Wednesday, June 11, 2014

How vibrant community property associations enhance property value

This week's guest blog comes from David Rosenthal (Rosenthal Land Advocates):

As part of our work as land advocates, we recently had a meeting with the President of Crossroads Business Park’s community association, Kevin Heitritter.  Crossroads Business Park, as is Kevin’s business, Innovative Document Solutions, is located in Murrieta at 28655 Jefferson Avenue (directly across the street from Temecula Motorsports).

Kevin was quick to offer us his assistance and express concern that the bank owned flex space located in Crossroads Business Park that Rosenthal Land Advocates was retained to manage and sell, would be “dumped” on the market and possibly result in diminished property values for the other business park owners.   A valid concern being that after surviving the recession, a few of the business park owners were finally hoping to refinance to take advantage of rising property values, still attractive interest rates and the growing number of lenders reentering the market place.

The more I spoke with Kevin, the more I was taken-back by his authentic concern for the well being of the community of business park owners that he represented.   For example, even though Kevin expressed interest in purchasing the space, he first wanted us to contact another owner in the business park because he thought he could use the space more than him.  Another business owner echoed Kevin’s remarks in sharing with me how their vibrant business park community association transcended mere “business relationships.”  They obviously have something very special going on here.

I left Kevin promising  that I would share his concerns with the bank and advocate that the bank approve a budget for the interior to be painted, re-carpeted and the windows and such be thoroughly cleaned.   Because we have an excellent relationship with the national bank that owns the property, and being that the bank is community minded, they quickly approved a budget for the work to be performed as requested.   As demonstrated by RLA’s recent successes, it is very clear that by truly understanding a property’s highest and best use and marketing it to end users,  the property will most likely, as a result of bypassing the middle man / investor, substantially increase its selling price.  However, what is not so clear and intuitive is how vibrant community property associations enhance property value.

Recent scientific findings support that “the human brain is wired to connect with others so strongly that it experiences what they experience as if it was happening to us.”  Hence, it is unlikely for one to have feelings of loneliness or isolation while being “connected.”  Because robust communities create environments more conducive to people connecting with others, they are more sought after in the market place.

However, the story does not end here, besides having a particularly vibrant community of business owners, Crossroads Business Park seems to have a built in hedge against the ever increasing growth of Amazon and other online retail stores.  It turns out that the business park’s flexible zoning and its large open spaces are ideal for experienced based businesses.  Businesses where customers naturally connect with staff and each other as they share the experience and joy of learning a new dance step, karate move, collaborative work spaces  or perhaps when a child rolls over for the first time during a mommy and me class.

It is these types of experience orientated spaces that will thrive in the electronic age—spaces where people feel alive and present as they connect to one another via shared passions and experiences. We are very grateful to have the full support of the City of Murrieta and its Economic Development Director, Bruce Coleman and the President of Crossroads Business Park, Kevin Heitritter in the marketing and selling of this dynamic bank owned flex space.  Please join Bruce, Kevin and me on Thursday, June 19th 2:00-6:00 PM at our Open House.  The address is 26855 Jefferson Avenue, Unit D, Murrieta, Ca (directly across the street from Temecula Motorsports).  Sodas and finger foods will be available.  David can be reached at 949-943-2926 or by email at david@rosenthallandadvocates.com

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David earned a B.A. in Political Science from UCLA in 2002, summa cum laude, Phi Beta Kappa and a M.S. in Real Estate Development from Columbia University in New York, New York in 2007.  He grew up working for his father in the construction industry and later as a banker in Newport Beach, CA.  David is a graduate of Leadership Tomorrow, former President of the Irvine Police Academy Alumni Association and founder and President of Rosenthal Land Advocates.  He is a licensed real estate broker, general contractor and a member of the Urban Land Institute (ULI).


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