Commercial Real Estate & Management
Challenging times, creative solutions.
Commercial real estate owners have never faced greater challenges than they face now—foreclosures, falling occupancy rates, shifting demographics, and buildings that no longer suit their original purpose.
The Brun Company has faced, and solved, these problems before. We did it by thinking outside the box, by thinking not in terms of problems but in terms of these properties as challenges in need of creative solutions.
These are some of our success stories:
• Overcoming neglect and financial difficulties: The 131 Ponce de Leon Avenue Building
Situation: In 1990, this 37,000 square foot multi-tenant office building, and adjacent 7,000 square foot empty shell building were taken back in foreclosure by the second mortgagee. These buildings' problems included a first mortgage in default, unpaid real estate taxes and utility bills, and years of deferred maintenance. ...read more
• Transforming a liability into an asset: The 128 North Avenue Medical Building
Situation: When this building was taken over in the same foreclosure as The 131 Ponce de Leon Avenue Building, it was a vacant, unattractive shell on a badly broken concrete slab. ...read more
• Making a building they paid too much for pay off: 235 East Ponce de Leon Avenue
Situation: The foreign investors who purchased this property paid more than three times what it was worth. Building maintenance had been neglected and there were serious problems with the roof, heating and air conditioning systems. ...read more
• Generating income from vacant warehouse space: 999 Lee Street
Situation: This 100,000 square foot warehouse in had sat vacant for several years. The owners did not wish to spend substantial monies on renovations or construction. ...read more
• Generating capital income from vacant warehouse space: 953 Donnelly Street
Situation: This 42,500 square foot warehouse was located in an economically distressed area of Atlanta, which adversely affected leasing efforts. ...read more
• A Change of pace for a suburban shopping center: Fountain Square Shopping Center
Situation: A shopping center built in the 1980's suffered from a lack of road exposure as parcels in front of the center were developed, blocking its view. Anchor tenants at this 100,000 square foot shopping center left as their leases expired. ...read more
Our rules of thumb for management.
1. Your property's performance should exceed your expectations. The Brun Company can help you determine a reasonable rate of return for your property and then work to exceed that goal by controlling costs and increasing revenues.
2. Secure good tenant relationships. In these tough economic times, it's more important than ever before to cultivate good landlord-tenant relationships. Happy tenants renew their leases and refer friends and business colleagues to the property.
3. Control costs—sensibly. Controlling costs is more important now than ever before, but it has to be done sensibly. Deferred maintenance only saves money in the short run, leading to large repair and replacement costs later. We bid out maintenance and construction work and then oversee the work to make sure it's done correctly. We hold contractors to their guarantees. We schedule regular checkups of major buildings systems to make sure they're functioning correctly and to identify problems before they turn into system failures.
4. Plan ahead for major expenses. We believe in escrowing money on a regular basis to help reduce the impact of capital improvements to the property and for taxes and insurance.
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