Commercial Investment Real Estate November/December 2018

knowledgeable person on trends and value. Then actively offer advice and insights on your market. The CCIM desig- nation brings great credibility to this effort — make use of it. CIRE: What is the greatest challenge in closing big transactions? Adamski: The adage “time kills deals” still rings true! The greatest challenges to closing after a transaction is underway are unforeseen issues that arise and must be solved. Creativity in solving problems is a must when it comes to closing big transactions. Another must is effective communication skills. Given that large transactions typi- cally have a lengthy timeline, if you are an ineffective com- municator, your durability may be outlasted by the deal. Rasmussen: I believe the biggest challenge is maintaining control over all aspects and parties in the trans- action — keeping all balls in the air and paying close atten- tion to the details. Jones: It’s important to be thorough in your review of all aspects of the property and assist your client with creative problem-solving if the need arises — which it usu- ally does. You also must be diligent in qualifying the buyer, regardless of which side you represent. Cheney: The greatest challenge in closing big transactions is patience. They never happen as smoothly as you think, so keeping a level head and navigating pitfalls separate a good broker from a top broker. Adams: A big transaction has so many moving parts. My job is to control the flow of the deal, anticipate problems, and work with others in the transaction to find the right solution to any issue that invariably surfaces. Merin: Perseverance and creativity are needed to overcome the many hiccups that occur between the initial offer and closing. Too many brokers on big deals leave it to others to finalize and close a deal. You must be involved at every step, every conversation, and every negotiation to see a large transaction to a successful conclusion. CIRE: What current market forces are creating big deal opportunities? Adamski: The oft-discussed urbanization trend, driven by millennials as the largest percentage of our workforce, is resulting in many companies deciding to relocate from suburban “deserts” with limited amenities to the more urban areas with greater access to deeper labor pools, public transportation, walkability, 24/7 lifestyle experience, etc. Rasmussen: Interest rates are still at historic lows, but trending up, so investors are taking advantage. Jones: Since I’m located in a secondary market, many investors are looking for returns they are unable to achieve in major markets. Another driver is that more and more investors consider commercial real estate an important component of their overall investment portfolios. Cheney: With new developments continuing to provide large blocks of available space, the Phoenix market remains an attractive opportunity for big deals. The busi- ness-friendly environment here also drives tenant activity, providing additional opportunities. Adams: The strength of the economy, with contin- ued job and population growth coupled with low interest rates, is driving the big deals in commercial real estate. Merin: We are in an extended recovery, one of the longest in U.S. history. At this point, many owners who bought properties during the early part of recovery — five or six years ago — are ready to realize a profit by selling their real estate. Look for owners who have recently renewed large blocks of tenants and may have completed renovations. They’ve created value, and you can show them how to real- ize that gain. 2018 ’s Biggest Deals $147 million $89.4 million $66.5 million $62.3 million $40 million $33.2 million office lease Dan Adamski, CCIM, with two partners JLL, Pittsburgh medical office portfolio sale Jill Rasmussen, CCIM, with two partners Davis Real Estate, Minneapolis office sale Andrew Cheney, CCIM; R. Craig Coppola, CCIM; and Gregg Kafka, CCIM Lee & Associates, Scottsdale, Ariz. office sale Neil Merin, CCIM NAI | Merin Hunter Codman, West Palm Beach, Fla. specialty property sale Bill Adams, CCIM Adams Commercial Real Estate, Atlanta office sale Cathy Jones, CCIM, with four partners Sun Commercial Real Estate, Las Vegas CCIM.COM November | December 2018 31

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