After months of a nationwide search, you finally identified the ideal property your client wants to invest in. The property satisfies your client’s wish list representative of the right location, cap rate, tenant, lease terms and the 10 other factors you have no control over.
Following weeks of grueling contract negotiations a purchase agreement for the out-of-state property has finally been executed and contingencies have all been met or waived. Now the only hurdle is wading through the unfamiliar out-of-state closing customs, real estate practices and statutory requirements that can make all the difference between a routine versus nightmarish closing experience.
To avoid the inherent challenges of dealing with out-of -state closers who do not know you or your client, are unaware or even worse, do not care what you’re best practice closing procedures are- your solution is simple: Select your local National Closing Team as your single point of contact. There is no need to re-create a system that works locally when your business is placed with a team that you can trust and rely upon.
What is a National Closing Team?
Fidelity National Title and its family of title insurers is the largest commercial insurer in the United States. Utilizing Fidelity National Title’s local National Closing Office and its family of title insurers is the easiest and quickest way of assuring a phenomenal out-of-state closing experience.
Fidelity National Title | National Closing Specialists
Ron Bloecker, Senior Underwriter
Jennifer Hubbard, Senior Escrow Officer
Tania Box, Senior Title Officer
Chancey White, Commercial Services
Phone: (702) 877-3003
The past year has been remarkable for commercial real estate in Las Vegas. It has seen the noticeable recovery of a market that, less than a decade prior, politicians, industry experts, business owners and analysts believed might never bounce back.
It’s no secret that diversification is the key to growth and a strong economy. It opens doors to opportunities that spur more business. A number of East Coast retailers are starting to see the Las Vegas market as a viable business option, and the proof is in the pudding.
The first indicator of steady growth is that retailers are moving into the valley. There have been many this year, but a few big franchises include: Cracker Barrel, Amazon, Chick-fil-A and Dave & Buster’s.
The growth of the past two years also has affected the tourist and gaming corridor, with the construction of T-Mobile Arena, the potential NFL stadium and the new Park Theater at the Monte Carlo. What was once a 2-mile stretch focused on casinos and gambling is becoming an entertainment district.
The industrial market seems to have had a distinctive and continual effect on the industry, with developers constructing large industrial and warehouse facilities without necessarily having a tenant. That was not feasible even five years ago; it was just too risky.
The current boom is reminiscent of the golden age of real estate, from 2000 to 2004. While we may never again see the kind of heyday building of that time, the current dwindling industrial and retail space in the valley is a sign that we’re heading in the right direction. There’s more demand for space than space available.
The second half of this year has seen an increase in the need and desire for industrial properties. There seems to be significant activity completed and planned for commercial warehousing and industrial space. This industrial boom may be a result of the reinvigorated residential market. People making their home in Las Vegas equates to need for businesses to expand and diversify.
Still, there have been difficulties and setbacks with some projects. Investment in startup projects has been risky business in 2016, as we have seen with the recent suspensions of the Faraday and Alon projects. There also has been substantial lag in the construction process of the Resorts World project.
The coming year promises continued spec development and businesses trying their hand in the valley, including Del Taco, which previously had not committed to any new development since 2006. The chain is slated to bring multiple new stores to the valley.
With business diversification soaring here, the development and spec retail boom is sure to continue well into the next several years, and that’s good for all Nevadans.
Dave Teator is vice president of operations for DC Building Group.
There are several contributing authors here.