{"id":1030,"date":"2017-03-22T11:13:36","date_gmt":"2017-03-22T18:13:36","guid":{"rendered":"https:\/\/www.lee-associates.com\/orange\/?p=1030"},"modified":"2017-06-21T11:56:02","modified_gmt":"2017-06-21T18:56:02","slug":"go-fishing","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/orange\/go-fishing\/","title":{"rendered":"When there are no more fish in the fish market, Go fishing!"},"content":{"rendered":"<p>by <strong><a href=\"https:\/\/www.lee-associates.com\/orange\/team\/joel-hutak\/\" target=\"_blank\">Joel Hutak<\/a><\/strong>\u00a0and <strong><a href=\"https:\/\/www.lee-associates.com\/orange\/team\/phillip-derousse\/\" target=\"_blank\">Phillip DeRousse<\/a>\u00a0<\/strong>of Lee &amp; Associates Orange&#8217;s <a href=\"http:\/\/www.midcountiesindustrial.com\/\" target=\"_blank\">Mid Counties Industrial Team<\/a><\/p>\n<p>Joel Hutak and Phillip DeRousse had a requirement they needed to fulfill for one of their local, trusted clients. The client was looking to purchase an industrial building under 10,000 SF in the North Santa Fe Springs market.<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-1047\" src=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2017\/03\/Fishing-1-300x225.jpg\" width=\"250\" height=\"188\" srcset=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2017\/03\/Fishing-1-300x225.jpg 300w, https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2017\/03\/Fishing-1.jpg 320w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/p>\n<p>At the time, there were no matching properties on the market; this is a very common problem in 2017 being that vacancy levels\u00a0are below 1%\u00a0in Santa Fe Springs.\u00a0 A common response given to a client looking to purchase a building like this would be, \u201cwe will let you know when something comes up that matches your needs.\u201d<\/p>\n<p>Joel and Phillip used their passion for fishing the waters of the Pacific Ocean, relating it to their CRE expertise on the ground, and <strong>they went fishing!<\/strong><\/p>\n<p>Cold calling multiple building owners in a specific size range in a specific part of the city, resulted in a property where the seller and potential buyer had aligned interests.\u00a0 <strong>Hookup!!!!<\/strong><\/p>\n<p>\u201cWe were able to agree on a solid number for the property where the seller and buyer were both excited about the transaction,\u201d said Joel.\u00a0 In this case, time was not of the essence to <strong>\u201cget the fish over the rail,\u201d<\/strong> so a longer than normal escrow was agreed upon to eat up some time\u00a0attached to the pre-payment penalty that the Seller was going to have to endure.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-1046 \" src=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2017\/03\/Fishing-2-e1490120887862.jpg\" width=\"173\" height=\"173\" srcset=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2017\/03\/Fishing-2-e1490120887862.jpg 300w, https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2017\/03\/Fishing-2-e1490120887862-150x150.jpg 150w\" sizes=\"auto, (max-width: 173px) 100vw, 173px\" \/>This wasn\u2019t the easiest of battles on or off the water, the property had a lease in place with a tenant that initially expired more than six months out.\u00a0 In Addition, the tenant had an Option to Purchase the Property.\u00a0 In today\u2019s age, most people would think there are too many <strong>snags and snares<\/strong> in the transaction and move on.<\/p>\n<p>With a <strong>fisherman\u2019s persistence and patience<\/strong>, Joel and Phillip assisted the seller in navigating through these obstacles.\u00a0 After negotiations, the tenant waived the option to purchase the property, and in turn, the seller and tenant agreed to advance the lease expiration date by four months.\u00a0This was a plus for the seller, tenant, and buyer.<\/p>\n<p>Going fishing resulted in an off-market sale of the property at 11945 Rivera Road, a 6,792 square foot industrial building in the city of Santa Fe Springs, California.<\/p>\n<hr \/>\n<p><a href=\"http:\/\/www.midcountiesindustrial.com\/\" target=\"_blank\"><span style=\"text-decoration: underline\">About Mid Counties Industrial<\/span><\/a><strong>\u00a0&#8211;\u00a0<img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-208\" src=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/08\/Joel-Hutak-150x150.jpg\" width=\"85\" height=\"85\" srcset=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/08\/Joel-Hutak-150x150.jpg 150w, https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/08\/Joel-Hutak-300x300.jpg 300w, https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/08\/Joel-Hutak.jpg 400w\" sizes=\"auto, (max-width: 85px) 100vw, 85px\" \/><\/strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-174\" src=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/08\/Phillip-DeRousse-300x300.jpg\" width=\"85\" height=\"85\" srcset=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/08\/Phillip-DeRousse-300x300.jpg 300w, https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/08\/Phillip-DeRousse-150x150.jpg 150w, https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/08\/Phillip-DeRousse.jpg 400w\" sizes=\"auto, (max-width: 85px) 100vw, 85px\" \/>Mid Counties Industrial is a team comprised of market experts Joel Hutak and Phillip DeRousse.\u00a0 The team prides themselves in offering unmatched responsiveness, local knowledge, and industry experience to their clients. \u00a0Joel can be reached at (714) 564-7169 or jhutak@lee-associates.com and Phillip can be reached at (714)564-7141 or pderousse@lee-associates.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Joel Hutak\u00a0and Phillip DeRousse\u00a0of Lee &amp; Associates Orange&#8217;s Mid Counties Industrial Team Joel Hutak and Phillip DeRousse had a&#8230;<span class=\"readmore\"><a class=\"moretag\" href=\"https:\/\/www.lee-associates.com\/orange\/go-fishing\/\">+<\/a><\/span><\/p>\n","protected":false},"author":28,"featured_media":1054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,14,16],"tags":[32,17,19,34,18,20,35],"class_list":["post-1030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-industry-information","category-lee-orange-exclusive","tag-blog","tag-commercial-real-estate","tag-cre","tag-fishing","tag-industrial","tag-leeassocorange","tag-off-market-sale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>When there are no more fish, Go fishing!<\/title>\n<meta name=\"description\" content=\"Joel Hutak and Phillip DeRousse had a requirement they needed to fulfill for one of their local, trusted 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