Tag: #landlordrepresentation

Vivaldi Music Academy Plans First Location in Arkansas

Posted on 03/30/23

The Renowned Vivaldi Music Academy is opening in Little Rock – celebrating 10 years and seven locations.

Kelley Commercial Partners is proud to announce the imminent arrival of the largest music school in the United States, Vivaldi Music Academy, to the Bowman Curve Shopping Center in Little Rock, Ark. Vivaldi Music Academy, a renowned music school that offers personalized music education for children and adults, will open its newest school later this fall.

This is a big win not only for music enthusiasts but also significant for the Bowman Curve Shopping Center and the surrounding businesses. The retail center is already a hub of activity in the area, with a range of shops, restaurants, and services. The addition of Vivaldi Music Academy to the mix adds a new dimension to the center, attracting new, affluent customers and creating more foot traffic. As students attend their music lessons, their parents and guardians may spend time in the shopping center, shopping, dining, or running errands.

Vivaldi Music Academy Coming to Bowman Curve Shopping Center This Fall

Founded in 2013, Vivaldi Music Academy has quickly become recognized as the fast growing music schools in the country, with five locations in Houston, Tex., and San Antonio, Tex.,. The academy offers private and group music lessons in a range of instruments, including piano, guitar, violin, cello, drums, and voice, among others. The school prides itself on its personalized approach to music education, tailoring lessons to the individual needs and goals of each student.

Kelley Commercial Partners is thrilled to have been a part of the team that brought this new tenant to Bowman Curve Shopping Center. We are committed to supporting and fostering growth in Central Arkansas, and the arrival of Vivaldi Music Academy is an excellent step towards that goal. We look forward to seeing the positive impact the academy will make in the community and are excited to see what the future holds for Bowman Curve.

Tenant Improvement Allowances

Posted on 03/03/23

Tenant improvement allowances, or TIAs, are a common aspect of commercial leases. They refer to the amount of money that a landlord is willing to contribute towards the cost of renovations or customizations made to a leased property by the tenant. These allowances can play a critical role in determining whether a tenant can afford to take on a lease, and they can also be a point of negotiation between the landlord and tenant.

The first step in determining the amount of a tenant improvement allowance is to establish the scope of the project. This typically involves creating a detailed list of all the renovations or customizations that the tenant would like to make to the property, including the materials and labor required. The list should also include any necessary permits or approvals that will be required for the project.

Once the scope of the project is determined, the next step is to estimate the cost of the project by obtaining quotes from contractors or suppliers for the materials and labor required. The landlord can then decide on an allowance amount they are willing to contribute, which is generally a percentage of the total project cost. The percentage will vary depending on the landlord and the specific circumstances of the lease.

It’s important to note that the tenant improvement allowance is typically applied to the rent. This means that the tenant will pay a higher rent to the landlord to compensate for the allowance. Tenants should carefully consider the total cost of the lease, rent plus allowance, when deciding about whether to take on a lease.

From the landlord’s perspective, offering a tenant improvement allowance can be a way to attract and retain tenants in a commercial space. It can also be used to incentivize tenants to improve or upgrade a space in a way that benefits the overall property. A tenant improvement allowance can also benefit a tenant as it can reduce the costs associated with outfitting a space to meet their specific needs. Additionally, the tenant may be able to negotiate a higher allowance from the landlord if the tenant improvements benefit the property overall.

Tenant improvement allowances can play a key role in commercial lease negotiations and greatly benefit both tenants and landlords. When discussing tenant improvements, it’s crucial to have a defined goal and a well-thought-out strategy. At Kelley Commercial, our experienced professionals are ready to assist you in creating a clear plan and provide the guidance you need to confidently negotiate the best possible outcome as a tenant or landlord. Contact us today to learn more about how we can help you make an informed decision.

Rising Interest Rates Present Opportunities for Commercial Real Estate Investors

Posted on 12/27/22

When interest rates rise, it can potentially make borrowing more expensive for commercial real estate investors. This may lead some investors to shift their focus to properties that have stable, long-term cash flow, as these properties may be able to generate enough income to offset the higher borrowing costs. However, rising interest rates can also create opportunities for certain types of investments.

One potential opportunity for commercial real estate investors when interest rates rise is to focus on investments that are relatively insensitive to changes in borrowing costs. For example, properties with long-term leases or properties that have stable, predictable cash flows may be less affected by rising interest rates.

Another option for commercial real estate investors is to invest in properties with strong demand, such as properties in high-growth areas or properties that are leased to creditworthy tenants. These properties may be able to command higher rents, which can help to offset the higher borrowing costs associated with rising interest rates.

Investors might also consider exploring alternative financing options, such as private lending or crowdfunding, which may offer more favorable terms than traditional bank financing.

Finally, commercial real estate investors might negotiate interest rate swaps or caps with their lenders, which can help to mitigate the impact of rising rates on their investment portfolio.

For nearly 40 years, Kelley Commercial Partners has helped provide clients with a competitive advantage. We have the knowledge and experience to help clients navigate through the ever-changing market. Whether you are new to the commercial real estate market or an experienced investor, we are here to help you meet your real estate goals. Contact us today.

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.

Stretch Zone Opens in West Cantrell Plaza

Posted on 06/28/22

Stretch. Work. Play. Repeat. That is the mantra at Stretch Zone, a practitioner-assisted stretching facility that recently opened its first Arkansas location in West Cantrell Plaza at 14300 Cantrell Rd. in Little Rock.

Blake Mack, the general manger of the new West Little Rock location explains practitioner-assisted stretching as “a life-changing stretch experience that can provide clients with immediate relief from muscle pain and tension, improve pain-free range of motion, and enhance physical and athletic skills.” And the best part is, you see results from day one. Mack described his session with a client recently saying, “I had to remove her socks when we first began because she could not bend over to do that herself, but by the time we were done, she was putting on her own socks!” That’s a fairly impressive accomplishment after a single session.

Stretch Zone uses a patented strapping system and proprietary tables that position, stabilize, and isolate muscles.

Stretch Zone uses a patented strapping system and proprietary tables that position, stabilize, and isolate muscles, allowing practitioners to provide a unique stretching experience that simply cannot be accomplished at home. This unique approach is designed to help just about anyone, from professional athletes to those recovering from surgery, and even a completely unconditioned person with very limited mobility.

All Stretch Zone practitioners receive hands-on training and are certified by the National Board of Therapeutic Massage and Bodywork, which means you are always in good hands. They work with professional sports teams in the NBA and the NFL. Stretch Zone services are also included in some of the best spas around the world, from Miami, to New York City, to Italy. And if you’re looking to improve your golf swing, Stretch Zone has you covered. They work closely with Palm Beach Gardens, the PGA National Resort and Spa!

Stretch Zone’s operating hours are flexible enough to work just about anyone’s schedule. They are open from 7 a.m. to 7 p.m. Monday through Friday and 7 a.m. to 5 p.m. Saturday and Sunday. You can try your first stretch session for free. To book an appointment, call 501.812.3931 or visit their website.

Brandon Sheard and Kindley Wasson of Kelley Commercial Partners represented Stretch Zone, and Eric Varner of Kelley Commercial Partners represented the landlord. Welcome to West Cantrell Plaza, Stretch Zone, and welcome to Arkansas!