Category: Commercial News

Site Selection: Key Elements in Finding the Right Commercial Space

Posted on 08/24/23

Brands include Church's Chicken, Costco, Bloomin' Brands, Jersey Mikes, Dillard's, Five Below, HomeGoods, TJ Maxx, and Marshalls.

You know the old saying: “Location. Location. Location.” In the commercial real estate game, well-designed business plans, solid funding, and meticulous execution are all necessary pieces of the puzzle, but without the right location, success can be elusive. Finding the right commercial space for your business plays a pivotal role in determining its fate. The perfect location can be the catalyst for exponential growth, while a poor choice can lead to stagnant sales and missed opportunities. When it comes to selecting the right site, making an informed decision is paramount.

The site selection process involves a thorough evaluation of numerous factors to identify the most optimal location for a particular commercial use, be it a retail store, restaurant, office building, or industrial facility. Engaging the services of a trusted commercial real estate firm that is familiar with the local market can prove to be a prudent choice, as it can streamline the process and will likely yield potential cost and time savings. To kickstart the site selection journey, the first crucial step involves defining the project’s unique requirements and clear-cut objectives. This encompasses determining the ideal property size, type, location, budget, and project timeline. Armed with this comprehensive information, a commercial real estate agent can get to work to find options that make the most sense for a client.

Factors to Consider in the Site Selection Process:

Suitability: A site’s prime suitability almost always revolves around its accessibility to customers, employees, and suppliers. A strategic location near major roads, highways, and public transportation can be crucial. Additionally, the availability of utilities to the site as well as environmental considerations can often play a vital role in evaluating suitability. And of course, understanding the site’s zoning is essential, as it determines the permissible uses in the area. If zoning adjustments are needed to align with the intended use, an experienced commercial real estate agent can help navigate municipal requirements for a smooth process.
Demographics: A comprehensive evaluation of the surrounding area’s demographic profile is also imperative to ensure it supports the intended use of the property and aligns with the needs of the community and workforce in the area.
Market Conditions: Thorough analysis of real estate market conditions helps gauge the demand for properties or businesses similar to the one under consideration. This information is vital for predicting the potential return on investment. An in-depth market analysis includes studying current trends, the availability of land or commercial spaces in the desired location, traffic counts, and property values.
Competition: The presence of similar businesses or developments in the area also should be evaluated to determine the expected level of competition and the potential for market saturation.

Once potential sites have been selected, a tour of each site usually follows to help investors determine the best possible option.

How Kelley Commercial Partners Can Help

Over the years, we’ve helped numerous major brands and businesses navigate the complexities of site selection, so if you’re looking to embark on a successful commercial venture, Kelley Commercial Partners’ team of knowledgeable agents possesses the expertise to guide you through every step of the process. We understand that “location” is the cornerstone of prosperity, and our thorough evaluation process ensures we find the most optimal site tailored to your unique business needs. With a keen eye on suitability, demographics, market conditions, and competition, we meticulously identify prime locations that can serve as catalysts for exponential growth. You can trust KCP to provide unwavering support in achieving all of your business goals.

Brooke Miller Agent | Partner

Kelley Commercial Partners has an award-winning team of real estate professionals with the experience and knowledge to ensure you maximize your potential and reach your financial goals. Let us help you create a clear plan and provide the guidance you need to confidently move forward. Contact us today or click here to explore available properties.

Tenant Estoppel Certificates

Posted on 11/08/22

Are you a tenant? A landlord thinking about selling? Or an investor looking to buy a leased property? If you have answered “yes” to any of these questions, it is important that you understand what a tenant estoppel certificate is and the benefits and protections it offers.

What is a tenant estoppel certificate?

A tenant estoppel certificate is a legally binding document signed by a tenant verifying the current status and terms of a lease and specifying any modifications to the original agreement, defaults by the landlord, or other issues relating to the lease. Typically, an estoppel certificate is requested by the landlord as part of the due diligence process before closing on the sale of a property. This statement of facts regarding the lease and the premises estops either party from making a claim that contradicts those facts post transaction.

If you lease, own, or want to purchase a tenant-occupied property, it’s important to understand how a Tenant Estoppel Certificate can protect you.

Most commercial real estate lease agreements include a provision requiring a tenant to complete an estoppel certificate within a specified amount of time after receiving the Landlord’s request. However, only a landlord wishing to sell or refinance the property would request the estoppel. If a lease does not have a provision requiring a tenant to complete an estoppel certificate, it is in the best interest of the tenant to carefully review and complete the estoppel certificate to verify all pertinent lease information.

Why sign a tenant estoppel certificate?

From the tenant’s perspective, an estoppel certificate informs and certifies to the purchaser of the property (i.e., the new landlord under the lease) and, in the event of financing, the lender of any existing issues they will need to address after closing. For lenders and purchasers, the estoppel certificate verifies information presented by the landlord regarding the tenant, the premises, and certain material terms of the lease, which helps prevent any costly surprises after closing.

As a full-service commercial real estate firm, Kelley Commercial Partners provides landlord and tenant representation. And no matter which side we represent, we are committed to successfully guiding you through the process from the beginning through closing. For all your commercial real estate needs, let us be your partner to success.

Ageless Health & Fitness Relocates to Village@PV

Posted on 04/15/22

Ageless Health & Fitness, the newest business to move into the Village@PV (formerly, Village at Pleasant Valley) is a gym, but it’s not just any ordinary gym. Far from it. Delena Morrison, co-owner with her husband, Edward Drangle, calls it an “upscale boutique fitness center,” which is without a doubt a far better description.

So, what sets Ageless Fitness apart from your average gym? Well, first and foremost it’s owned and operated by a physical therapist with over 35 years of experience with functional fitness. Each new member receives a full assessment by a physical therapist who then uses that information to create a personalized fitness program that is based on each individual’s goals and needs, as well as their limitations. “We are the only gym to combine physical therapy with fitness. No one else does that. That’s what sets us apart” Morrison says.

Ageless Fitness focuses on functional fitness – a combination of strength training, posture, flexibility, and coordination. Trainers guide members through techniques and movements that are designed to address all these areas and work several parts of the body all at once. Special attention is paid to developing core strength, one of the most important aspects of keeping the body fit and functional at any age.

n addition to their unique fitness program, Ageless Fitness offers massage therapy, specialized classes including Pilates, group training, personal training, cardio, strength and flexibility programs, as well as nutritional counseling. They also sell a wide variety of wellness products including stretch bands, heel lifts, and CBD products.

Morrison describes their new space as more open and brighter than their previous space. “The signaled intersection at the entrance to the shopping center has also made a lot of difference,” she said. “It provides much easier access.”

Ageless Health & Fitness Center is located at 10700 N. Rodney Parham Rd., Suite C in Little Rock. They are open Monday-Thursday from 6 a.m. to 8 p.m., Friday from 6 a.m. to 6 p.m., and Saturday from 8 a.m. to 2 p.m. For more information, call 501-225-9996 or email info@agelesshealthandfitness.com.

For leasing information at the Village@PV, contact Brooke Miller or Drew Laning at 501.375.3200.

Kelley Commercial Partners Adds New Shareholder Partner

Posted on 02/04/22

Kelley Commercial Partners is pleased to announce the appointment of our newest shareholder partner, Kaley Tucker. She will be joining existing partners Hank Kelley, Daryl Peeples, Maggie Hogan, Nick Kelley, Brooke Miller, Jessi Miller, Kevin Pledger, Gary Smith, Eric Varner, and Cheryl White.

“I knew Kaley was coming to the firm with a solid education and strong work ethic, but she has exceeded every expectation. Her professionalism makes her a joy to work with for team members, clients, and customers. I am excited to see what the future holds for Kaley at Kelley Commercial Partners and honored to be her partner,” said Daryl Peeples, president.

Tucker began her career at the firm nearly 7 years ago, just weeks after graduating from Ouachita Baptist University. She started as an assistant property manager and was promoted to a manager role in 2019. Tucker manages some of Little Rock’s largest Class A properties, including Simmons Tower, and several high-rise Property Owner’s Associations. She coordinates overall management, leasing activities, construction management, and financial oversight for more than 1.3 million square feet of property across central Arkansas.

“I had never considered a career in real estate and was certain I was headed down the CPA path after graduation, but I have grown to love what I do and the people I get to work with every day,” said Tucker.

In October 2021, Tucker completed her RPA® (Real Property Administrator) designation through BOMI. Only property managers with a minimum of three years of experience are eligible for the program. Tucker completed the coursework in less than two years and says she gained a more in-depth knowledge of every aspect of managing a commercial property successfully.

Tucker attributes her success in the company to the close-knit team. “I truly could not do what I do each day without my associates, Alex [Graham] and Abby [Turner], and the mentorship I have in Eric [Varner], Maggie [Hogan], Hank [Kelley] and Daryl [Peeples] as well as the support from my husband, Curt. Any property manager will tell you that not every day is sunshine and rainbows. There are some really hard days, but those are the days that I learn the most,” said Tucker.

Tucker is a member of BOMA GLR and is involved in her church, Immanuel Baptist Church. She and her husband have a feisty little red-headed toddler named Tessa.

Hot Springs Bypass Extension Project Ahead of Schedule

Posted on 12/13/21

Kelley Commercial Partners has two development opportunities that should be positively impacted by the bypass.

The Hot Springs Bypass Extension project resulted after a study by the Arkansas Highway Commission determined that improving or expanding Highway 7 through downtown Hot Springs was not an option. Currently, scenic Highway 7 travels directly through Hot Springs National Park, which makes up 5,550 acres and has 8 historic bathhouses, hiking trails, campgrounds, a visitors’ center, and much more. This alternative bypass would reduce traffic congestion through the downtown area and cut travel time between Hot Springs Village and the city of Hot Springs by more than half.

Funded by Connecting Arkansas Program and a Garland County Bond Issue

This $75 million project is funded in part by the Connecting Arkansas Program and a Garland County bond issue which was approved by voters in 2016. The 5.82 miles path connects the intersection of Highways 5 and 7 on the north end, to exit 6 on Highway 70 East on the south end. Overpasses will be located at Covenant Trail Rd., Mill Creek Rd., Denise Ln., and Quarry Mountain Rd. The north end of the extension will tie into a two-lane roundabout large enough to accommodate a tractor trailer. The roundabout project, scheduled to be completed in late 2023, will also widen 4.17 miles of Park Ave.

Roundabout at Hwys 5 & 7

Bypass Officially Designated a Scenic Highway

The bypass meanders through the beautiful Ouachita Mountains and has been officially designated a scenic highway in 2021 by Act 675 from the Arkansas Legislature. It will facilitate access to retail and services in the city of Hot Springs for residents of Hot Springs Village, Jessieville, Fountain Lake, and surrounding areas, all while leaving the tourists and pedestrians in the historic downtown with a better and safer experience with less traffic congestion. Currently, Highway 128 provides a quick route to retail centers and other services in Saline County. Officials believe that this bypass project might help keep that spending, and the tax dollars and jobs that come with it, in Garland County. Originally scheduled for completion by August 2022, the project is currently ahead of schedule and could open for the summer season of 2022.

Development Opportunities in Hot Springs

Kelley Commercial Partners has a unique redevelopment opportunity available just northeast of the roundabout. A ±2.24 acres lot with two buildings is offered for sale. The property has 411 feet of frontage on Highway 5/Park Ave. and is ideally suited for a convenience store or similar development. An additional ±9.16 acres of level land with 340 feet frontage are for sale on Highway 7 in Hot Springs Village across from Walmart Supercentre. For more information about these listings, visit our properties page.