triumph406
Diamond
- Joined
- Sep 14, 2008
- Location
- ca
So about 4-5 months ago we had word the owners of the building I’m in were going to sell. Old news as they had tried on/off to sell for a few years. It was a power struggle between family members who wanted, and some who didn’t want to sell. Well those who didn’t want to sell lost the argument.
We received notices that on xx/xx/2018 we needed to available between 10am-12pm to allow the new prospective owners to walk thru and inspect every unit. If we weren’t available a locksmith would open the unit and allow them in.
I went to considerable effort to get the shop clean, as shops go I’m on the messier end of the spectrum, plus I have quite a few machines stored with tooling, motorcycles etc in pieces. So I wanted to make sure if the building sold I wouldn’t be seen as an unworthy tenant. I probably lost 2 days of production cleaning the place up.
As it happened they never did walk thru my shop, and the 3-4 units where the renter did not show up, the locksmith wasn’t called. Shop looked great though (for about a week!)
Then we got another notice. Be ready for a Phase 1 environmental inspection. Same BS, be ready for an inspection between 10am-12pm, or else there’ll be a locksmith who will open the door for the inspector.
So again I went thru some effort, hid all the oil cans/buckets/drums behind a machine, mopped the floors etc etc. The only area I couldn’t hide was the coolant tanks on the CNC’s. I tried as best I could to cover the openings to the tanks.
The Inspector who came thru ignored the CNC’s looked around, took a few photos, pointed at a 1 gallon can of WD40 and asked if “that was hydraulic fluid”. I said nope, it’s WD40, not sure they knew the difference, so I explained it to them. I think having the floor spotlessly clean helped that day.
We heard thru the grapevine the building had sold, we heard nothing from the new owners, we had to call them and ask them who we paid the new rent check too. The people who bought the building were residential investors, not commercial, and not very organized.
Then we heard the new owners were going to flip the building, my yearly lease had expired, so I was expecting some increase, maybe staggered over a period of time to bring it upto what some considered the local going rate $1/sq ft.
Nope, 47% increase in one month $1.013/sq ft. Evidently we were paying considerably less than the local going rate, which made the value of the building attractive to the new owners. They paid $2.2m for the building, maybe with the increased rents a new owner would get it’s worth $3m.
Guess I’m going to have work a little harder, take on a few more jobs I don’t like doing, such is life…. I can't really complain too much as It's not worth moving as I'm now comparable to local rates now. I have a 5 minute commute, I don't want a longer commute to only save a few $'s As long as I don't get an eviction notice (and somebody has already) I guess I'm staying put.
We received notices that on xx/xx/2018 we needed to available between 10am-12pm to allow the new prospective owners to walk thru and inspect every unit. If we weren’t available a locksmith would open the unit and allow them in.
I went to considerable effort to get the shop clean, as shops go I’m on the messier end of the spectrum, plus I have quite a few machines stored with tooling, motorcycles etc in pieces. So I wanted to make sure if the building sold I wouldn’t be seen as an unworthy tenant. I probably lost 2 days of production cleaning the place up.
As it happened they never did walk thru my shop, and the 3-4 units where the renter did not show up, the locksmith wasn’t called. Shop looked great though (for about a week!)
Then we got another notice. Be ready for a Phase 1 environmental inspection. Same BS, be ready for an inspection between 10am-12pm, or else there’ll be a locksmith who will open the door for the inspector.
So again I went thru some effort, hid all the oil cans/buckets/drums behind a machine, mopped the floors etc etc. The only area I couldn’t hide was the coolant tanks on the CNC’s. I tried as best I could to cover the openings to the tanks.
The Inspector who came thru ignored the CNC’s looked around, took a few photos, pointed at a 1 gallon can of WD40 and asked if “that was hydraulic fluid”. I said nope, it’s WD40, not sure they knew the difference, so I explained it to them. I think having the floor spotlessly clean helped that day.
We heard thru the grapevine the building had sold, we heard nothing from the new owners, we had to call them and ask them who we paid the new rent check too. The people who bought the building were residential investors, not commercial, and not very organized.
Then we heard the new owners were going to flip the building, my yearly lease had expired, so I was expecting some increase, maybe staggered over a period of time to bring it upto what some considered the local going rate $1/sq ft.
Nope, 47% increase in one month $1.013/sq ft. Evidently we were paying considerably less than the local going rate, which made the value of the building attractive to the new owners. They paid $2.2m for the building, maybe with the increased rents a new owner would get it’s worth $3m.
Guess I’m going to have work a little harder, take on a few more jobs I don’t like doing, such is life…. I can't really complain too much as It's not worth moving as I'm now comparable to local rates now. I have a 5 minute commute, I don't want a longer commute to only save a few $'s As long as I don't get an eviction notice (and somebody has already) I guess I'm staying put.