Corfac News

13 022013

Pete Anderson and Curt Hefner from Becknell Industrial led a webinar for CORFAC members on build to suit projects.  Becknell has a great history with CORFAC affiliates, starting in 1999 with Jim Klements, Weber Wood Medinger CORFAC International in Cleveland, OH. Since then, Becknell has completed 6 build to suite BTS transactions for TRW of 577,900 square feet in Ohio, Indiana, Michigan, California & Ontario, and the relationship continues to expand.

During today’s session, Pete and Curt discussed the pros and cons of industrial build to suit projects.  Brokers and builders need to work together to help companies choose the right projects (design build, planned spec) and to schedule correctly.  No matter the type of build to suit project, there is risk. Here are several ways to manage that risk:

  • Start with a schedule. To get build to suits delivered when the customer wants it, the schedule must be managed from the beginning.  Everyone must be aware of the approval processes and build time into the plan.
  • Nail down scope of project from the beginning.  The more detail you have up front, the less misunderstandings and change orders will come later.  Focus on scope with the user, developer, and broker to ensure a smooth project.
  • Site conditions are difficult to completely know upfront: Storm water drainage requirements are more stringent and more studies are needed. Understanding what is needed will help drive the price.
  • Permitting and approval can be time consuming.
  • Start with a schedule.  Can you tell how important the schedule is?!?

CORFAC members can view the complete webinar, including Q&A and information on Becknell’s current projects, on the Extranet:

Locally Owned. Globally Connected

CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 49 offices in the U.S., 5 in Canada and 17 in international markets, including Australia, Colombia, France, Germany, Ireland, Israel, Italy, Japan, Mexico, Romania, Russia, South Korea, Switzerland and the United Kingdom. CORFAC offices completed more than 10,000 lease and sales transactions totaling 620 million square feet of space valued in excess of $8.2 billion in 2018.