Wellbridge Surgical

CHALLENGE

Wellbridge Surgical, which focuses on providing a high-quality, affordable, and transparent surgical service delivery model, needed to secure a surgery center facility to launch their company.  Given the lack of available buildings, much less the build-out and licensing requirements of an ambulatory surgery center (ASC), finding a building was a tall order.   With no existing surgery center space or buildings available Wellbridge realized they needed to identify a commercial building to be retrofitted for their use and operational needs.  Given their specific and expensive build-out needs, it was only feasible to purchase a building and make the investment themselves.  There was enormous uncertainty on the anticipated costs and timeline of events.

SOLUTION

Wellbridge engaged Scott Lindenberg of Reliant Partners to thoroughly evaluate the market for any available buildings within their size range and geographical boundaries.  This initial search required inquiries of listed and off-market properties, mainly single-story buildings on the northside of Indianapolis.  After identifying the preferred building Scott provided market research, sales comps and facilitated purchase negotiations, which included direct meetings with the principals.  Once under contract Scott memorialized the timeline of events to keep all parties aligned with their responsibilities.  Additionally, Scott researched and provided various architectural, engineering and construction resources to expedite the due diligence and estimated costs.  In the end the buyer secured a below market purchase price which provided a small buffer against the future investment to convert a former Harrison College facility to a Surgery Center.

Gorman & Bunch Orthodontics

CHALLENGE

Dr. Jason K. Bunch, DDS, MS, the founding partner of Gorman & Bunch Orthodontics, has a growing Orthodontics practice with various leased locations around central Indiana and is looking for building ownership and investment opportunities.  Unfortunately there are limited available existing buildings for sale in the market and often times the only opportunity to own is to build yourself.  The site acquisition, development and ground up construction of a building is often price prohibitive and risky for a single user and requires multiple tenants along with building operation and maintenance responsibilities.

SOLUTION

Dr. Bunch engaged Scott Lindenberg and the Reliant Partners team as a Development Services and Property Management partner to embark on the development of a new Orthodontist anchored Medical Office Building (MOB).  Scott was the team leader to identify a land site, assemble a development team, design the building, pre-lease the anchor tenants, secure financing and coordinate the construction project.  Dr. Bunch provided key insight and participation as a partner in the project and Scott was able to lease up the building to 100% occupancy, including Reliant Partners’ brokerage and property management office. As a result, Gorman & Bunch Orthodontics was able to relocate into a high-quality, Class A, professionally managed building for their clients and staff.

THE MICH Building

CHALLENGE

Jafari Estates is an established residential investment and property management firm that was looking to expand into commercial investment properties. While they understood the investment principles, underwriting, and operational needs of income producing real estate they needed a commercial ally to guide them through the nuisances of commercial real estate investing. The Jafari family needed a collaborative and trusted resource to assist on the acquisition and leasing of their first commercial investment property.

SOLUTION

Jafari Estates engaged Reliant Partners broker Scott Lindenberg to leverage his investment experience and market knowledge to purchase 127 E. Michigan Street in downtown Indianapolis. In addition to providing market research to confirm a market purchase price Scott navigated contract negotiations, due diligence and the critical timeline of events leading up to closing. After closing Scott collaborated with the Jafari family to prioritize remodeling initiatives – including first floor lobby upgrades and the creation of a fitness center, meeting room and storage amenities. The Reliant Partners team implemented a first-class building marketing and leasing campaign – achieving 100% occupancy within 12 months of the completed remodeling of THE MICH.

Midland Pointe

CHALLENGE

Jim Adams of Secure Holdings is a regional mixed-use development and self-storage developer looking to acquire land sites in Central Indiana, which are limited in availability and challenging to garner zoning approval. Jim was looking for an experienced land broker with knowledge of the market, a keen understanding of mixed-use development projects and the land entitlement process.  Candidly Jim needed a brokerage partner with acumen both as a broker and a developer that could assist in the initial site acquisition, development process and site disposition.  Often developers don’t have time to identify and qualify sites or they may not see the value in engaging a broker.

SOLUTION

Jim engaged Scott Lindenberg and the Reliant Partners team to assist in the land assemblage of thirty (30) acres, market evaluation of various development uses and end user marketing of the residual commercial outlots for the Midland Pointe project.  Given Scott’s land brokerage and development experience he was able to collaborate with Jim on an overall marketing strategy and provide market value insight and sales comp research for the various land uses. In addition to collaborative marketing Scott assisted with purchase and sale negotiations, due diligence coordination, and overall communication of the entitlement process.

The Levinson Building

CHALLENGE

Hageman and its partner, Rebar Companies, were seeking an experienced, knowledgeable, and connected brokerage partner for a commercial leasing project in downtown Noblesville, Indiana.  Since this project was a public/private partnership with the city of Noblesville, it endured extra scrutiny and a complex approval process.  The Hageman/Rebar team needed the right, local broker with market knowledge and relationships in the retail, healthcare, and office sectors. A broker who could navigate through unique space delivery challenges and rising construction costs that materially impacted lease negotiations.

SOLUTION

The Hageman/Rebar team engaged Scott Lindenberg of Reliant Partners and he was able to leverage his mixed-use brokerage experience, local relationships, and the Reliant Partners marketing team to expedite the project lease-up.  It required Scott to wear different hats in the negotiation process and collaborate with architects, engineers, construction managers and attorneys to memorialize lease commitments. Mixed-use projects with residential and/or parking above or below commercial space often present unforeseen challenges. Ultimately, Scott’s lease negotiation skills and construction acumen helped navigate negotiation pitfalls and safeguard the landlord’s interest in lease negotiations.

Rebar Development

CHALLENGE

Rebar Development is a rapidly growing regional mixed-use developer that was seeking an aggressive, entrepreneurial brokerage partner for commercial leasing and land sales for various mixed-use projects in central Indiana.  Since mixed-use projects appeal to a broader range of end users (commercial/office, healthcare, residential and retail) Rebar needed a brokerage partner with product knowledge, negotiation experience, relationships and marketing horsepower.  Often development projects endure design changes, municipal approval delays and curveballs that require the development and brokerage team to be creative, flexible, and patient.  Each project takes on its own life and requires a different level of commitment and appetite for risk.

SOLUTION

Rebar engaged Scott Lindenberg of Reliant Partners and he was able to leverage the Reliant Partners’ marketing team and his 25+ years of experience to help Rebar achieve 100% occupancy and absorption of all available space in their various projects.   Scott was able to market the Rebar portfolio of projects to a large audience of prospective users, create competitive demand, navigate negotiations, and utilize his personal experience as a landlord, building owner and landowner to lease or sell Rebar’s available assets.  Whether it required expertise in lease negotiations, space planning, or construction coordination, Reliant provided value beyond a typical transactional broker.

Shadeland Avenue

CHALLENGE

Dan Hall, a successful entrepreneur, and real estate investor owned and operated the Church Brothers Collision Repair (CBCR) corporate office out of a Shadeland Avenue building he purchased and leased with the assistance of Scott Lindenberg. After owning the building for three and half years Dan sold CBCR (his 2nd floor anchor tenant) to Abra Auto Body Glass, who planned on vacating the building. Dan had to evaluate whether to relet the 2nd floor space and hold the building as a third-party investor or sell the building to a prospective owner-occupant buyer. What was the best financial strategy? Sell now or re-invest, lease up and sell later? Would the net sales profit justify selling a building after owning for three and half years?

SOLUTION

Dan engaged Scott to evaluate the market value of the building, recommend the best ownership strategy moving forward and ultimately sell the building.  Scott and the Reliant Partners’ marketing team installed banner signage fronting 465 and monument signage fronting Shadeland Avenue and designed high quality marketing materials.  Through aggressive end user marketing, a direct mailing, online marketing, and broker broadcasts Scott was able to create competitive interest in the building.   This resulted in four purchase offers and a sales price above the list price or effectively a 20% premium.

Clearwater Office Building

CHALLENGE

Delta Wealth Advisors (DWA) is a rapidly growing tax and financial planning advisory firm trying to manage evolving space needs while sustaining a creative and collaborative work environment. Given their growth, client focus, and brand identity, it was imperative to identify a high-quality building offering a Class A work environment. They required flexible lease terms to accommodate growth, a central location for access and visibility to clients, and an authentic work environment representative of their brand.  DWA treated this project as a crucial investment in their future and wanted to consider available building purchase options too.

SOLUTION

DWA engaged Reliant Partners broker Scott Lindenberg, CCIM to leverage his market knowledge, experience, reputation and unique value as a tenant advisor and owner of a building. After thoroughly evaluating all available building options (for lease and sale), Scott was able to secure space that achieved all DWA’s objectives. He negotiated a below market rental rate, lease terms to accommodate their growth, prominent first floor lobby space, and exterior building signage—all while leveraging the landlord to fund their space remodeling needs. Additionally, DWA was able to secure a purchase option to buy into the building.

Kenney Orthopedics

CHALLENGE

Kenney Orthopedics has a location in Carmel, IN and their lease was nearing expiration. This location was hard to find, and accessibility is important to their clientele. An additional challenge with this property was the inefficient layout and operational workflow, which wasn’t optimal for their business and resulted in a lot of wasted space. The obstacles they faced with finding a relocation property were geographic restrictions that narrowed the search area and their desire to limit their buildout or remodel expenses, yet provided an adequate and functional layout.

SOLUTION

Kenney Orthopedics engaged Reliant Partners broker, Bobby Lind, to assist in the search and evaluation of the market to find a property to relocate their business. They had previously utilized Bobby’s services to open a new location in Downtown Indianapolis, so he understood the group and their needs, which helped him successfully find a location for them to relocate. This new location not only is easily accessible but it also gives them expansion room to grow.  An additional benefit is the new building is a single tenant building and Bobby was able to negotiate a Right of First Refusal to purchase the building and a healthy Tenant Improvement allowance from the landlord to cover the cost of needed space improvements.

Northside Paws

CHALLENGE

Beth Frank, DVM, wanted to find a location to open her veterinarian hospital in the Broad Ripple/Nora area. These markets have limited availabilities along with higher rent demands which can make identifying a location for a start-up practice difficult. The financing of the practice had strict banking requirements that would impact lease negotiations too. Additionally, there would have to be buy in from a landlord to contribute tenant improvement dollars into the deal to ensure her practice would thrive and cash flow quickly.

SOLUTION

Beth Frank engaged Reliant Partners broker, Bobby Lind, to assist in her search to find the best location for her vet practice. She was referred to him based off his experience working with other start-up healthcare practices. By understanding the banking requirements for start-up’s and having the experience to educate landlords on the benefits a veterinarian hospital brings to their properties, Bobby was able to secure Dr. Frank the perfect space located off College Avenue in Broad Ripple.  This location is a well-known in the community and offers maximum visibility to help grow her business quickly.