FROM SETBACK TO OPPORTUNITY IN A TIGHT MARKET

Posted by carlson on June 5, 2017 in Case Study

Traci Capistrant and Jill Meyer – of Capistrant Law, P.A. –knew they needed new office space. Their Uptown Minneapolis location wasn’t right for their practice anymore, but determining the next move seemed daunting. They decided they needed help finding the right spot to both meet their current needs and allow for future growth.

Traci and Jill called Phil Kluesner and Mike Hartman of Carlson Commercial to help them determine not only when they should make their move, but what kind of building and location would best align with their brand. And as always, budget was a key factor in the process. Phil helped with big picture strategy issues, while Mike focused on day-to-day management of the process.

Within a couple of months, Phil and Mike helped Traci and Jill narrow down their options to an ideal location in Golden Valley— a landmark building, with highway access, and within their budget. Carlson anticipated a tricky path to closing the deal, and unfortunately, their fears were realized when a neighboring tenant suddenly expanded into the space.

As timing was now a major issue, due to the sale of Capistrant’s current building, the Carlson team quickly led them back into the market. They soon identified an available vacancy in Northeast Minneapolis that better aligned with the firm’s brand. It was a well-known building with easier access to downtown Minneapolis, which was a critical consideration for Capistrant.

The only drawback? Rent was over Capistrant’s budget. Phil and Mike creatively negotiated a “take it or leave it” offer with the landlord to phase Capistrant into the space over a seven-year term, paying below-market rates, yet occupying the whole space from the start of the term. Even better, Phil and Mike negotiated a tenant improvement budget to cover the entire build-out of the space.

“I can’t say enough good things about my experience with Carlson Commercial. Their team went above and beyond to help us find the right space while doing the due diligence to make sure it would be the best lease. Best yet, throughout the whole process Mike provided me with some of the best email/phone response time I’ve ever experienced in business. We are excited for this fun new chapter for our business as we move into the new space!” said Traci Capistrant.

The Carlson team confronted Capistrant’s challenges head-on, and overcame each of them through constant and honest communication, smart decision-making, and quick action. Capistrant moved into the space in early April 2017, and are thrilled with their new home!