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					Commercial Real Estate
      Garrison Group
Introduction

   Our goal was to understand the challenges facing Garrison Group
    and perhaps provide
   some possible recommendations as to development of the former
    Hardee’s property.
   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
    commercial land
   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
   Hardee’s property.
   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.
The Industry
 To be effective as a commercial real-
  estate dealer, it is important to be familiar
  with :
 government policy,
 tax breaks or incentives
 Local conditions
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
    placed thereon;
    zoning; building restrictions; neighborhood or
    vicinity trends.”
    convince others
Commercial Real Estate in the
Springfield area
   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
Competition
   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
    staff.[4]
   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.[1]

Marketing strategy
 Create brochure.
 Post brochure on the company website
  and on a number of websites, state- and
  nation-wide.
 Participate in trade shows to build
  relations, and find partners and potential
  clients.
Garrison Leadership

 Provides high quality service.
 Has a strong knowledge of local market
  conditions.
 maintains a good relationship with its
  clients.
 Is a member of the Chamber of
  Commerce.
 Supports Q5 initiatives.
 Is a certified property manager.
Challenges

 Determine the proper timing for a given
  property sale.
 Coping with government restrictions.
 Assessing the relative power of
  neighborhood associations.
 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
  website?!)
Hardee’s property
   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.
Survey

 The first step was to develop the
  questionnaire form.
 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
  Community Collage.
Table 1. Demographics of the survey
participants.
   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%
   Slide 8
   Table 2. Opinions as to the best fit for the
    Hardee’s Property.
   % respondents4Categories of responses34%Fast
    food restaurant125%Coffee place29%Ice-cream
    place38%Grocery store8%Non-chain privately
    owned restaurant
Recommendations
 Create a link on Garrison Website
    listing demographics
 Create UIS summer internship
 Sponsor a portion of the marketing for
  direct flights from     Washington D.C.
  to Springfield
 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

				
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