Luke Reetz Commercial Deal

 

Luke Reetz Commercial Deal

Envision USA in Cottleville, MO
Luke Reetz with David Monassebian

We bought the property in Aug 2017 through a commercial brokerage marketing email. The deal presented an opportunity to fill multiple vacancies, increase in-place leases by 20-25% , in a very high growth area of St. Louis. We anticipated a 3-5 year plan to transition rents to market and fill some difficult vacancies. Even in spite of the difficulties of a global pandemic and the devastating effects on commercial real estate, we were able to endure 2020 and come out even stronger with the help of a phenomenal management and leasing team and attention to close relationships with tenants. We worked with our tenants' needs and our lender during COVID and were able to avoid any tenant vacancies. After 3.5 years, we increased the NOI by $120,000 (30% total), exceeding even our own expectations. As an out of state owner, our quality management/leasing team was imperative to our success.

Commercial Details

Property City: Cottleville
Purchase Price: $4,525,000
Holding Costs: $273,750
Sale Price: $5,950,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

First and foremost, Fortunes Builders gave me the knowledge of how to analyze a deal and fortitude to take action without fear of failure. Even without taking the Commercial Academy, I've taken my learned knowledge and skillset and transitioned into a bigger world of commercial real estate. There's only so much time in a day, and I found that I spend about the same about of time on about every completed deal, so it just made sense to go bigger. With the right partnership, I got my time back and scaled my business. Fortune Builders' emphasize on networking pushed me hard to always value every person I meet and to push myself to extend my circle of relationships...your network is your networth. My business partner was a seller on a multifamily deal I made an offer on 6 years ago, we connected , and $150 million worth of office, retail, and industrial deals later, we never looked back.