Perseverance Yields Results
MOB began a relationship with a national health care provider that had a need for a larger facility due to the increased volume of patients. Working through the various obstacles proved to be a challenge we were ready to take head on.
They were located in a freestanding building with great visibility within a retail center. However, the clinic had outgrown their space. After searching and exploring all other alternatives we determined the best solution was to physically expand their building. This turned out to be one issue after another, but we were determined to work through the issues to deliver our client the best possible solution.
In order to expand, we had to first determine the retail center had a surplus of parking. This meant completing a parking survey of the entire center. After working with the city and an architect we were able to move forward with the ability to park in compliance. Next we needed to convince the owner of the building to put forth the money required to build the expansion. The current owners were unwilling. Convincing the ownership to sell and finding a buyer that would be willing to fund the tenant improvements for the expansion while still and most importantly providing our client a fair market deal on a new lease was the next step. Success, we delivered on both. However, the obstacles did not end at that point.
After the property was in escrow we uncovered some additional unforeseen issues that needed to be addressed for our building expansion. The title company could not find the CC&R’s recorded publicly but after an extensive search, we found the original developer of the center from 25 years prior. They were more than gracious to give us everything we needed. Upon reading through the CC&R’s we learned the anchor tenant of the center, who happens to be the largest retailer in the nation, had the ability to control any future construction in the center. Not deterred, we were able to work with this retailer directly to waive this restriction in order for us to expand the building.
The approval for the expansion was received by the retailer, CC&R’s were amended, the investor closed on the property and our client received a lease for an expanded building with a below market rental rate.
We will always put forth the effort and resources needed to accomplish our clients’ goals.