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Tag : Erich Schultz

Joel Thomas, Erich Schultz and Jay Lyons

Compass Commercial Brokers Win Annual Award

by on 5 April 2017in Press Releases

Brokers Joel Thomas, Erich Schultz, SIOR and Jay Lyons, SIOR, CCIM were awarded the Commercial Transaction of the Year Award from the Central Oregon Association of REALTORS® on April 4, 2017.

The award winning transaction was the sale of an 84-acre industrial property, with 550,000 square feet of buildings located at 1155 and 1315 North Main Street in Prineville. In this sale/leaseback, the Compass Commercial brokers were able to help establish a new 20-year lease with Contact Industries to ensure the company, currently employing 220 people, will continue operations in Prineville well into the future. Through its nationwide marketing outreach, Compass Commercial found a Southern California investor to purchase the property. Compass Commercial represented the buyer in the transaction as well as the seller.

There were some challenges along the way that made the transaction both interesting and unique. During the due diligence period, it was found that there were grave sites dating back to the 1860s encroaching on the Contact Industries property. In addition, an old building from the Contact Industries property was encroaching on the land of the cemetery. Prior to marketing of the property it was assumed the properties were correctly determined. Using some creativity and perseverance, the Compass Commercial team was able to negotiate a series of easements to resolve the encroachments. As a result of these encroachments, a full survey had to be completed in order to issue an ALTA title policy which the buyer’s lender insisted upon. This was not what any of the parties wanted to hear just a week and a half before the closing.

The brokers located a surveyor to complete the monumental task of surveying this 16-parcel property on a very short timeline. The survey came back with another unrelated issue. There was an encroachment into the City of Prineville’s right-of-way for Main Street — a potentially deal-killing issue. Within 36 hours, the team at Compass Commercial was able to negotiate a separate easement with the City of Prineville so the title company could issue the policy and the bank could fund the loan. Despite all of these challenges, the brokers were able to clear the various hurdles in order to close the transaction as scheduled.

Commercial real estate vacancies increase; Second-quarter rise is typical market fluctuation, survey says.

by on 12 August 2015in Compass Commercial News, CRE Industry

The Bend Bulletin shares information from our latest issue of Compass Points noting the increase in vacancy in all property types last quarter, but as we reported, it’s no cause for concern.

Commercial real estate vacancies increase

By Joseph Ditzler / The Bulletin / @josefditzler

Tenants vacated more office and retail space in Bend than they rented overall during the second quarter, ending a monthslong trend in which brokers leased property faster than it became available, according to a survey by Compass Commercial Real Estate Services.

The vacancy rate for office space, for example, declined steadily for three years, or 12 straight quarters, according to the survey, called Compass Points. But in the second quarter, Bend office vacancies rose to 9.2 percent from 8.9 percent the previous quarter. About 6,600 more square feet of office became available than brokers leased during the period, according to data from the survey released in July.

The Bend Bulletin shares information from our latest issue of Compass Points noting the increase in vacancy in all property types last quarter, but as we reported, it’s no cause for concern. Commercial real estate vacancies increase By Joseph Ditzler / The Bulletin / @josefditzler Published Aug 12, 2015 at 12:01AM Tenants vacated more office and…

Two Bend Office Buildings Sell for Combined Value Over $4.5 Million

by on 5 August 2014in Press Releases

BEND, ORE. (August 5, 2014) —   Compass Commercial Real Estate Services today announced the sale of two notable office properties for a combined transaction value over $4.5 million.

Compass Commercial brokers, Stephen Toomey, CCIM, Jay Lyons, CCIM and Erich Schultz, SIOR represented Third Division Properties, LLC in its purchase of the landmark AmeriTitle building located at 15 NW Oregon Avenue for $2.9 million.  SSL #1, LLC sold the 12,770 square foot building that was originally built for AmeriTitle in 1994. AmeriTitle remains the primary tenant in the building.

Third Division Properties, LLC also purchased the former American Licorice building, an 8,573 square foot office property. Located at 2796 NW Clearwater Drive in Bend’s Northwest Crossing neighborhood, the building sold in mid-July for $1.65 million. Compass Commercial brokers, Darren Powderly, CCIM, Jay Lyons, CCIM and Erich Schultz, SIOR represented American Licorice in the negotiation of the sale; and brokers, Toomey, Lyons and Schultz represented the buyer.

Third Division Properties, LLC had previously sold property and closed on these two office buildings as part of a 1031 tax deferred exchange.

For information on the above mentioned transactions contact 541.383.2444.

Sisters Mexican Restaurant Plans Expansion, Relocation to Outlaw Station

by on 11 June 2013in Press Releases

SISTERS, OR – Outlaw Station in Sisters is poised to welcome a new restaurant to its tenant mix. Rancho Viejo, a well-established Mexican Restaurant located in the downtown core of Sisters is relocating to the 3,600 square foot cap-end space at 625 NE Arrowleaf Trail, Suites #9 and #10 in the in-line retail portion of Outlaw Station shopping center.

Compass Commercial brokers, Russell Huntamer, Erich Schultz, SIOR and Jay Lyons, CCIM represented the Lessor, Taylor Development, and Lessee, Jerez Inc. in the negotiation of the long-term lease.

SISTERS, OR – Outlaw Station in Sisters is poised to welcome a new restaurant to its tenant mix. Rancho Viejo, a well-established Mexican Restaurant located in the downtown core of Sisters is relocating to the 3,600 square foot cap-end space at 625 NE Arrowleaf Trail, Suites #9 and #10 in the in-line retail portion of…

Compass Commercial Brokers Take Part in SIOR Commercial Real Estate Conference

by on 7 May 2013in Press Releases

SIOR-current-logoBEND, OR —  Erich Schultz, SIOR and Gardner Williams, SIOR, two partners with Compass Commercial Real Estate Services in Bend, Oregon,  recently attended the Annual Spring World Conference of the Society of Industrial and Office Realtors® (SIOR) held in Palm Springs, California. More than 600 people were in attendance.

BEND, OR —  Erich Schultz, SIOR and Gardner Williams, SIOR, two partners with Compass Commercial Real Estate Services in Bend, Oregon,  recently attended the Annual Spring World Conference of the Society of Industrial and Office Realtors® (SIOR) held in Palm Springs, California. More than 600 people were in attendance.

Industrial sales continue to rise as Compass Commercial represents both parties in 36,600 SF transaction

by on 24 April 2013in Press Releases

BEND, OR – Bend’s industrial sector continues to tighten as Compass Commercial Real Estate Services announced the sale of 63257 Nels Anderson Road, the former home to Fuel Safe Systems and Chase Doors, to an investor.  The transaction was valued at $650,000.

Compass Commercial brokers, Bruce Kemp, CCIM, Erich Schultz, SIOR, Darren Powderly, CCIM and Gardner Williams, SIOR represented NW Bend Real Estate Holdings Nels Anderson in the sale of the 36,600 square foot industrial property that has been part of Bend’s manufacturing history for over 30 years.   Robert Raimondi, also with Compass Commercial, represented the buyer, TOBRON Oregon, LLC.  

BEND, OR – Bend’s industrial sector continues to tighten as Compass Commercial Real Estate Services announced the sale of 63257 Nels Anderson Road, the former home to Fuel Safe Systems and Chase Doors, to an investor.  The transaction was valued at $650,000. Compass Commercial brokers, Bruce Kemp, CCIM, Erich Schultz, SIOR, Darren Powderly, CCIM and…

Commercial real estate investors — are you protecting your investment?

by on 22 March 2013in Uncategorized

By Erich Schultz, SIOR

Congratulations! Your offer has been accepted on a multi-tenant office building and you are about to embark on a long list of due diligence activities on the way to closing the transaction. The action items that need to be completed for the subject property are extensive:

protecting_investment_money_feature• Review leases

• Conduct a physical inspection

• Obtain an environmental survey

• Check for Underground Injection Control devices (UIC)

• Obtain a certificate of occupancy

• Check for zoning compliance

• Review Operating Expenses

• Confirm Building and suite sizes

• Review Plans

• Confirm NOI

Next, your commercial real estate broker asks if you would like to have Estoppel Certificates prepared for signature by each tenant.

(Needle scratch, music stops).

Estoppel Certificate? What is an Estoppel Certificate?

The term is not generally used in a normal day to day conversation. So, it is not surprising that some owners and buyers of real estate are unfamiliar with the documents and their purpose.

Periodically, landlords make promises to tenants — maybe to repaint a suite within the next six months or clean the windows at the end of winter or some other promise to perform that may never get documented in an addendum to the lease. This is where estoppel certificates become very useful. An Estoppel Certificate essentially restates the economic terms of the lease, whether or not there has been any prepaid or unpaid rent and if there have been any addendums. It will go on to prompt the tenant to identify any promises or agreements between the landlord and tenant that are outside of the lease (i.e., either verbal or written and not attached to the lease). The significance of an Estoppel Certificate is that it gives the buyer of a property assurance that he or she will not be liable for a promise that was not in the lease. A properly prepared Estoppel Certificate stops tenants from asserting such claims as well.

For buyers of income properties, receiving Estoppel Certificates is an essential part of the due diligence process. In most leases, the tenants are required to sign an Estoppel Certificate if requested to do so. If you think you might need an Estoppel Certificate, you should consult your attorney and/or commercial real estate broker.

Erich Schultz, SIOR is a partner and principal broker with Compass Commercial Real Estate Services in Bend, Oregon.