Commercial Real Estate
Our goal was to understand the challenges facing Garrison Group
and perhaps provide
some possible recommendations as to development of the former
Evelyn will discuss the challenges of the commercial development
industry and the local
market regarding commercial development. Elena will discuss
challenges faced by,
Garrison Group, a private, family-owned company specializing in
development. John will cover the recommendations we are
suggesting to Garrison
Group. We would like to thank Mr. Roger Garrison for his time and
assistance. We hope
that our report will prove to be useful to Mr. Garrison as he
decides how to develop the
Commercial real estate deals mostly with
the buying and selling of business
properties either for retail, office use or
other commercial use. Location is the key
to successful real estate development.
To be effective as a commercial real-
estate dealer, it is important to be familiar
tax breaks or incentives
Highest and best use for property
location of the land
supply and demand;
competitive properties; use conformity;
size of the land and possible economic type and
size of structures or improvements that may be
zoning; building restrictions; neighborhood or
Commercial Real Estate in the
Springfield is undergoing fast economic
growth. One big initiative taking place in
the Springfield area is the Quantum
Growth Partnership (Q5), a five-year, $4.3
million strategic plan for economic growth
in the greater Springfield metro area The
Quantum growth has a vision of:
4,500 new jobs in five years
$2.6 billion in new wealth
379 new firms in the metro area
The Economic Development Council for
Springfield and Sangamon County, Illinois
(EDC) is a partnership of committed,
creative leaders in business and
government who have allied together to
foster new developments for existing
businesses and to improve Sangamon
Local Construction and Expansion:
A variety of local and national firms have recently
constructed new facilities in Springfield/Sangamon County.
Some of the institutions undergoing new constructions that
would spur growth in Springfield area are:
● Illinois Association of Realtors
● Cingular Customer Care Center
● SIU School of Medicine Cancer Institute
● CCB Credit Services
● Midwest Technical Institute
● Brandt Consolidated
● Illinois Air National Guard
● Wells Fargo Home Mortgage
● Abraham Lincoln Presidential Library and Museum
● University of Illinois at Springfield
The Among the biggest companies in the commercial real-estate business in
Springfield, we might count the following:
1. Charles Robbins Realtors, a commercial department that developed the area
around Old Navy on Wabash Avenue, inclusive of Best Buy, Barnes & Noble and
Lowes, together with many of the office areas behind Best Buy.
2. Coldwell Banker Commercial, which developed the Park South Area (6th &
Stevenson) and is responsible for all Starbucks-related development in town and in
many other areas.
3 Lincoln Land Development, which developed much of the North Dirksen Parkway
area, including many of the restaurants and the Menards on North Dirksen. The
company has over 100 years of combined experience, and 6 employees on its sales
4. The Sam Nichols-Real Estate Group, which has done a lot of brokerage work,
including that with the Yellowstone shopping area on Wabash Ave and the Wabash
business park behind the Yellowstone shopping center. The company is also involved
in design development and construction management
6. Hurwitz Enterprises, which represents Walgreens here in Springfield, and in fact,
much of the country; the company does a lot of brokerage work as well. It also
developed several small retail centers in town.
Garrison Group, Inc.
Private, family-owned company that specializes in
commercial land development, inclusive of
leasing, management and brokerage.
Run by three owners and two staff members.
Formed as Garrison Group in the year 1992
Has over sixty years of combined experience,
with properties in Illinois, Iowa and Missouri.
Has served more then 147 companies under a
number of categories, such as government,
restaurants, hotels, shops and others.
Post brochure on the company website
and on a number of websites, state- and
Participate in trade shows to build
relations, and find partners and potential
Provides high quality service.
Has a strong knowledge of local market
maintains a good relationship with its
Is a member of the Chamber of
Supports Q5 initiatives.
Is a certified property manager.
Determine the proper timing for a given
Coping with government restrictions.
Assessing the relative power of
Coping with high interest rates.
Slide 5 (it will be wonderful if you can find
and post the picture of the property on
this slide, maybe on the Garrison
One particular challenge confronting
Garrison Group, Inc. concerns the selling
of the former Hardee’s property located in
the southwest quadrant of I-55 and
Toronto Road. The property consists of
2.89 acres, and is located at an excellent
highway retail/restaurant intersection.
The first step was to develop the
Sixty three people participated in the
survey, 75% of whom were UIS students
and 25% employees of Lake Shore
Learning Center. 17% of these employees
are also students of the Lincoln Land
Table 1. Demographics of the survey
Category typeBreakdown of
categoriesGenderMale – 40%Female – 60%Age
groupUnder 21 – 28%21-30 – 49%31-40 –
23%How often in the areaHardly ever – 14%2-4
times a week –37%5-7 times a week -49%
Table 2. Opinions as to the best fit for the
% respondents4Categories of responses34%Fast
food restaurant125%Coffee place29%Ice-cream
place38%Grocery store8%Non-chain privately
Create a link on Garrison Website
Create UIS summer internship
Sponsor a portion of the marketing for
direct flights from Washington D.C.
Create an alliance with Coldwell Banker
Commercial for Starbucks-related
development on Hardee’s property
Sponsor a part of the marketing for
upcoming Simpson movie