GB: We are excited about the new development and downtown revitalization that is happening in Pensacola. Pensacola ranked in the top 5% for job growth, and one of the best places for military retirement. We see Pensacola as progressive and innovative in its approach to growing businesses, providing superior healthcare, improving infrastructure and demonstrating a sincere desire to offer the best for our

children, young adults, families and our senior adults. The Blake at Pensacola fits perfectly within that framework. Families are looking for better lifestyle options that cater to their high expectations and busy schedules. We see our product as meeting that niche and being a strong support resource that allows families to spend more quality time together. LD: What are some of The Blake at Pensacolaâ&#x20AC;&#x2122;s most exciting amenity offerings? GB: Our property will have 72 assisted living apartments that will include one and two bedroom options and 47 specialty care apartments for our residents with memory impairments. Apartment designs will include options for a full kitchenette, courtyard porches and secure balconies. The building is also designed with a stateof-the art staff call system so that each resident can utilize a hand-held pendant to summon our care experts when they need assistance. The community is specifically designed to meet the expectations of our independent residents, as well as those residents that may require more assistance with their activities throughout the day. Our philosophy of aging in place will be evident throughout our residences, common living areas, as well as throughout our program and service offerings. The property will also have a secured memory care community with 47 apartments. Each apartment is equipped with an innovative motion sensor system that can be customized to the needs and preferences of the resident. This system summons our care experts to the residentâ&#x20AC;&#x2122;s apartment as needed to provide the required assistance and supervision. Our memory care will provide full-service dining services, specialized activity programming and security measures that enhance the life of our residents and bring peace of mind to their families. TEAMBECK.COM

The new Pensacola location's Coffee Shop will follow the same design as The Blake at Lafayette (below)

There are 75.4 million Baby Boomers in the United States, second only in size to the Millennial generation (Source: census.gov). As they inch closer to retirement and old age, infrastructure will need to support the rush to senior residential options and assisted living facilities. The Blake Management Group is preparing for the future by investing in Pensacola as its chosen site for its newest senior assisted living facility, The Blake at Pensacola. Address: 428 & 432 Airport Blvd., Pensacola, Florida 32503 Property type: Land Acres: 5.70 combined acreage Buyer: Blake Management Group Seller: Harold Marcus and Bernard Crooke Broker: David Valletto, SIOR | Beck Partners CRE, LLC Price: $1,325,000 for both parcels Close date: 9/12/2016

A rendering of the future The Blake at Pensacola

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Blake Rushing (left) and Pat Bolster bring worldly experience to Union Public House

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Entrepreneur Feature

SPOTLIGHT

Creating a Neighborhood: Union Public House Pat Bolster and Blake Rushing’s vision for their restaurant reaches beyond exemplary cocktails and a fantastic menu. By Shawn Maxey

hen you think of Downtown Pensacola, your first thought is probably of Palafox Street. You might also think of Old Hickory Whiskey Bar, Tin Cow, World of Beer or Bodacious Brew. But just a few blocks west of Palafox Street is Pensacola’s newest crafty southern pub: Union Public House. Pat Bolster and Blake Rushing have created, in my opinion, 2016’s best restaurant—not on Palafox Street, but three blocks to the west on South Reus Street. In a single story white concrete building just off the main drag, Union Public House is somewhere you can go to have a classic cocktail and find solace in fantastic Southern comfort foods.

and has since been shortened to “The Pub.” A pub, or public house, is an establishment licensed to sell alcohol in a relaxed, social drinking establishment. Bolster and Rushing’s brainchild was born from the idea that a restaurant should serve both excellent food and drinks, combined with unparalleled customer service. Fresh and creative ingredients are paired with fresh and creative ideas. It’s a place where exceptional food, superb cocktails and stellar service are the norm. So far, they’ve succeeded on all fronts. Building a city

The Union Public House’s location was purposeful. They didn’t “settle” for South Reus Street because they couldn’t find space on Palafox, they deliberately chose it because Bolster and Rushing had a different vision for their business. They wanted to help form Meet the owners the city. When you think of New Orleans or Atlanta, you picture different neighborhoods or parts of the city you can go to for After years in different service industries, Bolster and Rushing unique experiences. Bolster has the same vision for Pensacola. joined forces to form Union So when they discovered this Public House. Bolster has made area and decided to help develop drinks for countless Pensacolians it, they hired Tip McAlpin with at 5 ½ Bar on Garden Street for McAlpin Interiors. After the many years, and also at Bridge foundation was established, Bar in Gulf Breeze. they put their heads together Rushing had the opporand came up with the ideas for tunity to attend Le Cordon Bleu Union Public House’s décor, Culinary Academy in Orlando. which makes the place feel like Upon graduating and after worksomewhere you can go just about ing at Wolfgang Puck’s in Orevery day. It’s inviting. It’s homlando, he received an invitation ey. It’s comfortable and familiar. for a very prestigious internship In 2016, Union Public in London at the world famous House received one of the Savoy Grill. After the internship, highest awards from Entrecon: Rushing was invited to help open Startup Company of the Year. restaurateur Gordon Ramsay’s -Shawn Maxey, Sales Associate | Beck Partners “It feels good to be recogfirst U.S. restaurant in New York nized for the work and get a little City, where he worked as a Sous Chef. pat on the back on what we have done, and also to know there are Both spent many years away from Pensacola before com- others out there who recognize the hard work also,” Bolster said. ing home. Bolster says that spending so much time in different Bolster and Rushing have created a new landmark in places and positions in the industry has helped both Rushing and Pensacola for people to gather and have a craft cocktail and dinner himself with their creativity in their dishes and cocktails. In a way, six days a week. Union Public House is the newest must-visit they wanted to bring their experiences home with them to share restaurant when you come to this part of the Gulf Coast. with Pensacola through culinary experience. The restaurant may have opened its doors, but the work Bolster works behind the bar almost every night crafting doesn’t stop here. The owners’ biggest goals for the future? For inventive libations and greeting guests, and Rushing heads the Bolster: Stay local and help guide the next generation of area barculinary crux that is the kitchen. tenders towards success. For Rushing: Keeping it fresh. Because The name “Union Public House” is English in origin there’s no doubt that fresh tastes better. n

“They didn’t ‘settle’ for South Reus Street because they couldn’t find space on Palafox, but because Bolster and Rushing had a different vision for their business. They wanted to help form the city.”

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Walmart Distribution Comes to Mobile

SB0108 Insight Mag HP ad.indd 1

1/25/17 4:46 PM

The retail giant will bring more than just jobs to the port city. By David Monroe Walmart announced in July they will be bringing a 1.9 million SF Import Distribution Center on 400 acres to Irvington, AL, located in Mobile County off I-10 and McDonald Rd. This will only be the sixth of its kind and the fourth largest in the country. The other centers are in Mira Loma, CA, Baytown, TX, Elwood, IL, Williamsburg, VA, and Statesboro, GA— all near major ports. Walmart has said they expect to hire 500 full time employees at an average salary of $36,000 a year and nearly 200 seasonal jobs to support the facility. This only scratches the surface of 32

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the economic impact this facility will bring to our port city. I spoke with a prominent local business owner of a logistics company here in Mobile and he said the impact to

the port has pushed the port authority to order three new cranes that can handle the daily import and export of the containers

for the new center. This will drive the cost for exporting goods almost in half, making us more competitive than New Orleans, LA and Tampa Bay, FL and as competitive as Houston. This will bring all the export companies within a 300 mile radius, which have until now been using New Orleans and Tampa Bay, to our port for their shipping needs. In a meeting in late January 2017 with all the commercial brokers in our market, it looks like there are only a couple I’s to dot and T’s to cross and they’ll close on the 400 acres and start construction. It’s expected to take about a year to build the facility. TEAMBECK.COM

A Day in the Life

INSIDE LOOK

What It’s Like to Be a Broker at Beck A sneak peek into my average day. By John Fifer, CCIM Clock in, sit at a desk plinking away at the computer, maybe attend a meeting or two in the conference room, clock out. Rinse and repeat, Monday through Friday. This is the nine-to-five of your average American worker— and this is exactly why I chose to be a commercial real estate broker instead. My work day looks different every time the sun comes up, which is what I love about this business. Here’s a look at my average day as a broker for Beck Partners:

7:00am I have a very punctual alarm clock known as a 3 year-old.

8:00am Maybe getting out of the door, maybe still at the breakfast table, depending on the above-mentioned tiny human.

8:30am Depending on the day, I could be heading into the office, meeting someone for coffee, driving to one of 20+ shopping centers to meet a prospect or touring the Southeastern market with a retailer we represent.

In the Office When I’m in the office, I block time in the morning to make retail tenant and retail owner calls. This time blocking for prospecting is probably the most important thing to maintain and do consistently. We use a powerful CRM database (integrated with Salesforce) that keeps me on track and keeps hundreds of conversations going. People and relationships make the brokerage business go ‘round. And after being in this industry for over a decade, it can feel like catching up with old friends every 3-6 months. After calls are made, I work on important urgent tasks such as moving deals forward, presentations, research, valuations, etc. This business takes an odd mix of people and technical skills that are hard to switch between sometimes. Hence the time blocking.

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Lunch I’ll have a few lunch meetings throughout the week. Sometimes formal, sometimes informal. My favorites are when I can really add value to a client. I really enjoy a lunch where we can have in-depth conversations about their business needs, their business challenges. I thrive on being able to understand the full picture and adding value or insight to their business. I love being a highly trusted advisor at a high level. Our company vision, “Connect + Protect”, really rings true to me.

On the Road I represent a variety of retail tenants across the region and state. Because of this, I’m on the road often. When I’m on the road, my schedule is full of site visits and shopping center tours. I try to pack as much as possible into these market visits. A recent trip to Tampa included meetings with five brokers at their respective shopping centers where we toured vacant spaces and discussed the economics of my tenant’s deal. Markets are always changing, so during these market tours, I’m constantly updating vital information for my clients. Retailers expand and contract often, so it’s a requirement to constantly stay in the know. Very few of my retail clients actually live locally. While on these tours, I enjoy catching up on their personal lives, their latest/ greatest deals and the challenges or changes they are facing in this ever-evolving economy.

5:30pm When I get home, I trade out real estate and attorneys for toddler toys and adventures! I love being able to control my schedule to fit the most into every day. For example, this week I had two work-related awards banquets to attend. I went to one during the week and passed on the other on Saturday thanks to some encouragement, which may have included a raised eyebrow from my wife. It’s a blessing to be in this business, work with some fantastic teammates in the office and clients across the region and have the flexibility to choose where I invest my time.

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33 33

DONE DEAL. Before

Property Address: Challenge: Action:

Under renovation

1289 Airport Blvd. Pensacola, FL 32504 Multiple tenants, multiple owners, extended timelines and a hot retail market! When Beck Partners’ John Fifer, CCIM and Justin Beck, CCIM, CPM take on an assignment, they take a holistic approach with the client’s interests as their first priority. This focus often leads to a successful outcome, yet sometimes in surprising ways. Fifer and Beck were initially hired to sub-lease CharterBank’s excess office space on the second and third floors. While working with the CharterBank executives, they identified their need for a continued retail bank branch location closer to their clients with less office space. CharterBank engaged Fifer and Beck to represent them in finding and buying their new branch location on Bayou Blvd. Wilbur Adams, the former CharterBank building owner, liked the way Fifer and Beck conducted business and got results. Adams retained them to sell or lease his newly vacant bank building. Fifer and Beck had a shortlist of prospects with whom they quickly discussed the opportunity and, along with the assistance of Stacy Taylor, CCIM, the brokers quickly negotiated a successful sale of the building to Pen Air Federal Credit Union. Pen Air is looking to occupy the entire building and has undertaken a significant renovation of the property.

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Result:

CharterBank – Happy client with new branch location and continued commitment to the Pensacola market. Wilbur Adams – Happy client with a quick, effective sale of his building. PenAir Credit Union – Happy client with a great location in the Pensacola market and increased presence for their customers.

“John and Justin were great to work

with. They took the time to understand my needs, were very professional, knew the market intimately, priced my building accurately and most importantly, delivered on their promises. They worked hard and I’d use them again in a heartbeat.”

– Wilbur Adams

“Initially engaged to sublease some

space, John and Justin's role quickly expanded to finding a new location for the bank. They were fantastic to work with. They were very professional, knew the market well and got us the results we wanted.”

– Bill Gladden CharterBank

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Coverage Corner

PROTECTING YOURSELF

Terrorist Attacks and Your Business An insurance perspective on the tragedy in Orlando. By Reid Rushing, CPIA, AAI

fter the tragic shooting at the Pulse nightclub in Orlando, several of our clients contacted us to ask questions about whether or not they would be covered if a terrorist act was perpetrated at their business. There is no blanket answer that can be applied to all businesses, because every situation is different. However, we can use the Pulse shooting as an example to examine the ins and outs of how insurance works for Acts of Terrorism. In terms of the Orlando shooting, is there coverage for a Terrorist Act? Would a General Liability policy provide coverage to the injured patrons?

Note: We’ll always answer coverage questions from a high-level perspective based on standard insurance forms, since the coverages can differ depending on the carrier and endorsements added to the policy. Coverage for the club In regards to coverage for an Act of Terrorism, this is an endorsement that would have to be added to the policy for coverage to be present. All of these items must occur for coverage to be triggered and the event to be considered an Act of Terrorism: 1. Under the most recent Terrorism Risk Insurance Act that was amended in 2015, an “act of terrorism” means any act that is certified by the Secretary of the Treasury—in consultation with the Secretary of Homeland Security and the Attorney General of the United States—to be an act of terrorism;

Would the club be covered under a General Liability Policy? It depends on a lot of variables. That answer is frustrating, isn’t it? But it’s true. It depends on the carrier, coverage form that they use and the type of business that is insured. On the ISO Commercial General Liability Coverage Form, the policy remains silent. Or in simplest terms, the policy does not address either the inclusion or the exclusion of bodily injury or property damage by the act of assault or battery. So what do you look for? The coverage has to be Assault & Battery coverage. Depending on the type of business, especially in the hospitality industry, it’s very common to see a limitation of coverage added by endorsement to the policy providing limits as low as $25,000, or an Assault & Battery Exclusion that does not provide any coverage at all for bodily injury or property damage resulting from any type of assault, battery or physical altercation. These coverages and endorsements can be found in the Liquor Liability Policy as well.

“No business owner anticipates a crime of this nature or expects 49 lives to be lost and over 50 individuals injured in their establishment.” -Reid Rushing, CPIA, AAI; President, Insurance Division | Beck Partners

2. To be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of certain air carriers or vessels or the premises of a United States mission; and

There are other types of Risk Management alternatives that can be enforced, such as the installation of a metal detector or having bouncers search patrons before entering the bar. Coverage for the individual

3. Committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

Where else would there be possible coverage for the injured and deceased’s family to pay for the hospital bills or even to pay for the burial and funeral expenses? They can look under the personal Health Insurance coverage or Life Insurance Policies. In the end, is there insurance coverage? Possibly. Are there other practices that could have prevented this? Possibly. No business owner anticipates a crime of this nature or expects 49 lives to be lost and over 50 individuals injured in their establishment. It’s unfortunate to think that this can even take place. n

It is most likely that these items will not be triggered, so what are the other options for the club owners? General Liability Policy

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Perspective

THE ROLE OF INSURANCE IN A CATASTROPHE

In Response to NPR: The Business of Disaster Examining the insurance industry’s portrayal in the media. By Kristine Rushing, CIC, CPIA

his article is in response to NPR’s investigation, “Business Of Disaster: Insurance Firms Profited $400 Million After Sandy.” Sometimes the media can really skew a situation to create a reaction against something or someone, and in this case, it’s against the insurance companies. Flood is a federal program with set rates that are determined by NFIP, or the National Flood Insurance Program. NFIP was created in 1968 by Congress to provide flood insurance protection to property owners in return for local government commitment to sound floodplain management and flood disaster mitigation efforts. Since 1983, NFIP allowed insurance companies to deliver and service flood policies in their own name. Keep in mind that the policy coverages and rates are set by NFIP and not the insurance companies. As mentioned in NPR’s article, “This is a fee-for-service operation,” said Hartwig, President of the Insurance Information Institute. “The federal government determines what the appropriate payment is.” In theory, homeowners shouldn’t be shortchanged, because the insurance companies are only acting as a middleman between FEMA and the homeowners making claims, essentially contracting with the government to evaluate damage and assess compensation, which is true. The claims payment and what is covered is determined by the actual cause of loss and the coverages provided by the coverage form. So in essence, some of the circumstances in the article could really be situational based on the actual cause of loss, whether the homeowner had flood coverage, if the damage was actually caused by flood, and if it was caused by flood, then if the home was a primary, secondary or rental home. Hartwig’s statement, “The vast majority of those individuals who in fact did have coverage are happy with their insurance companies and they’re happy with the way the process unfolded for them” leads me to believe the perception of having coverage by a homeowner may have also been an issue. I’m also perplexed by this statement by Jeff Coolidge after reviewing adjusters’ files for multiple insurance companies after Superstorm Sandy. He says he quit his job in part because he was so bothered by what he was doing. The insurance firms he worked for used phrases like “pre-existing,” “earth movement” or “ground settlement” to reject homeowners’ claims of flood damage. “They use ‘settlement’ a lot. ‘Sorry your house looks like it shifted to the left a little bit, but I think it was like that when you bought it,’” Coolidge said. The NFIP policy forms have been updated and revised several times since 2010. A few of the exclusions found in 2010 are: –Loss of revenue or profits

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–Loss of use of the insured property or described location –Any additional living expenses incurred while the insured building is being repaired or is unable to be occupied for any reason –A loss directly or indirectly caused by a flood that is already in progress at the time and date of the policy term begins or for loss to property caused directly by earth movement even if the earth movement is caused by flood (i.e. earthquake; landslide; land subsidence; sinkholes; destabilization or movement of land that results from accumulation of water in subsurface land area or gradual erosion) “‘The idea of the original program was brilliant,’ says Robert Hunter, who ran the flood program in the 1970s. ‘The program would become less and less expensive because people would be building safer and safer structures and … the program would become self-sufficient and carry its own weight and not lose money.’ But that has never happened. The program has run deficits from the beginning. In the 1980s it was $700 million in debt. In the 1990s, it was $1 billion in debt. And today, after Katrina and Sandy, the program is $23 billion in the red.” I agree that there does need to be reform with the flood program, and that is currently being addressed by legislatures. Included in this reform is securing adequate rates to ensure that the program sustains the flood activity that we’ve seen since 1980.

“Insurance is not intended to be a maintenance program for the upkeep of the home or building. It’s intended to respond to catastrophic damage that the insured may face.” -Kristine Rushing, CIC, CPIA; COO | Beck Partners It’s unfortunate that insurance companies are constantly, broadly painted in a negative manner. The primary intention of insurance is to make a client whole again after sustaining a loss, not for the insured to profit. Insurance is also not intended to be a maintenance program for the upkeep of the home or building; it’s intended to respond to catastrophic damage that the insured may face. TEAMBECK.COM

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$0 Hurricane Deductible on Your Home?

Deductible savings options are beginning to hit the homeowners market. By Catrin Liffner

n order to remain relevant, insurance carriers are becoming more creative in their approach to coverage. The homeowners market is constantly changing and new products and options are being introduced to us all the time. This is one of the reasons why itâ&#x20AC;&#x2122;s very important to stay in contact with your insurance agent and occasionally review your policy. You want to make sure that you are up to date on the most recent coverages and discounts, and that the policy you have still fits your needs. Most of us have heard of deductible savings programs on auto insurance, and we are now starting to see this option offered on homeowners insurance policies too. For example, Frontline Insurance offers a feature called WhenSafe, a type of deductible savings account for your hurricane deductible. Anyone who has been through a claim after a hurricane that caused damage to their home may recall the large amount that was deducted from the final amount that was paid. This is because your deductible for losses from a hurricane is much larger than any other type of loss, which is typically 2% of the amount of insurance that you have on the house. With the WhenSafe endorsement on 38

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your policy, you will receive part of this deduction back on a separate check, which can be a huge relief for home owners and save you thousands of dollars. This is not automatically included in all policies, so you will need to make sure that your agent adds it to yours. Letâ&#x20AC;&#x2122;s examine a sample scenario: Your home is insured for $300,000. If you have a standard 2% hurricane deductible, you will be responsible for $6,000 of the damage that resulted from a hurricane. So if you have a roof that is going to cost $15,000 to replace, you will only receive a check for $9,000, and you will have to pay out of pocket for the remainder. In this same example, if you had a Frontline policy with the WhenSafe endorsement for five consecutive years and incurred no other claims, you would receive an additional check in the amount equal to your deductible, which would be $6,000. That means you would pay $0 out of pocket. The WhenSafe endorsement gradually decreases your hurricane deductible every single year until your deductible reaches $0 and will remain at a $0 hurricane deductible until any claim is filed. This feature is not available with all carriers, but I would not be surprised if we started seeing similar options introduced in the near future. TEAMBECK.COM

DONE DEAL.

Property Address: Challenge:

Action:

428 & 432 Airport Blvd. Pensacola, FL 32503 These two parcels had been on the market for quite some time, owned by individuals who had the properties for many years. The site is ideally and centrally located with immediate access to I-110, then I-10, as well as all ports of Pensacola. The corridor is the main east/ west route to the Pensacola International Airport. This high visibility location with a very suitable topography provided the best location for the buyer to build their multitiered assisted living facility. Even though the location is great and it was priced very reasonably, there are only a few buyers with the ability to affordably combine the parcels, and prior to the sale, there were two contracts on the property which fell through in 2015 for different reasons. Obstacles for the sale included explaining to the sellers the developers’ project process, which included two time frames, so they could understand the process and costs associated with the development of the site. These projects, prior to closing, require extensive due diligence. Although the buyer does all of this work, the seller must still be kept abreast of milestones at points of the due diligence period. The buyer of this property formerly owned The Blake assisted living facility in Gulf Breeze and was very familiar with this

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Result:

market. Their research and expertise on market conditions led them to the conclusion that this site was what they needed to satisfy their business model. Beck Partners’ David Valletto, SIOR was instrumental in working with the sellers through the long and complicated process. The closing went off without a hitch and on schedule. Both sellers were very pleased with the outcome, and the two parcels will be combined to create the site for The Blake at Pensacola, the city's newest assisted living facility.

“I was extremely pleased with

how David helped me navigate through the process of selling my land while dealing with the buyer’s development issues. Trusting David’s professionalism and expertise, we reached a successful closing. Everything went very well and I would highly recommend David for any commercial real estate assignment.” –Hal Marcus

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39 39

Giving Back

SETTING THE STANDARD

Responsibility to the Community Service as our most important trait. By Lisa Daiss The word “culture” gets thrown around a lot in the corporate world. Usually the images that come to mind are casual dress, ping pong tables and kegerators in the break room. But culture is more than just superficial office amenities that appeal to twenty-somethings; it’s a sense of loyalty and responsibility to something bigger than your company or anyone in it. At Beck Partners, we have a culture of giving back to our community. 2016 was a busy year for us, as we had the opportunity to lend a hand to several organizations in our community. In February, we put our painting skills to the test at the Pensacola Museum of Art, where we helped them repaint several of their galleries. Then came March, when we were recognized by Junior Achievement as a Small Business Hall of Fame recipient for our “commitment to the community, extraordinary business ethics and support of Junior Achievement over the years.” Autumn came and we picked right back up by volunteering for the United Way Day of Caring, where a good portion of our team took up our spades, rakes and clippers to clean up the Gibson Head Start School’s campus. And to round out the year, we raised nearly $2,500 to buy toys and give them to foster children in need for Operation Santa in December. Each of these efforts left us uniquely humbled and fulfilled, and wanting to do more. Our organization supports the volunteer efforts of our team members, and that’s reflected by directly impacting over 25 organizations and investing over 1,400 hours annually in our communities from Tallahassee to Mobile. We live our mission and vision here at Beck Partners and it shows: Connect and Protect is what we do, and we do it because we care to make difference.

Giving back at the United Way Day of Caring, helping clean up the Gibson Head Start School’s campus

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Helping paint the galleries at the Pensacola Museum of Art

Accepting the Junior Achievement Award for our support of the organization

Our team raised nearly $2,500 to buy Christmas gifts for foster children through Operation Santa

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Around the Office

PERSONAL IMPROVEMENT

A Review of Beck Book Club’s 2016 Picks Peruse the great reads that made up last year’s company book club.

Every few months, a new team member chooses a book they think will benefit their colleagues and leads a weekly book club. In 2016, five different employees—from President to Property Management Accountant—led discussions for great reads on topics ranging from advertising to personal and professional happiness. Here’s the rundown: Confessions of an Advertising Man

By David Ogilvy

Whether you’re a marketer or not, David Ogilvy provides a ton of great insight on not only how to position your product, but how to carry yourself professionally. Anyone looking to tap into the psyche of the consumer can get something from this classic. Though written in the 1960s, his principles prove timeless. Ogilvy’s personable, digestible, amusing style makes this book a great choice for a quick, light read. Fair warning: his writing sometimes comes off as chauvinistic (think Mad Men) to a modern 21st century woman, but his brilliance in business shines through on every page. The Power of Habit: Why We Do What We Do in Life and Business

By Charles Duhigg

What we do, what we eat and what we buy are all based on our habits, which impact our personal and business lives. In The Power of Habit, Duhigg dives into how our regular use of toothpaste was sparked from a marketing campaign, what Michael Phelps did that led him down the path to be the most decorated Olympian of all time and how each of us can identify certain behaviors that can change our routines and deep-seated habits that we may feel we have no control over. The real power of habit is the insight that your habits are what you choose them to be. The Happiness Project

By Gretchen Rubin

From the outside looking in, Gretchen Rubin’s life was pretty great. She had a successful writing career, loving husband and beautiful daughter. But one day on a bus she had an epiphany: The days are long but the years are short. Was she doing everything she could to get the most out of life? Rubin takes you month by month through her yearlong project to simply become happier by trying out things that she’s researched can improve happiness (i.e. singing in the morning and starting a collection). Each chapter/month, she tackles one area of life that she can take steps to improve in order to enhance her joy and happiness. The Serenity Principle: Finding Inner Peace in Recovery

By Joseph V. Bailey

A recovering addict, Joseph V. Bailey endeavors to understand how addiction is rooted in fear and conflict. By tapping into our own sources of peace and serenity, we can start to understand how our minds work to conquer our vices. At 144 pages, this book is worth reading more than once, as you pick up on something new every time. Even if you don’t struggle with addiction, Bailey’s take on the power of thought is valuable to anyone wanting to improve their mental well-being and personal interaction with the world. His development of how thought “creates” reality is especially rich and meaningful. The 21 Irrefutable Laws of Leadership: Follow Them and People Will Follow You

By John C. Maxwell

This is a must-have for everyone—whether you’re a leader, manager, friend or parent. Leadership is about influence. John Maxwell teaches 21 laws of leadership by sharing stories that exemplify all 21 laws, including The Law of Influence: the true measure of leadership, and The Law of the Lid: the determining factor of a person’s level of effectiveness. Each law includes questions to help you apply these principles to your life. Everyone has the potential to be leader, but not everyone wants to take the time to develop their leadership abilities. Maxwell helps guide you on your leadership journey with The 21 Irrefutable Laws of Leadership. 42

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2016 YEAR IN REVIEW Beck Partners outperformed expectations in every sector, rendering 2016 a record-breaking year for our firm.

$48,629,655.91 $33.7M

116

TOTAL SALES VOLUME

$14.9M

TOTAL LEASING VOLUME

1.26M

SQUARE FOOT VOLUME

TOTAL TRANSACTIONS

Industrial 10%

Retail 22%

Land 18%

MultiÂFamily 5%

TRANSACTIONS BY PROPERTY TYPE

Office 45% TEAMBECK.COM

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Revitalization

INVESTING IN NORTH PENSACOLA

Coming Soon: Interstate Office Plaza

Outside investors aim to bring the University Mall area back to its glory days. By Shawn Maxey

ew Orleans-based Five R Investment Group is giving the old Silver Screen Theater and One University Plaza buildings on Plantation Road a new lease on life. The firm purchased the old theater and adjacent four story office building in August 2016 with big plans for a brand new complex: Interstate Office Plaza. The old Silver Screen Theater will forever be remembered for showing some of the best movies in the ‘80s and ‘90s with the cheapest ticket prices around. The theater closed abruptly in the mid 2000s after more than 30 years in business, sending most of Pensacola’s residents in search of a new family movie theater. The Silver Screen Theater building then sat empty, suffering major damages. When Five R Investments purchased the old theater and adjoining four story office building, their vision was to bring the area back to its prime. Interstate Office Plaza will offer a very unique development opportunity to an emerging Pensacola market that has added thousands of new office jobs in 2015-16, with a lot more slated for the area in the coming year. “This property is located in one of Pensacola’s highest-trafficked intersections, the I-10 and I-110, and we see it as the center point of the metro area,” stated Richard Juge, who led the acquisition for Five R Investments. “We also see this as a rare opportunity to redevelop a property that’s been neglected for many years and bring it back to its prime as the most accessible office complex in Pensacola.”

structure was completely gutted, adding value as a new remodel for either an office or retail tenant. The existing four story office building, now known as “Plaza One,” will also undergo continuous repairs and updates during these phases. 2017 will start to see the redevelopment of this area take shape. The final touches of the complex will be the landscaping and the addition of a courtyard, where tenants will be able to sit outside, enjoy a nice lunch and get away from their desks for a while. Beck Partners has been retained by the Five R Investment Group to market the building and lease up the remaining square footage, including approximately 25,000+ SF in both the Plaza One and Plaza Two buildings. “We believe that with the extensive renovations, including demolition of out-of-date buildings along with the site improvements, the property will become a great office location,” said David Valletto, Beck Partners Senior Vice President and my colleague in leasing this property. “Potential tenants could include office, medical and maybe even a destination retailer.”

“Anytime a top-tier group is willing to invest in the Pensacola area, it is a testament to the viability of the community and the health of our economy.” -Scott Luth, CEO | FloridaWest

The Interstate Office Plaza complex will be going through some major revitalization in early 2017. The renovations began in late October 2016 with Phase I: Demolishing a 6,500+ SF building and adding a driveway to the back parking lot in its place, making it easier for tenants to access the four story office building. An additional 20-25 parking spots will also become part of the new driveway. Phase II will kick off the remodeling of the Silver Screen Theater, what will be known as the “Plaza Two” building. All of the siding on both the interior and exterior of the 44

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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.” FloridaWest CEO Scott Luth believes this purchase by Five R Investments is proof of the area’s growing economy. “Anytime a top-tier group is willing to invest in the Pensacola area, it is a testament to the viability of the community and the health of our economy,” Luth said. There’s still a lot of work to be done before the final product is delivered in spring 2017, but Interstate Office Plaza is well on its way. TEAMBECK.COM

PLAZA ONE

PLAZA TWO

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While We Were Out

URBAN RENEWAL

A Look at What’s Happening Elsewhere The historic Pontchartrain Hotel New Orleans makes a comeback. By Justin Beck, CCIM, CPM

PHOTOS: CHRISTIAN HORAN

s Pensacolians, our family often takes advantage of the gem of a city that exists only 200 miles to the west. New Orleans is always the perfect getaway. With so much character, so many neighborhoods and fascinating detail around every corner, you know you can never see it all. So every time we visit we make it a point to try something new, even though the classics are as wonderful as ever. This past November, we had our first experience at the Pontchartrain Hotel New Orleans. Originally constructed in 1927, this 14 story Garden District hotel is steeped in history. For instance, Tennessee Williams penned “A Streetcar Named Desire” there—on the hotel’s stationary. Frank Sinatra and Truman Capote were also frequent guests. More recently, the Manning family would dine at the Caribbean Room for holidays and special dinners. The property was recently acquired by AJ Capital Partners, led by Ben Weprin, and an extensive renovation was completed on the 106-room hotel, revitalizing the famed Caribbean Room restaurant and adding a rooftop bar named Hot Tin, modeled after a 1940s artist loft. The entire property is done so uniquely, it’s truly amazing. AJ Capital Partners, an acronym for Adventurous Journey, has projects all over the country, including a bourgeoning brand named Graduate Hotels that focuses on college towns. They’ve also been extremely active throughout Chicago with projects like the SOHO House and Chicago Athletic Association. In 2017, I’m looking forward to visiting some of AJ Capital Partners’ other projects, given the uniqueness and charm of the Pontchartrain. I’m sure they won’t disappoint.

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DONE DEAL.

Property Address:

Challenge:

Central Industrial Park is located well north of the majority of industrial product in the market, but it does have great access and infrastructure. This property was orginally built on spec prior to the economic downtown and was later sold at auction to an international client and investor. The investor had struggled to lease or sell the building for over two years, so they engaged Beck Partners' Debbie Anglin, SIOR to assist in creating some positive results.

Action:

Anglin immediately went about creating compelling marketing collateral for the property, highlighting its functionality and aggressive pricing. Since the building was in a cold dark shell condition, Anglin engaged contractors to provide estimates of interior build outs to alleviate unknowns for prospective tenants and buyers. Anglin utilized her deep relationship with the area's investor and brokerage community to let them know about the property and new information.

Result:

Multiple prospective buyers were identified, and within six months an owner-occupant buyer was under contract to purchase the property for their growing company. The closing resulted in a profit of nearly 60% for the investors.

1620 Success Drive Cantonment, FL 32533

Why Use a Tenant Broker? By Stacy Taylor, CCIM and Shawn Maxey A fundamental truth in the commercial real estate industry is that everyone is looking for the best location at the best price. Whether you’re searching for the best retail spot or somewhere for your law office for the next 10 years, you want to make sure you’re getting the most bang for your buck. It can be a little overwhelming, especially if it’s your first time going through the process. So we’ve compiled a list of the top five benefits of working with a tenant broker to help you relocate or renew your current leases. Brokers are in the market daily. If you decide to search on your own, it’ll be like looking for a needle in a haystack. Good brokers will likely be aware of off-market opportunities and upcoming lease expirations. They should also know the pros and cons of all buildings in the market. This enables them to assist you in avoiding any pitfalls. By working with professionals in the market, you’ll save valuable time for your business and yourself. They do this for a living. In terms of relocating, your broker knows the steps necessary to successfully complete a lease transaction. From the initial survey, through all lease negotiations as well as providing you access to all the necessary vendors needed to complete a deal, the broker’s value is endless. Brokers are there to help clients renew and work TEAMBECK.COM

through negotiations with a landlord while keeping your best interests in mind. Remember, the listing agent works for the Landlord and therefore puts the Landlord’s best interests before yours. Protect yourself and your best interests with a tenant broker. Brokers enable tenants to have more power in negotiating a lease. By understanding market rents, terms and the factors that are important to a Landlord, a good broker should be able to negotiate the best deal possible for you. It’s free to have representation. There is a common misunderstanding that having a tenant broker costs money. While it’s true that commissions are baked into the Tenant’s rental stream, the reality is that it’s already there. Listing agents typically have a listing agreement in place with their owner for a set fee. By using a tenant broker, it just means the listing agent will be forced to co-broker with the tenant representative. So, you’re paying for it whether you have representation or not. The most important thing you should take away about tenant brokers is that the person you pick should help you identify the best space to meet your current and future needs for your business. So choose wisely. INSIGHT | BECK PARTNERS

Trending

MAKING WAVES

The 5 Hottest Spots on the Gulf Coast From Mississippi to Panama City, America’s Third Coast has a lot to offer. By Brittnay Hammac

he Gulf Coast has long been one of the United States’ hidden treasures. First settled by Spanish explorers in the 1500s, its fine-sugar white sand beaches, turquoise waters and warm temperatures year-round make it an ideal location for tourists looking for a magical beach getaway. And the Gulf Coast’s breathtaking coastline is dotted with accompanying towns and communities offering so much more than surf and sand. Southern charm abounds in exemplary restaurants, trendy boutiques and picturesque boulevards. With so much to offer, it was hard to dial in on a select few areas to highlight along America’s “Third Coast.” However, the following five spots have proven to stand out above the rest. So whether you’re looking for a fun day trip or week-long family vacation, consider the following for a getaway you won’t soon forget. 1. Pier Park at Panama City Beach

One of the largest outdoor lifestyle centers in the Gulf Coast area is a 900,000 SF Florida shopping center and entertainment hub in the heart of Panama City Beach. Pier Park serves 12,000 year-round residents and thousands of visitors from all over the world. There are more than 20,000 rooms available throughout Panama City Beach, providing abundant choices to accommodate your vacation or weekend getaway. With more than 124 stores, you can dress your pup at Boutique Déjà Vu, jump on the spinning coaster at Pier Park Amusements or chow down at Pompano Joe’s Seafood House. Pier Park offers the perfect place to entertain the entire family. 2. 30A Described as one of the “hippest” and fastest growing zip codes, 30A is a 19-mile stretch of Panhandle road between Destin and Panama City. 30A includes 12 beach communities, including three of the most popular towns on the Gulf Coast: Alys Beach, WaterColor and of course, Seaside. Alys Beach, known for its architecture and modern luxury, has only been around since 1980. Private courtyards, authentic charm and natural beauty make this gorgeous town worth visiting. WaterColor, Florida is home to the WaterColor Inn & Resort

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and lots of stately old Florida-style homes. With nearly 500 beachfront acres, WaterColor Inn is the perfect getaway for water adventures like paddleboarding, kayaking, boating or fishing. Seaside offers a thriving town center with shopping and dining, all within walking distance to over 300 homes and offices. The Seaside community boasts more than 10 restaurants and eateries, in addition to over 40 specialty shops. Local staples include Bud & Alley’s, Pickle’s Snack Station, Sundog Books and of course, Modica Market. Seaside is so picturesque, it was chosen as the main filming location for the 1990s movie “The Truman Show,” starring Jim Carrey. Fans of the film can walk around the town with a map to find famous locations from the movie. If you’re looking for one of the best kept secret spots on the Gulf Coast, this is your place! 3.The Wharf in Orange Beach With a more than 15% increase in expected population growth in Orange Beach in the next five years, the area is primed for a cultural explosion. There’s already much to see and do at The Wharf: Ride the monster tall Ferris wheel, check out the impressive vessels at the 210-slip marina or play a round or two at The Golf Club (just to name a few). The coastal Alabama hot spot regularly features live concerts at its 10,000-seat amphitheater, hosting some of the biggest names in music. Last year’s lineup included Miranda Lambert, Twenty One Pilots, Jimmy Buffet and Florida Georgia Line. 2017 will kick off with Luke Bryan’s “Kill the Lights Tour” on March 17, the first of this year’s Wharf Concert Series. Main Street is another popular area of The Wharf. It includes a bevy of locally-owned boutiques, a variety of retail shops and restaurants like Breathe at the Beach and Villaggio Grill, a casual fine dining spot specializing in Mediterranean Italian-infused cuisine. Yummy! 4. Old Town Bay St. Louis Southern. Beach. Charm. It doesn’t get any better than Old Town Bay St. Louis! This

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sweet little Mississippi six-mile town offers a relaxed lifestyle and has its own real local flare, featuring a smattering of amazing antique shops and clothing stores. It’s also home to some of the most incredible restaurants in the country. Trapani’s Eatery, for example, boasts a phenomenal homemade menu that incorporates a lot of fresh, local seafood. Ever since Hurricane Katrina ripped through the city in 2005, the town has been full speed ahead in repair and revitalization. With increasing popularity, Second Saturday Artwork has become an attraction for visitors near, far and in between. Each second Saturday of the month, from 4-8pm, galleries and shops open their doors while live music fills the streets for an exciting evening out on the town. Every month, two local businesses are featured on the Old Town Bay St. Louis website, where you can grab a free brochure to get going on your 24 location walking tour of this quaint destination. The Second Saturday Artwork and self-guided Historic Walking/ Biking Tour and are just a couple of terrific activities that make this charming town worth exploring. You’ll find there are plenty of reasons why Southern Living Magazine named Bay St. Louis one of their “Best Places in the South” in 2016. 5. Downtown Pensacola As best described by the late former mayor Vince Whibbs Sr., “Pensacola is the western gate to the Sunshine State, where thousands live the way millions wish they could.” If you haven’t been out and about in Downtown Pensacola in a while, you may not recognize it. Over the past few years, downtown has seen a retail explosion, with the addition of businesses such as The Ruby Slipper, Bubba’s Sweet Shop, Escape Room and Dog House Deli on Palafox St. 2017 will bring Southtowne (featured on page 12), Bodacious Coffee Brew-Thru and more. Home to the Double-A minor league Blue Wahoos, three-time SPHL Champions Pensacola Ice Flyers and brand new D-II University of West Florida Argonauts football program, Downtown Pensacola is loaded with fun for sports fanatics. Pensacola’s warmth is ideal for year-round time outside to stroll through downtown on foot or your bicycle. Schedule a Pedal Trolley or a Segway Tour to check out the history and make sure you stop by the Pensacola Bay Brewery to grab a local brew. Every Saturday, the organic Palafox Market is in full swing from 9am2pm, and more often than not, you’ll stumble across a 5K fun run or festival while meandering down Palafox! n

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49 49

Available FOR LEASE

D E R TU

FEA

University Town Plaza 7171 Davis Hwy, Pensacola, FL 32504 •

University Town Plaza is a transformation of the former enclosed University Mall into the premier open-air retail destination in Pensacola, FL Spaces ranging from 1,380 - 67,396 SF available Space can be delivered in variety of finishes, such as vanilla box or cold/dark shell

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2401 Executive Plaza #4 Pensacola, FL 32504 •

• •

2,500 SF with 6 operatories, reception, private office, 3 bathrooms, x-ray & dark rooms Located near Pensacola Airport off Tippin/12th Avenue The building can easily be modified for traditional office or other medical uses

• • •

Office & retail space for sale or lease Over 19,000 rentable SF with 2nd fl. bonus space (4,347 SF) and 2nd fl. storage (1,215 SF) Includes 180, 186 N. Palafox and 7 E. Gregory St.

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck .com

INSIGHT | BECK PARTNERS

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

Two units, approx. 600 SF each Historic building Below market rents One side can cover PITI Brand new roof in 2016 Located close to Downtown Mobile

David Monroe O 850.477.7044 C 251.508.0010 dmonroe@teambeck.com

Fort Walton Beach Warehouse/Showroom

FOR SALE OR LEASE

180 N. Palafox St. Pensacola, FL 32502

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

1215 New St. Francis St. Mobile, AL 36604

• • • • •

FOR SALE OR LEASE

Great Downtown Location

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

New St. Francis Duplex •

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

FOR LEASE

FOR SALE

Executive Plaza Dental Office

A SELECTION OF OUR LISTINGS

421 Racetrack Rd. Fort Walton Beach, FL 32547 • • • • •

10,176 SF building High traffic corridor with tremendous visibility Corner lot with median cut $61,000 Average Household Income 28,000 cars per day

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

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250 Ram Blvd. Midway, FL 32343 • • • • • • •

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Free-standing brick building facing Pace Blvd. Roof is in good condition HVAC is 3 years old Corner location provides convenient access on this part of Pace Blvd. 15 parking spaces Signage on building

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1205 Hub Drive Panama City, FL 32401

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22,604 SF Office/Warehouse Only 5 miles to the Panama City Port High eave heights throughout 4 dock high doors 2.6 acres with outside storage Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

• • • •

Convenient location Property has many upgrades and is located in an area being redeveloped by Simon Group Excellent visibility from I-10 and I-110 Will consider tenant improveDavid Valletto, SIOR ments to qualified tenants O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

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John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

Dickenson Ave. Duplex 979 Dickenson Ave. Mobile, AL 36609 • • • • • •

2BR/1.5BA town house style units Each unit is approx. 1,700 SF Nicest duplex on the block Newly renovated Each unit has a courtyard Offers an investor or owner/ user the opportunity to own the building where only one tenant could pay for Principal, Interest, Taxes and Insurance

David Monroe O 850.477.7044 C 251.508.0010 dmonroe@teambeck.com

Plaza Two Space for Lease 7280 Plantation Rd. Pensacola, FL 32504 • • •

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

FOR LEASE

7282 Plantation Rd. Pensacola, FL 32504

FOR LEASE

Plaza One Space for Lease

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Approximately 3,100 SF - an additional 2,000 SF could be made available Finished restaurant space available Tremendous location - directly across the street from Baptist Hospital HH Income of $81,000 - 1 Mile Radius

FOR SALE

FOR SALE OR LEASE

Hub Drive Warehouse • •

1143 Gulf Breeze Pkwy. Gulf Breeze, FL 32563

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Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck.com

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

Live Oak Village Retail Space •

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck.com

18.87+/- acres with over 26,000 SF of improvements on a corner lot Great location near Pensacola State College, Naval Hospital, Corry Station & Pensacola Naval Air Station Ideal mixed use redevelopment parcel for apartment multifamily with commercial frontage

FOR LEASE

FOR SALE

201 N. Pace Blvd. Pensacola, FL 32505

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727 S. 72nd Ave. Pensacola, FL 32502 •

14,576 SF warehouse Zoned Light Industrial Sits on 5.21 acres Located just west of Tallahassee Two grade height roll-up doors with 20’ eave height Jared Hatcher Easy access to I-10 O 850.727.0003 10/90 Commerce Park C 850.443.2289 jhatcher@teambeck.com

Business Relocating •

Multi Use Development Site

FOR SALE

FOR LEASE

Tallahassee Warehouse

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Conveniently located near I-10, I-110 Property has been recently redeveloped with numerous upgrades Closely located to West Florida Hospital & The University of West Florida Will build to suit Interior and exterior modifications available

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

INSIGHT | BECK PARTNERS

5147 Bayou Blvd. Pensacola, FL 32503 • •

• •

1,151 SF retail suite available Center is close to Sacred Heart Hospital, Cordova Mall and the 9th Avenue Publix Shopping Center Traffic count is approx. 24K per day Current center tenants include WingStop, Sport Clips and Tropical Smoothie

• • Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

• • • •

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

• • •

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck.com

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6160 Davis Hwy Pensacola, FL 32504

• •

INSIGHT | BECK PARTNERS

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

Heritage Park Medical Office •

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

2,400 SF, two-story office Located in the Cordova area with access to 12th Ave., Bayou & Summit Blvds. Large open area with storage, bathrooms and kitchen on the first floor. The second floor has four offices, bathroom & storage

•

Two medical office units available, 2,125 SF and 2,400 SF Conveniently located close to West Florida Hospital and Sacred Heart Hospital Very close to both I-10 and I-110 Ample parking onsite

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

FOR SALE OR LEASE

FOR LEASE

• • • • • •

Mixed use apartment and retail complex in heart of Downtown Pensacola 928 SF - 4,466 SF available Available Q3 2017 $80M mixed-use development Highly visible signage Vanilla box delivery Ample plaza area

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

4300 Bayou Blvd. Pensacola, FL 32503

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

101 E. Romana St. Pensacola, FL 32502

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Madison Park Office Suite

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The Shops at Southtowne •

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1,179 SF - 4,102 SF available Publix-anchored shopping center Retail spaces available in the heart of Downtown Fort Walton Beach Offering the most attractive lease rate in the market! Traffic count: Approx. 52,000 cars per day 1,200 feet of frontage

FOR LEASE

UNDER CONTRACT

9211 N. Davis Highway Pensacola, FL 32514 11,060 SF - “Free Standing” building facing Davis Highway Excellent exposure on the corner of Davis Hwy and Copter Road Front unit is occupied - please call to set up showing Tenant pays utilities and trash

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Freestanding Building for Lease

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251 Miracle Strip Pkwy. Ft. Walton Beach, FL 32548

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Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

Shoppes at Paradise Pt. • •

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

0.68 acres - Keep as one large estate homesite, divide into two lots, or possibly divide into 4 smaller lots Secluded estate homesite Convenient to east side of Pensacola Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

FOR LEASE

6209-6275 Hwy 90 Milton, FL 32570 90,000 SF retail anchor or office space available, can be divided Office uses considered Two out parcels available for ground lease Traffic count is approx. 34,500 cars per day A major redevelopment for the shopping center is planned for 2017

4101 Spanish Trail Pensacola, FL 32504 •

Parkmore Plaza Anchor Needed •

Residential Lot Off Spanish Trail

FOR SALE

FOR LEASE

Bayou Retail for Lease

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

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2370 N. Palafox St. Pensacola, FL 32501 •

• • •

Over 37,000 SF of combined warehouse space and 2,800 SF of combined office space available Buildings can be sectioned off for multi-tenant use Great access to I-110, both North and South Adequate parking on existing on-site lots is available for just about any use

• • Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

Rick Locchead O 850.477.7044 C 317.501.5087 rlocchead@teambeck .com

Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

• •

19.06 acres across from Gulf of Mexico One of the largest sites available in Perdido Key Lost Key Golf Club and WCI Community neighbor to the North Zoned PRPK and Com-PK

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

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63 acre site One of the largest available development parcels in the market Advantageous zoning allows for variety of uses Fully lighted intersection 1 mile south of I-10 Full range of utilities available at site: Sewer, Electric, Fiber

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John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Industrial Park - NW 4329 W. Pensacola St. Tallahassee, FL 32304 • •

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

53,217 SF Class “A” office with 11,000 SF street level retail Flexible square footages 7 story structured parking garage - on site Spaces delivered in move in condition Building will be completed in August of 2017

FOR LEASE

6650 N. Pensacola Blvd. Pensacola, FL 32503 • •

•

FOR SALE

63 Acre Commercial Site

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

125 Intendencia St. Pensacola, FL 32502

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Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

1.45 acres Zoned COM Retail/showroom/office site Frontage on three roads Easy access to Pensacola Naval Air Station, Corry Field & just minutes from Downtown Pensacola

Office and Retail at Southtowne •

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

FOR LEASE

FOR SALE

•

8,551 SF available Located in the highly sought after southeast demographic of Pensacola Area has great access and is convenient to multi use residential, all commercial and retail amenities including the airport, I-110 and I-10 Traffic count approx. 52,000 cars per day

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

200 Blk New Warrington Rd. Pensacola, FL 32507

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

4301- 4305 Spanish Trail Pensacola, FL 32504

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

High Visibility Westside Retail Site

• • • • •

Investment Opportunity • •

• •

2,500 SF - 7,500 SF units available Strong tenant mix that includes Tractor Supply, Citi Trends and Hibbett Sports Recent capital improvements include new paint & parking lot overlay Visible road signage available Traffic count: 100,000 cars per day driving past the site

FOR SALE

13000 Perdido Key Dr. Perdido Key, FL 32507

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3 E. Nine Mile Rd. Pensacola, FL 32534 •

Perdido Key 19.06 Acres •

Plaza North Shopping Center

FOR LEASE

FOR SALE

Warehouse/ Office Complex

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Up to 15,000 SF available Space consists of three (3) grade height roll-up doors, approximately 500 SF of office space, two (2) restrooms and 22ft clear ceiling heights Close to Capital Circle SW and I-10

Jared Hatcher O 850.727.0003 C 850.443.2289 jhatcher@teambeck.com

INSIGHT | BECK PARTNERS

4900 Bayou Blvd. Pensacola, FL 32503 • • • •

Recently renovated restrooms and courtyard area Tenant improvement $$ available for qualifying leases *call agent Close to Airport and Sacred Heart Hospital - across from Target Interior courtyard - perfect for tenants to enjoy lunch

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New Covenant Church building/land site is for sale Over 30,000 SF under roof and sits on 1.37 acres Property ripe for renovation, redevelopment or residential use Zoned SSD

604 E. Sixth St. Bay Minette, AL 36507 • •

INSIGHT | BECK PARTNERS

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

David Monroe O 850.477.7044 C 251.508.0010 dmonroe@teambeck.com

3000 Langley Ave. Pensacola, FL 32503

• • • John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

8 2BR/2BA multifamily units in good condition 6,180 gross rentable square feet and sits on 0.99 acres zoned multifamily residential Value Add Opportunity Washer and dryer connections Additional land included

Langley Ave. Professional Office

• •

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

FOR LEASE

FOR SALE

2311 N. 12th Ave. Pensacola, FL 32503

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

Bay Villa Apartments

• • •

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck.com

East Hill Redevelopment Opportunity

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Five spaces available, ranging from 1,200 SF - 25,000 SF Anchor space available End cap with potential drive thru! 32,000 cars per day Signalized intersection

UNDER CONTRACT

• •

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

FOR SALE OR LEASE

3310 N. Pace Blvd. Pensacola, FL 32505 2,982 SF available Space includes large walk-in safe, 11 small safes, and four drive-in teller lanes Zoned HC/LI Located as an out parcel of Town and Country Plaza on .41 Acres

360 S. Tyndall Pkwy Panama City, FL 32404

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Retail Space on N. Pace Blvd. • •

Hickory Plaza Space for Lease •

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

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 Stacy Taylor, CCIM Downtown core O 850.477.7044 1,702 SF - 7,000 SF available C 404.936.8936 staylor@teambeck.com

FOR LEASE

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FOR SALE

•

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck.com

5180 Cox Rd. Milton, FL 32583 Hwy 87 & I-10 interchange Active new developments and businesses Hwy 87 is four lane in this corridor Quick access to S R Industrial Park Site is wooded and level

125 W. Romana St. Pensacola, FL 32502 •

35+ Acres in Milton • •

One Pensacola Plaza

FOR LEASE

Bayou Corporate Center

1,666 SF space for lease Convenient location in Langley Avenue Office Park 5 offices & conference room Former medical office Zoned R-5 David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

Gregg Beck, SIOR O 850.477.7044 C 850.572.1611 gbeck@teambeck.com

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117 W. Garden St. Pensacola, FL 32502 • • • •

Pensacola Chamber of Commerce office building for sale! Professional office building in historic Downtown Pensacola Two stories with parking along the street and in rear Ideally suited for a professional office user, could also be retrofitted for ground floor retail with offices or residential condos above

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

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Outstanding acquisition opportunity in Navarre Multi-tenant retail/office building available for sale Located in the heart of the Navarre Business District Prime location with traffic counts over 38,000 per day Commercial grade construction that is perfect for an end user or investor

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

• • •

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

•

• •

TEAMBECK.COM

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

Airport Blvd. Office Space 1510 Airport Blvd. Pensacola, FL 32504

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6,300 SF professional multitenant office building located in the best retail market of Pensacola Professional office space along Airport Blvd. 1,000 SF suite available Adjoining businesses include Sacred Heart Hospital, Sam’s, Lowes, McDonald’s, and Kinko’s

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

Plantation Commons 4495 W. Commons Dr. Destin, FL 32541 • • •

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

2,400 SF available Second floor with three private offices, conference room and open space Includes two restrooms and a kitchen area Ideal for businesses that utilize modular office furniture and desires privacy

FOR LEASE

•

Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

FOR SALE

311 E. Nine Mile Rd. Pensacola, FL 32514 1,568 SF medical/dental building Ready for immediate occupancy Building includes waiting area, reception, kitchen, 2 bathrooms, private office, 2 lab rooms & 4 operatories Storage shed not included in total building SF Existing signage to remain

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Dental/Medical Building •

6706 Plantation Rd. Pensacola, FL 32504

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Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck .com

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

FOR LEASE

•

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

High traffic office/medical site .43 acres with 105’ on Brent Lane Between 9th Ave. & Davis Hwy Rare opportunity in this area Ideal for business desiring to be in the middle of one of the largest commercial zones in Pensacola

Centrally Located Office Space

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2115 W. Nine Mile Rd. Pensacola, FL 32534 Pine Forest Center: Four spaces available, ranging from 800 SF - 2,400 SF High traffic and growth area on corner of Pine Forest Road & Nine Mile Rd. Office, retail and restaurant space available Diverse tenant mix Center is located one mile from Exits 5 & 7 on I-10

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Affordable Office/Retail Suites •

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FOR LEASE

FOR SALE

8762 Ortega Pkwy Navarre, FL 32566

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688 Brent Lane Pensacola, FL 32503

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Multi-Tenant Retail Center •

Brent Lane Site

FOR SALE

UNDER CONTRACT

Pensacola Chamber Building

Three spaces available, ranging from 1,187 SF - 2,735 SF Anchored by Fresh Market, Home Depot, Marshalls and Home Goods Located along Hwy. 98 with daily traffic counts near the center exceeding 50,000 cars per day

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

INSIGHT | BECK PARTNERS

310 John Gray St. Pensacola, FL 32523 • •

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980 +/- SF and contains three private offices, open work area, restrooms Warehouse is 19,340 +/- SF, fully air conditioned, and was designed and engineered to handle extremely heavy printing presses and similar equipment Two 12' X 14' roll-up doors

• • Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

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Contains nice Sanctuary, Fellowship Hall, kitchen, Sunday School classrooms, nursery, administrative offices, etc. Ready for an existing congregation up to 200 people Redevelopment an option zoned high density residential (18 DU/AC)

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Largest corner parcel as you leave Perdido Key Also available is an out parcel of 2 acres located on corner of property Outstanding commercial corner Zoned C-1 Excellent exposure on high traffic corridor

INSIGHT | BECK PARTNERS

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck.com

Gulf Breeze Pkwy Gulf Breeze, FL 32563

• Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck.com

New Publix Development • •

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

6.42 acres of HC/LI vacant land Located directly in front of the Escambia County Central Office Complex 100% buildable land - no retention pond required Two parcels - 5.48 acres and .94 acres, can be purchased together at discounted price

FOR LEASE

•

FOR SALE

12600 Sorrento Rd. Pensacola, FL 32507

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

3330 - 3380 W. Park Place Pensacola, FL 32534

•

8.1 Acres on at Bauer Rd.

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

Fairfield Commerce Park Parcels

•

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

Home Depot out parcel located at the entrance to the complex with 275' +/- on Davis Hwy. Join Home Depot, West Marine, Raceway & Discount Tires with this high visibility location Approximately 1.61 acres with water retention provided off site

• •

Retail spaces for lease Tiger Point Pavilion: New Publix anchored retail development Site adjoins the affluent Tiger Point Country Club with over 450 homes HH Income - 1 Mile Radius: $130,000 Traffic Counts: 33,500 AADT

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

FOR SALE

•

FOR SALE

821 Winton Ave. Pensacola, FL 32507

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

5300 Davis Highway Pensacola, FL 32505

•

Church on 4.33 Acres

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

1.61 Acre Parcel •

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

1,200 - 1,428 SF suites available Target, Winn Dixie and Michael's anchored community center Located on Bayou Blvd. immediately across from Cordova Mall Extremely low vacancy rate

FOR SALE

•

FOR SALE

9400 Blk S. Hwy 87 Milton, FL 32583 1.6 acres with 350' of road frontage (350' x 199') next to Piggly Wiggly & just north of I-10 Zoned HCD for most commercial application On a direct route to Hwy 98, City of Navarre & Navarre Beach

4751 Bayou Blvd. Pensacola, FL 32503 •

1.6 Acres Near I-10 •

Cordova Collection

FOR LEASE

FOR SALE

Former Tom White the Printer

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

TEAMBECK.COM

209 Massachusetts Ave. Pensacola, FL 32505 • •

•

Several parcels on the corner of Massachusetts and P St. The front office building (1,481 SF) includes 4 separate offices, 1.5 baths, large common area and separate break room/kitchen The secured, fenced warehouse consists of 8,200 +/- SF and contains 4 roll up doors

•

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck .com

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck .com

• • •

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

• •

TEAMBECK.COM

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Office on Davis & Copter Rd. 9215 N. Davis Highway Pensacola, FL 32514 • •

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

1,200 - 10,243 SF available Lighted intersection leading into Tiger Point Golf Course Located on the very high traffic Highway 98 corridor and is surrounded by high income homes The center’s facades were recently updated

FOR LEASE

•

Over 6.6 acres located on beautiful Escambia Bay Site consists of two parcels, with approximately 300' on Escambia Bay Property is high and dry and is actually one of the highest points on Garcon Point Rd. Motivated seller

•

FOR SALE

Garcon Pt. Milton, FL 32583

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck.com

FOR LEASE

Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck.com

3307 Gulf Breeze Parkway Gulf Breeze, FL 32563

•

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

Highly visible suites next to Pine Forest Center Previous use was a chiropractic office 49,500 cars per day High traffic and growth area across from Publix Shopping Center at Milestone and the new WalMart Neighborhood Market

Winn Dixie Anchored Center • •

Garcon Point Land •

2101 W. Nine Mile Rd. Pensacola, FL 32534

• •

FOR SALE

• • • •

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

Pine Forest Commons

•

1797 Annie Penton Rd. Jay, FL 32565 30 acres of undisturbed AG land in the north part of Santa Rosa County High and dry Peaceful farming community Over 2,500' of road frontage Good accessibility from the south and north off of Chumuckla Highway

•

30 Acres on Annie Penton Rd.

•

Recently renovated office space is turn key and ready for occupancy The remaining total square footage consists of approximately 5,989 SF The space is in excellent condition and wired for voice/ data Minutes to Downtown Pensacola

FOR LEASE

596 E. Nine Mile Rd. Pensacola, FL 32514 1,200 SF retail space Great visibility on Nine Mile Rd. Retail end cap unit with drive-thru Traffic count of 35,000 Strong national franchise complex anchors

1851 Saint Mary St. Pensacola, FL 32501 •

Retail EndCap • •

Turn-Key Office Building

FOR SALE OR LEASE

FOR SALE

Office/Warehouse with Laydown Yard

• •

Space can be divided in increments of 3,000, 4000, or 7,000 SF 7,000 SF includes reception area, several large training rooms and 12 offices Excellent parking, available immediately 2 sterile units with separate A/C units

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck.com

INSIGHT | BECK PARTNERS

1813-1823 Alpine Ave. Navarre, FL 32566 • •

• •

Retail units available in Alpine Commercial Center in Navarre Good ingress/egress into this center with a median cut, and two traffic lights just to the east and west Active retail corridor Two 966 SF units available, can be combined for a total of 1,932 SF

• Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

Debbie Anglin, SIOR O 850.477.7044 C 850.501.1075 danglin@teambeck .com

Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

• •

• • John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

• • •

•

• • • • •

39,863 SF industrial building next to International Paper Mill Easy access to Hwy 29 5 dock-high loading docks 14' eve heights 1.0 acre lay down yard Site can accommodate 40 cars and many semi-trucks at the same time

INSIGHT | BECK PARTNERS

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

7094 Hwy 90 E. Milton, FL 32570

• John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Spaces available from 1,200 SF - 8,300 SF Marketplace of Santa Rosa junior anchor available for lease Piggly Wiggly and Dollar General anchored center Across from Santa Rosa Mall 25,500 cars per day Additional land included

East Milton Showroom/Warehouse

•

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

Shawn Maxey O 850.477.7044 C 850.240.1252 smaxey@teambeck.com

• •

East Milton showroom - warehouse with a total of 7,270 SF in 2 buildings & situated on .95 acres +/Main building is 5,770 SF with 10' ceilings. 400 amp three phase electrical service 8 roll-up doors Building could easily be redeveloped for additional office and/or showroom space

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

FOR SALE

410 Washington St. Cantonment, FL 32533 •

• • •

FOR SALE

Industrial Building

Stacy Taylor, CCIM O 850.477.7044 C 404.936.8936 staylor@teambeck.com

251 Mary Esther Blvd. Mary Esther, FL 32569

•

Brittnay Hammac O 850.477.7044 C 251.538.0012 bhammac@teambeck .com

John Fifer, CCIM O 850.477.7044 C 850.261.4684 jfifer@teambeck.com

Junior Anchor Available •

Scott Jennings O 850.477.7044 C 850.341.7209 sjennings@teambeck .com

6,000 SF retail/flex Opportunity Tremendous visibility along Gulf Breeze Parkway Upgraded interior finish Includes 1,500 SF of warehouse space with a roll up door

FOR LEASE

FOR SALE

9440 Scenic Highway Pensacola, FL 32514

Large waterfront residential homesite on Escambia Bay 1.54 acre site has good elevation that will help enhance the view over the bay Previous old home has been demolished, so this site is ready for construction Located 2.8 miles north of I-10

2550 Gulf Breeze Parkway Navarre, FL 32566

•

Justin Beck, CCIM, CPM O 850.477.7044 C 850.529.7499 jbeck@teambeck.com

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

Retail/Flex Opportunity •

Waterfront Lot •

•

Office building divided into individual offices with shared entrance, common hallways, restrooms and parking All utilities included with janitorial in common area and restrooms Signage is allowed on pylon sign

FOR LEASE

FOR SALE

600 Gulf Beach Highway Pensacola, FL 32507 1,000 SF office on 0.14 acres Commercial property on Gulf Beach Hwy., just west of Navy Blvd. Property has a mobile home on it that is being used as an office Property is completely fenced and secure with utility shed included

3209 Ninth Ave. Pensacola, FL 32503 •

Fenced Com. Property with Office

• •

Individual Office Space

FOR LEASE

Alpine Commercial Center

David Valletto, SIOR O 850.477.7044 C 850.982.7352 dvalletto@teambeck.com

TEAMBECK.COM

Additional Listings

AVAILABLE LAND SITES

For inquiries, call 850.477.7044

9 4

MAP REFERENCE

TEAMBECK.COM

ADDRESS

ZONING

ACRES

CONTACT

13500 Perdido Key Dr., 32507

CCPK, R-3PK

16.69

Justin Beck, John Fifer

600 Blk S. Navy Blvd., 32507

C-1

0.92

Justin Beck

New Warrington Rd. - Spur Land, 32506

R-5

9.17

Scott Jennings, Debbie Anglin

7800 Blk Pine Forest Rd., 32526

C-1

14.00

Stacy Taylor, John Fifer

900 Blk Creighton Rd., 32504

COM

1.29

Debbie Anglin, Scott Jennings

1918 W. Cervantes St., 32501

C-3

1.21

Justin Beck, John Fifer

422 Blk W. Airport Blvd., 32504

C-1

7.50

David Valletto

Scenic Highway at Langley Ave., 32504

COM

2.05

Justin Beck, Stacy Taylor

9701 Chemstrand Rd., 32534

HDMU

6.90

Scott Jennings

1111 Lakes Dr., 32571

Mix

10.00

Stacy Taylor, John Fifer

Woodbine Rd. at Cobblestone Dr., 32571

HCD

2.50

Stacy Taylor, John Fifer

5840 Dogwood Dr., 32570

C-1

5.05

Stacy Taylor, Justin Beck

Hwy 87 at Cox Rd., 32583

HCD

3.78

David Valletto, Scott Jennings

Soundview Trail at Entrance Rd., 32561

C-1

2.45

David Valletto

1001 Beal Parkway, 32547 (includes structure)

C-3

0.35

Debbie Anglin

510 Long St., 32539

Multifamily

9.80

Justin Beck, Stacy Taylor

INSIGHT | BECK PARTNERS

MEET THE TEAM From Mobile to Tallahassee, Beck Partners is committed to delivering stellar service through our brokerage, insurance and property management divisions. Meet the individuals who make it happen.

BROKERAGE

Debbie Anglin, SIOR

Gregg Beck, SIOR

John Fifer, CCIM

Brittnay Hammac

Jared Hatcher

Scott Jennings

Rick Locchead

Shawn Maxey

David Monroe

Stacy Taylor, CCIM

David Valletto, SIOR

Jack Williams

Vice President

Senior Associate

Sales Associate

Founder

Sales Associate

Senior Vice President

INSIGHT | BECK PARTNERS

Justin Beck, CCIM, CPM CEO, President - CRE

Managing Director

Associate

Chris Cobb Associate

Senior Associate

Commercial Associate

TEAMBECK.COM

INSURANCE

Tim Danna

Rebecca Leonard

Cindy Ritchie

Kristine Rushing, CPIA, CIC | COO

Commercial Agent

Personal Lines Acct. Manager

Commercial Lines Acct. Mgr.

Catrin Liffner

Personal Lines Acct. Manager

Reid Rushing, CPIA, AAI President - Insurance

PROPERTY MANAGEMENT

Janice Connelly

Tenant Services Coordinator

Donnie Kean

Brice Pelfrey, CPM

Senior Property Manager

Director of Property Mgmt.

SUPPORT TEAM Karen Thrower

Lennie Aguilera

Alice Toohill

Paige Swain

Administrative Assistant

Transaction Coordinator

Erica Osborn

Jeff Mack

Tammy Ford

Lisa Daiss

Corporate Accountant Property Management Accountant

Facility Service Technician Facility Service Technician

Executive Assistant

Marketing Manager

Got a question? Need our services? Contact us today to find out how we can help you:

850.477.7044 TEAMBECK.COM

info@teambeck.com INSIGHT | BECK PARTNERS

Success is in the Details

Thoroughness as a means of preventing inefficiencies. By Brice Pelfrey, CPM Commercial property management is a game of constant multi-tasking. On any given day, we’ll send out an email with multiple questions to a vendor or tenant—and very rarely receive an answer to every question. This prompts the need to write back and repeat at least part of the original question. We live in a world where incomplete work abounds, often causing problems, and almost always resulting in the need for more time to accomplish tasks and meet goals. The solution to this problem? Thoroughness. Thoroughness means looking at the details to ensure accurate completion of all elements, from the smallest task to the largest project. The end result leaves all work completed accurately, with no

additional work needed. There are many factors that can cause a lack of thoroughness: thoughtlessness, indifference about the result, insufficient time, lack of focus, even laziness. But there are solutions, too. A successful property management team employs systems to ensure thoroughness.

Confirm: When completion is assumed—in a complex, two party check and balance, a quick glance at a to-do list or re-reading an email—thoroughness must be confirmed. This is the step most often bypassed, but it is also the point where omissions can be found and resolved before you feel any negative consequences.

Organize: For minor tasks, it may be as simple as using focused, organized thinking and a few notes. For large projects, a more formal system may be needed, such as breaking the project into portions using checklists, schedules and charts to create a map to completion.

This system of thoroughness requires great attention to detail. It’s important not to dismiss the small, seemingly unimportant things, as those add up to significant problems. One tiny detail can derail the successful completion of a project and cause problems to multiply, leading to increased costs and time. All successful property management teams should practice the principle of “If it’s worth doing, it’s worth doing well.” Striving to include planning and thoroughness in everyday responsibilities of managing commercial properties can save everyone involved time and money.

Review: An extra minute to review the requirements of the task can help eliminate stumbling blocks. What resources are needed? What’s dependent on other vendors or trades? Is the order of completion correct? What can go wrong?

SOLUTIONS TO HELP YOUR BUSINESS THRIVE

TRADITIONAL ACCOUNTING CORPORATE ADVISORY SERVICES TECHNOLOGY AND RISK SOLUTIONS

We often begin relationships with traditional tax or audit services, but clients quickly realize we can offer so much more. By listening to your needs, we connect you with our experts to help accomplish what’s important to you. From technology solutions and wealth management to transaction advisory services and executive recruiting, it’s time to take a closer look at Warren Averett and all we have to offer. Let’s Thrive Together.

HR SOLUTIONS PERSONAL SERVICES FINANCE TEAM SUPPORT

Scott Warren, CPA | Scott.Warren@warrenaverett.com 62

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Florida | Alabama | Georgia | warrenaverett.com TEAMBECK.COM

Back Page Proust

INSIDE THE INDUSTRY’S GREAT MINDS

Jamming with Jodi Selvey One of our young up-and-comers taps into the seasoned broker’s secrets to success. Interview by Brittnay Hammac I had the opportunity to meet with a strong female role model in the industry and overall broker powerhouse Jodi Selvey, Senior Vice President at Colliers International Atlanta. With over 30 years of experience in commercial real estate, she shared some great wisdom with a young broker just starting out (me!) about how to be successful in business and in life. BH: What’s your hometown? JS: Atlanta, GA BH: What does a typical day look like for you? JS: Every day is different, which is what I like. It may entail meeting a prospect or client or reviewing leases in the office. BH: What do you enjoy most about being a part of Colliers International? JS: The culture at Colliers is what sets us apart from every other firm!

Beck Partners' Brittnay Hammac (right) visited the Colliers International Atlanta office to gain insight from a seasoned female CRE pro

BH: What’s the last book you read?

BH: In what ways are you involved in the community?

JS: Blue Ocean Strategy

JS: I have been involved with or chaired fundraising groups at Ronald McDonald House, Children’s Healthcare of Atlanta and the UGA Foundation.

BH: Who has had the biggest influence on your career? JS: I never had a mentor so I don’t have a big influencer in my career.

BH: How has the change of technology impacted your career?

BH: What’s the most memorable transaction that you’ve been a part of?

JS: Everyone wants everything done NOW. It has sped up the timing of deals and blurred the lines between working hours and non-working hours.

JS: The new national headquarters for Carters Children’s Clothing. It took three years to complete and we toured more than four different submarkets. BH: If you could pay it forward to a young broker starting out, what advice would you give? JS: Believe in yourself. ALWAYS do the right thing, even if it costs you money. Don’t get discouraged. BE ORGANIZED! BH: How do you spend your spare time? JS: I like to decorate homes, garden and work out. I also like to spend time with my family at the lake.

TEAMBECK.COM

BH: What about yourself would you say stands out in a crowd? JS: I am a “GET IT DONE” kind of person. I don’t dilly dally and am in constant motion. I like to have fun, which I believe helps in a working environment. Jodi Selvey specializes in Office Tenant Representation at Colliers International Atlanta. She works with her clients to provide strategic planning and solutions to their real estate needs. Ms. Selvey offers almost 30 years of comprehensive real estate experience which includes leasing a number of corporate headquarters locations, office building sales, site selection, restructuring of leases and providing detailed financial analysis. (Source: colliers.com) INSIGHT | BECK PARTNERS