Jeff's Blog

New CO mixed use development in Longmont

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Fri, 23 Jan 2009 13:12:14 -0600

All,

We are representing a new commercial development in Longmont, on Hover St. just a block up from Nelson. This 28 acre development sits right next door to Super Target and Home Depot, and we have already signed Sunflower Market to anchor. So if you know retailers looking for great space in Longmont, send them our way! Strip retail, pads and big box space available for sale or lease.

Jeff Tompkins

jeff@adcomrealty.com

Can anyone tell me what the commercial MLS of choice is in Illinois and Iowa?

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Tue, 06 Jan 2009 13:20:14 -0600

All,

I am curious what the commercial MLS of choice is in the Illinois and Iowa area? In Colorado, we have Loopnet, CoStar and Xceligent more or less cornering the market. What is the dominant one in Illinois and Iowa?

Development projects

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Wed, 20 Aug 2008 21:20:30 -0500

All, we have a stable of developer partners who are always looking for good locations to develop in Colorado. Whether it's retail, medical, office, multi-family, etc., if you have a good location please let me know!

Looking for land in Beaver Creek area

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 07 Jul 2008 09:40:29 -0500

All,

I am trying to find approximately 6 acres in the Beaver Creek area, preferably zoned residential. Please send anything you might have or know of!

Commercial construction in Colorado

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 31 Dec 2007 10:24:52 -0600

According to the Denver Business Journal, commercial construction is expected to increase in 2008, due to a strong commercial real estate market in the Denver area. Commercial builders expect a 10% increase in spending in 2008, completely opposite of what residential builders are seeing.

With 2007 being a very strong year for office space absorption, many new speculative office buildings are planned to be built, both in Downtown Denver and the DTC. A few of the large projects coming in 2008: a new state prison in Canon City, relocating St. Anthony's hospital from Denver to the Federal Center in Lakewood, and a new VA hospital at Fitzsimons. The energy boom is also driving new construction, particularly in the mountains and western slope. The bad news? National economists say they expect prices for materials such as steel and copper to continue to rise in 2008.

Medical office market strong

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 31 Dec 2007 09:42:53 -0600

The aging population in the US is stimulating growth in the medical office building market, according to a Marcus & Millichap 2007 report. By the end of 2007, 14.5 million square feet of medical office space is expected to be developed, up from 13.2 million square feet in 2006. Median sales prices are up 6.4% compared to last year, with the number of transactions completed up by 9%. Expect this trend to continue as the baby boomers move steadily into retirement, and the demand for medical services and doctors grows.

Another new trend; in some metro markets (including Denver) physicians are more and more likely to invest in office condominiums, spurring the demand and construction of more of this product.

New development coming to Erie, CO

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Thu, 13 Dec 2007 09:17:36 -0600

All, we have another new development coming to Erie CO, in the city center on Leon Wurl Parkway (across the street from the new city rec center and library). Have clients that want their business, franchise, etc. to get in on the growth in Erie? Let us know! We will have retail, office, industrial, and mixed use pads for a multitude of users. Join retailers like Walgreen's, Chase Bank, McDonald's, etc. Email Jeff for more info!

Medical Office space available in CO

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 15 Oct 2007 11:12:57 -0500

We have various buildings with medical space available, one in Littleton, and two in Westminster. One has complete dental build-out already and with some minor updating could be ready to go. Know medical professionals looking for space? Let us know!

New Development coming to Lafayette CO

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Wed, 10 Oct 2007 10:32:51 -0500

All, we have a new 29 acre commercial development coming to Lafayette, on Highway 287 right next to Exempla Good Samaritan Hospital. This retail development will have opportunities for big box users, pad buyers, in-line retailers, stand alone restaurants, etc. Email for more info, fully entitled in January 2008 and moving ground! The site will also house at least 1 hotel and office building, there is land for further office, medical, nursing and assisted living development!

New Development - Lafayette, Colorado

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Wed, 10 Oct 2007 10:30:26 -0500

We have a new development going into Lafayette CO, on Highway 287 and North E-470. This is right north of Exempla Good Samaritan Hospital. We have multiple options for retailers, including big box pads, bank/fast food pads, in-line retail, and anchor options. We also have land available for office or medical office development, nursing and assisted living facilities, and more! Brokers protected, bring your retailer or user!

Tax Deductions for Homeowners

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Fri, 31 Aug 2007 14:55:53 -0500

This was written by my wonderful CPA, Michele Knight!

Owning a home is commonly known as a great way to save money at tax time, but are you sure that you're taking advantage of all the benefits? It's important to know the ins and outs of the deductions available to you, so that you can maximize your deductions and your savings.

First, let's review the main deductions available to you on your 2006 tax return. Most homeowners file a Schedule A instead of using the standard deduction, so they can deduct real estate taxes and mortgage interest. Real estate taxes are deductible if they are based on the assessed value of the real property, and the taxing authority charges a uniform rate on all property in its jurisdiction. As an example, homeowners' association dues are not deductible because they are assessed by an association, not a taxing authority.

Mortgage interest is also deductible, but within certain limits. If you take out a mortgage to buy, build or improve your home, and that mortgage is for less than $1 million, then the interest is deductible. Interest amounts paid on home equity lines of credit (commonly known as HELOC's) follow similar rules. HELOC's can be a bit trickier because the proceeds are often used for multiple purposes. If you use $20,000 of a line of credit to improve your house and $10,000 of the same line of credit to pay off credit card debt, you can only deduct the portion of the interest attributable to the improvement of your home.

Often your amounts of real estate taxes and mortgage interest paid are listed on the 1098 that you receive from your mortgage company. However, it is also important to check for other taxes and interest you paid, either directly to the taxing district (if you pay the taxes yourself and not through an escrow arrangement with your mortgage holder) or as the buyer or seller at a closing. In a year when you buy or sell property you should review the settlement statement that you receive at the closing to see if you paid any additional amounts that were not reported through your mortgage company.

Two other deductions receive honorable mention. Mortgage points may also be deductible, but with quite a few limitations. I recommend reading IRS Publication 530, Tax Information for First-Time Homeowners, to learn more about deducting points.

And, beginning in 2007 taxpayers will be able to deduct mortgage insurance or PMI. This will be allowed as an itemized deduction, but only for those individuals with adjusted gross income of $100,000 or less, as the deduction begins to phase out for those with higher incomes.

Naturally, I have to include the caveat, "the above information is not considered tax advice and you should consult a professional tax advisor to help answer specific questions regarding how tax laws apply to your situation." The good news is, I'm only a phone call away. Please visit http://www.cpamichele.com/ for tax tricks & tips or call me at 303-598-4413 if you would like assistance with your our personal or small business tax needs.

Looking for residential lots in the Breckenridge area

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Wed, 22 Aug 2007 15:54:59 -0500

All, I am looking for a residential lot in the Breckenridge area (can include Dillon, Frisco, Silverthorne). Up to about 1 acre, want to pay max about $300,000. Would prefer it be in an area like Peak 7, that would allow for custom building, and not have restrictive covenants. Let me know if you have anything!

Best mortgage bankers around?

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Thu, 02 Aug 2007 09:17:06 -0500

Looking for other mortgage broker/bankers opinions...I am looking to join a mortgage banker to expand the products we can offer, the states we can originate in, etc. Seems as a "broker" there is someone with better pricing all the time now, and I am thinking it might be time to merge the company I own with a banker. Would love to hear everyone's opinion on which mortgage banker out there offers the most, is easy to work with, etc. Thanks!

Property Management software

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Wed, 01 Aug 2007 10:22:27 -0500

I am curious to poll the management community, what kind of property management software do you use, what do you like about it, and what platforms have you heard about or experienced that others should avoid?

Colorado Networking

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Fri, 06 Jul 2007 11:59:36 -0500

Has anyone ever put out the idea of us locals getting together, getting to know one another, each other's businesses, etc? Maybe even an informal networking group, that we could bring other professions into? I have seen other groups before, like BNI, rotary, chambers, etc. but might be fun to have a group that already talks in another forum (Active Rain). Let me know what you all think!

Clients looking for 40 acres, great home, tree farm, pond in Elizabeth?

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 25 Jun 2007 21:47:32 -0500

We have a client with 40 acres in Elizabeth, complete with 1000 tree farm, 5 acre pond with surface water rights, 3500 sf house with 6 bedrooms and 2 car attached garage, another 2 car detached garage with shop, 2 bedroom mother in law quarters detached, horse barn, 3 small cabins, the list goes on! The seller is asking $725,000, well under its value. The trees alone are worth $300,000 to $400,000 if used for income. Seller is needing to move out of state, drop me a note for more info!

Commercial real estate in Colorado

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 25 Jun 2007 21:38:48 -0500

Wow...I was just looking through the group of members to see if I knew anyone personally, and realized I am the only one listed as a "commercial real estate agent". Feeling a little Last of the Mohicanish here! That being said, for all of you residential brokers, if you ever have questions in the commercial realm that come up, need help finding commercial properties through the CO commercial databases, etc., please feel free to contact me! I know that I run into those residential clients that need passing on from time to time, and happily pass those off to those who specialize in homes. So if you need help with a commercial deal that falls in your lap, dont hesitate to call or email me for assistance!

Colorado Commercial Real Estate

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Thu, 14 Jun 2007 15:36:32 -0500

Hi all, I have loved being a part of this group, and thought I would share some commercial listings we have in case you know business owners or investors looking. We can find commercial space anywhere in CO, but do have some office buildings listed right now, one in Boulder, one in Westminster, and one on Colorado and I-25. So if you know someone needing office space, send them my way! We do all aspects of commercial real estate, leasing, sales and acquisitions, debt and equity financing, asset and property management, development, etc.

Thanks!

Boulder CO Office Space

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 11 Jun 2007 12:16:18 -0500

This office (2 floors, 17,500 SF per floor) is open for leasing! Rates are $12.50/SF, NNN's are about $5. Signature Class A building includes some garage parking, elevator service, premier lobby entrance, signage, etc. Contact Jeff for more info!

Pools in Colorado

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 11 Jun 2007 12:10:09 -0500

All,

I came home from a BBQ yesterday in which I was the grillmaster, so needless to say I was a bit sunburned, hot, and smoky. As I drove home I thought, "dang wouldnt it be great to have a pool to dive into!?" My next thought was, "you know, I dont see many privately owned swimming pools here in CO." My wife, who is from Minnesota, told me that they had pools growing up, and I have experienced first-hand that Minnesota can get much colder than CO. I am not a native of CO (but got here as soon as I could!) so I wanted to quiz the rest of you - is there a reason, besides the winters, that pools dont seem to be that popular in CO? Is it a soil issue I am not aware of, etc.?

Commercial Property types - Retail

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 11 Jun 2007 12:02:43 -0500

Last but not least, the different classification of retail buildings:

Neighborhood center - contains stores for convenience shopping of everyday needs, no indoor mall area, usually anchored by a grocery store
Community center - wider range than a neighborhood center, might include more apparel and soft goods stores
Freestanding - could be something small like a restaurant or drive-thru (on pads), usually not attached to other stores. Larger buildings (big boxes - which usually have 120ft. bay depths) might fill a specific market need (like a Best Buy, Costco, Target, Barnes & Nobles)
Regional center - the "mall" which is normally enclosed, connected by a common walkway, and surrounded by perimeter parking; holds all manner of retailers
Super-regional center - multiple levels, the "mega-mall" (like Mall of America in Minnesota), more large anchor stores, deeper selection of stores and larger population base
Power center - dominated by the large retailers or "big boxes", often will include "category killers" which are stores that offer tremendous selection at low prices such as shoes, pet supplies, sporting goods, etc. (think Petco, Office Depot, Wal-Mart)
Fashion/specialty center - upscale apparel shops, boutiques and craft shops with high quality and corresponding prices; sophisticated; high income areas
Theme/festival center - unifying theme usually built around entertainment that appeals to tourists, like a casino
Outlet center - usually no anchors, just stores selling their brands at discounts

Commercial Property types - Industrial

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 11 Jun 2007 11:37:53 -0500

Here are a few types associated with industrial properties:

Bulk - 4 walls, floor and roof, little office space, 50,000 SF and up, loading capability
Office/Warehouse - 5-25% office, loading docks
Office/Service - 25%+ office, park-like settings with higher rents (also referred to as flex space)
Research and development - Hybrid of office and manufacturing, usually requires many improvements like "clean rooms", labs, etc. Has rental and sale value 2nd only to pure office space
Freestanding/large manufacturing - often designed for manufacturing, distribution, assembly, packaging, etc.

Commercial Property types - Office

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 11 Jun 2007 11:32:02 -0500

Even under the general heading of "office" there are many types of office buildings. Generally they are broken up by size and class. Here is a breakdown of the differences:

1. Low-rise- Above ground level, fewer than 7 stories

2. Mid-rise- Above ground level, between 7 and 25 stories

3. High-rise- Above ground level, more than 25 stories

Class A - High quality finish, modern design, accessible, highest rents
Class B - Lesser quality finish, may be somewhat outdated, typically older buildings
Class C - Fair finish but with much lower rents, may have some functional obsolescence

Cost Efficient Maintenance for Property Managers

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 11 Jun 2007 11:07:46 -0500

Here is an easy to follow process of setting up a cost effecient maintenance program for buildings you may manage. Preventative maintenance is key!

Prepare an inventory of equipment in the building and other building machinery
Determine the necessary maintenance tasks for each one.
Calculate the cost of maintenance.
Schedule the tasks.
Keep detailed records.

The Primary Functions of a Property Manager

Jeff Tompkins (Advisor Commercial Realty/FirsTier Bank Mortgage) — Mon, 11 Jun 2007 11:03:29 -0500

There are three primary goals for a property manager, whether that property be commercial or residential. They are:

1. Achieve the objectives of the property owner.

2. Generate income for the owner.

3. Preserve or increase the value of the property.

Though the job of a property manager breaks down into much smaller, definable tasks and functions, these are the overarching goals. Everything done, from leasing, marketing, budgeting, maintenance, etc. must be aimed at those 3 goals, to not only make for a happy owner, but for a successful property as well.