Scott is the type of person we have been looking for. He brings a strong work ethic and an optimistic attitude and most of all a willingness to serve the needs of our customers said Matthew Cravey, President of Cravey Real Estate Services.

Cravey Real Estate Services is a full service commercial and industrial real estate company based in Corpus Christi, Texas. We specialize in Commercial, Industrial, Warehouse, Office, Retail, Shopping Centers, Land and Investment Properties in Texas.

The post Fauver joins Cravey Real Estate Services appeared first on Cravey Real Estate.

Realizing his passion for Real Estate and Commercial Investments, Chandler joined Cravey Real Estate in 2014.

We have high hopes for Chandler. With his energy and education, I am sure he will be an asset to our company said Matthew Cravey, President of Cravey Real Estate Services, Inc.

Cravey Real Estate Services is a full service commercial and industrial real estate company based in Corpus Christi, Texas.  We specialize in Commercial, Industrial, Warehouse, Office, Retail, Shopping Centers, Land and Investments Properties in Texas.

The post Moreau joins Cravey Real Estate Services appeared first on Cravey Real Estate.

Costco Wholesale Corporation is a membership-only warehouse club that provides a wide selection of merchandise. As of July 2012, it is the second largest retailer in the United States, the seventh largest retailer in the world and the largest membership warehouse club chain in the United States.

Wal-Mart which owns Sam’s Club listed the property at Greenwood for $3,700,000.  Employees of Sam’s and other sources that don’t want to be named, confirmed that Garden Ridge will be taking over the old Sam’s Club location.  We have not confirmed whether Garden Ridge has the property under contract or an investor/developer will lease the property to Garden Ridge.  We contacted Garden Ridge to confirm but they refused to comment.

We feel that Garden Ridge will be an excellent replacement for Sam’s and a good use of the building.  According to Wikipedia, Garden Ridge is a privately held home decor retail chain based in Plano, Texas. Starting in 1979 with just one store in Schertz, Texas, the store was then known as Garden Ridge Pottery.

Matthew Cravey,  President of Cravey Real Estate Services, Inc. represented Sam’s Club in the purchase of the land on Greenwood Drive in 1985. The site is 17 acres and the original building was 106,000 square feet.  Later the building was expanded to it current size of approximately 138,000 square feet.

Contact our office or go to our web site if you are needing more information or help with any of your commercial real estate needs.

The post Garden Ridge coming to Corpus Christi appeared first on Cravey Real Estate.

This may be accomplished by the following:

• The developer sets up a master plan that sets forth the general scheme of development and submits it for the approval of the owner.

• The developer and owner enter into an agreement setting forth the acreage prices for the entire property.

• Owner and developer agree on the number of years over which the full development is to be completed.

• To protect the owner against freezing of his property, the developer firmly commits to buy a predetermined number of acres each year.

• If the developer fails to meet this schedule, the owner is released from his commitment.

A Development Agreement

Another way of handling the problem is for the developer to share the net profits from the land development with the landowner. This can be done by a “land development agreement” in which the developer agrees to perform the platting, the laying out, the installation of lot improvements, and the promotion of the subdivision. The landowner agrees to accept a percentage of the sales price of each lot, with a fixed minimum guaranteed. For example, the developer agrees to pay net to the landowner 25% of the sales price of each lot sold, with a minimum of $50,000 per lot.

With this kind of arrangement, it is important to protect the landowner from finding his land cluttered up with liens left by a subdivider who went broke. The landowner should consider confining the developer or subdivider to a small tract of land at a time and give him “rolling options” to acquire additional parcels at intervals over a period of time. Failure to keep up with this purchase program results in loss of future options. The land that has been optioned but not purchased is not subject to liens against the developer.

Benefits Of Developing On Leased Land

The bundle of benefits for the lessee and lessor in a development on leased land are remarkable. The separate owners, land owner and building owner, come together in one investment at the same location. The land owner has a good lease to the owner of the improvement. The owner of the building puts up less money since the ownership of land is not part of the expenses in the development.

What The Lessor Wants

An example could be the developer of upscale homes who wants to keep the ownership of the land as an investment. The use of the land lease can widen his market by reducing the purchase price of the
house. In certain parts of the country, the value of the land equals the value of the house. Leasing the land can cut the purchase price nearly in half. With this type of land lease, there is usually a provision for a rent increase halfway through the lease term in accordance with the results of a reappraisal of the land. The

Benefits To The Builder

The land lease results in the following benefits for a builder or developer:

• He/she can acquire a valuable parcel of land with very little cash investment.

• This leasehold that is acquired is an asset that can increase in value, and then could be used as security for a loan, or could be sold for a profit.

• The rental payments are fully deductible by the lessee.

• With a subordinated land lease, the lessee-developer gets the equivalent of a 100% loan on the land.

The Best Lease For Both

Usually, a developer-lessee will attempt to get the longest possible term in the lease because the shorter term land lease would have a smaller market for resale. A long-term land lease is generally a net lease under which the lessee pays the carrying costs, including real estate taxes.

When the land rental is a fixed amount, it is a percentage of the fair market value of the land when the lease is executed. This lease will often include a provision for reappraisal of the land at fixed intervals, with new adjustments in the rent. In some cases, for instance with a shopping center, the landowner might demand a share of the percentage rentals over and above the fixed land rent. (Much of the income in the shopping center will come from percentage overages from the sub-lessees.

Subordination Of The Lease

If the owner of the land will not subordinate the lease to a leasehold mortgage, the developer should get a reduction in rent because the unsubordination will cause his financing to be more expensive. Subordination could be the most important item in the terms of the lease. Even a short subordinated lease might be better than a longer unsubordinated lease, even though the longer lease is more salable.

The landowner may or may not allow his interest as owner-lessor to be subordinated to the interest of a leasehold mortgagee. When there is a subordination to the mortgage, the lender, in effect, gets a fee mortgage on the land rather than a leasehold mortgage.

When the lease is unsubordinated, the landowner-lessor has first rights over the lender in case the lessee-mortgagor should default. With these terms, the lessee could find that he cannot get a loan, or can get one only at a higher rate of interest. Without the subordination, the mortgage is, in effect, a second lien since the lessor’s claim on the rents takes precedence over payments on the mortgage.

The objections of an owner to subordination of the lease could be as follows:

• He could lose the property if the lessee defaults on the leasehold mortgage.

• Subordination reduces his possibility of mortgaging his fee interest in the land, which would be a logical move for the lessor. If the subordination is part of the terms, the landowner would record his right to receive any notice of default from the leasehold mortgagee and the right to cure the default. The expense would be reimbursed to the owner by adding the amount to the lessee’s rent obligation.

This article appeared in the September issue of The Commercial Real Estate Investment Newsletter.  One of the newsletters we offer to our clients. You can subscribe to the newsletter by going to NAI Cravey Real Estate Services website.

We are always looking for ways to serve you and would like to hear from you.

matt@craveyrealestate.com or 361-289-5168

The post Developing Land – A Look At The Professional appeared first on Cravey Real Estate.

Since the economy has declined, real estate agents and specifically commercial real estate agents have reduced the size of their signs.  I recently noticed a for sale sign the size of a residential yard sign on a commercial property.  This might not have been such a big deal if it weren’t for the high weeds and the speed of the traffic passing the site.

With the current economy, it is vital that every detail be considered by the commercial real estate agent when marketing a property.  The owners are trusting a large and valuable asset to the agent.  The sad part is the owner probably didn’t put much effort into selecting the agent so why would I be surprised that the sign wasn’t even considered.

The size of the property, the location and type of property dictates the type of sign.  If the property sits on a major highway, even a typical 4’x8′ sign may be hard to see.  In many cases, even a large banner placed up high may be more appropriate than a sign on the ground.  However, a large banner may cost over a thousand dollars.  Not many agents are willing to spend that kind of money on a listing.  Maybe they don’t really believe in the listing in the first place.

Owners, please consider this issue when interviewing a prospective commercial real estate agent.  If the agent doesn’t think enough to have a proper sign, properly placed and maintained, why would you trust them with one of your more valuable assets.

Speaking of maintaining, how many times have you seen a sign hidden by weeds or leaning and about to fall down because your agent doesn’t care enough to have the sign maintained much less go by and visit your listing.  It’s not uncommon for an agent to acquire a listing, put up a sign and wait for the phone to ring.  Never to see the property again until their listing is about to come up for renewal.

A proper size sign for commercial real estate should be at least 4’x8′. It should contain bright colors and be noticeable.  At Cravey Real Estate Services, Inc., we also put up riders that contain additional information such as e-mail addresses and web sites to make it easier for people interested in the property to acquire additional information 24-7. The riders may add as much as 4′ to the sign so the sign may end up 8’x8′.

Size matters, especially in this economy when every possible tool should be used to help the owner sell or lease their property.

The post Does Size Matter? appeared first on Cravey Real Estate.

• By Fanny S. Chirinos
• Posted April 7, 2010 at 4:33 p.m.

Contributed Illustration

L&F Distributors will build a new warehouse and office on State Highway 44 near the airport. Construction will be begin in May and be completed in 10 months on the 150,000-square-foot facility.

CORPUS CHRISTI — Tony LaMantia, a partner in L&F Distributors, plans to begin construction next month on a new 150,000 square foot facility after seeing his company grow substantially since he purchased the Budweiser distributorship in 2001.

The current warehouse and offices, 601 19th St., have reached capacity, and LaMantia said he would rather build a green facility that allows the company to grow well into the future.

“We have needed to add on for a while, but it takes a while to plan things,” he said. “We’ve been planning this for about a year and a half. I think our next 10 years will be as good as our last nine, and it felt like the right time to move.”

The new building will be on State Highway 44 between Clarkwood and Bockholt roads. It will feature green elements such as insulated concrete walls for energy efficiency, a specialized roof system that reduces heat gain and 1-inch insulated, reflective glass.

It will be about twice as big as his current building and will accommodate about 165 employees, LaMantia said. It includes about 20,000 square feet of office space.

Construction is expected to begin in May and be completed in 10 months. Beecroft Construction of Corpus Christi and St. Louis-based S.M. Wilson and Co. will oversee the project, which is expected to employ about 175 workers, LaMantia said.

L&F also operates warehouses in Beeville, Alice, Laredo, McAllen, Harlingen, Rio Grande City, El Paso, Alpine and Roswell, N.M. The company recently expanded its facility in Roswell and plans to build a new warehouse in Laredo in the next two years or so, LaMantia said.

Not mentioned in the article

Weldon Dietze an agent with NAI Cravey Real Estate Services represented the family that owned the land.  Matthew Cravey, President of NAI Cravey represented the LaMantias in the purchase of the land.

Also, NAI Cravey has the existing L & F facility on 601 N. 19th street in Corpus Christi listed for sale. Sales information on that facility can be found at:

http://looplink.loopnet.com/15906929/broker/cravey

The post L & F Distributors will build new Corpus Christi Warehouse appeared first on Cravey Real Estate.