Joseph & Camper Commercial works with organizations throughout the Greater Peoria area and communities around Central Illinois. Counties we serve include Peoria, Tazewell, Woodford, Marshall, McClean, Stark, and Knox counties.
Joseph & Camper Commercial has experience with all types of commercial real estate properties including office, industrial, medical, retail, commercial land, multi-family, and investments.
Hiring a commercial real estate broker can save time and money in your search because a good broker has experience with properties, landlords, buyers, and sellers. Our commercial real estate brokers understand the total cost of the transaction and can help negotiate a deal that best suits your needs.
Typically a tenant should evaluate their options 12 months prior to the lease expiration. However, given the aggressive posture of most landlords today, there may be an opportunity to save money if your lease is addressed 12-36 months prior to expiration. This is because landlords need longer term leases on the books to renew their financing and may cut the rent in exchange for a longer term.
In addition, many landlords want their buildings leased at any cost. Landlords are providing free rent and low face rates to lure prospects into their buildings. Plus, subleases are available at rates that are often 50% of comparable transactions.
As a general rule, commercial real estate brokerage fees are paid by landlords in a leasing situation and sellers in a sale situation. For investment transactions, the seller traditionally pays a fee. However, in some circumstances investment brokers may only cooperate with a procuring broker for a small part of the fee. As a result, the procuring broker may need to be compensated by the buyer.
A commercial real estate broker needs to understand the client’s motivations and needs, so honesty is important. Shopping a deal through a number of real estate brokers reduces the effectiveness of the broker.
Yes. Joseph & Camper Commercial has access to comparable building sale databases and appraisers that track building sales in Peoria and surrounding counties for user and investment buildings.
While some brokers specialize, most brokers work as both listing agents and tenant reps. A commercial real estate broker who is a property listing agent is working for the property owner. If you hire a tenant rep that also has listings, you need to know what listings they have and what conflicts that might create.
Many office and retail buildings are nothing more than a box with four walls and a door. The space needs to be finished to suit the demands of the tenant. The finishing of the space is called “build-out.” Negotiations can include the improvements that will be made, who will pay for the improvements, and who will get the work done.
Joseph & Camper Commercial and its qualifying brokers are licensed professionals who are hired to negotiate the purchase and sale of real estate for a commission or fee. Our broker is not an attorney, and our listings clearly state that real estate agents are not providing legal advice. We have knowledge of the real estate laws and regulations and as it relates to specific transactions we conduct. Separate legal advice from an experienced real estate attorney is typically well worth the additional cost. It’s far more cost effective to hire a lawyer to get the deal done right than to wait until you’re embroiled in an expensive lawsuit. We work with qualified lawyers every day and can refer them to you when requested.
Title insurance is an insurance policy that provides assurance to interested parties — including the lender — that there is good and marketable title to the real property being insured. However, title insurance does not guarantee perfect title. As with all insurance, there are several different types of policies and endorsements. There are also many exceptions to title in the typical policy, which all tie back into information found in the preliminary title report.
Due diligence for any property is critical. Environmental due diligence deals with specific property issues that could include hazardous substances, wetlands, endangered species, critical habitat, cultural resources, or regulatory audits. Some lenders may require an environmental site assessment — Phase I ESA or Phase II ESA — and there are more compelling reasons to get one, such as when you’re buying a service station, dry cleaner, auto repair, or a manufacturing business. In Florida, there are thousands of contaminated sites, some have not been identified and others are being contaminated daily. You’re probably doing yourself a disservice if you don’t get one, as any problem that arises could result in catastrophic liability exposure for you even if you didn’t cause the problem.
Call us even if you have done the Phase I ESA or Phase II ESA and just need an opinion. We will not charge you and in turn save you thousands of dollars in sleepless nights and legal fees.
A 1031 exchange refers to a method of deferring tax on the sale of an interest in real property allowed under Section 1031 of the Internal Revenue Code. In brief, it allows a seller to defer tax on a gain that would otherwise be realized on a sale of property if the proceeds from the sale were reinvested in a like-kind property. It’s quite common for a 1031 exchange to be involved in some manner in a commercial real estate transaction.
A seller must contractually arrange to convey its interest in the property being sold in exchange for receiving an interest in another piece of commercial property. If cash is involved, an escrow company or facilitator usually handles this, because treatment under Section 1031 won’t be possible if the proceeds are paid to the seller even for an instant. In practice, however, the rules for a 1031 exchange can be quite complex and it is always advisable to have competent legal counsel involved in the transaction.