Tuesday, June 30, 2009 | 12:13 p.m.
Frank Gatski
Dear In Business Las Vegas reader,
This month, the International Council of Shopping Centers will be in town for RECon — The Global Retail Real Estate Convention. It’s a wonderful opportunity to show national tenants the spaces we have and how our business model has shifted with the changing times.
Retail now represents about one-third of our company’s commercial real estate portfolio. Everyone saw the office-market vacancy rise, and retail is following. It’s alarming to see established tenants that have been in this market for years — national credit tenants — vacate or go out of business.
We’re bringing together tenants, landlords and lenders for candid conversations about the economy and the positions they hold in the commercial real estate industry. We see this as an opportunity to facilitate a strategy where all three components are able to cooperate, compromise and work through tough economic times together.
We’ve also taken the opportunity to enhance our services in the following areas:
• New cost segregation division and services. Cost segregation is the IRS-approved method for accelerating the depreciation of nonstructural components and improvements of a building, which reduces tax liability and increases cash flow.
• New focus on providing services for bank-owned properties and properties in receivership. We have about 200,000 square feet of commercial space in this new area, and with recently added activity from receiverships, our portfolio is now at 7 million square feet. With the structure of our company offering maintenance services in-house, we are staffed to handle all aspects of management in a very cost-effective manner, which is proving valuable to lenders unfamiliar with property management.
It’s important to note that, although times are challenging, deals are still being made. Opportunities abound, and we are still seeing investor interest in our market. Our focus remains on building relationships for future opportunities.
Best personal regards,
Frank Gatski, CPM, CCIM
President
Gatski Commercial Real Estate Services
www.gatskicommercial.com
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