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Thanks for stopping by the Three West Blog. Hopefully we can offer you some expertise regarding Northern Michigan commercial real estate, brokerage, leasing, property management, and business issues in and around the Traverse City region. The main purpose for our blog is to educate and help those looking for a resource as it relates to your commercial real estate and business needs. If you have a specific question, shoot us an e-mail at info@threewest.net and we'll do our best to provide an answer. We'll also post many of the frequently asked questions and answers that we come across on a daily basis. We look forward to hearing from you. Check back often. General Real EstateLooking for Riverfront or Waterfront Property?Posted by Kevin Endres - Mar 17, 2009 Northern Michigan is home to some of the most spectacular lakes and rivers in the world! Not familiar with every lake up North... no problem. HomeWaters.net includes links to lake bottom maps and lake descriptions so you can do your own research and find the property and lake that best suits the needs of you and your family. There are 1,000's of miles of pristine rivers and streams in Northern Michigan to choose from. In addition to providing the most complete and accurate riverfront property listings, HomeWaters.netwas built to be a resource with river maps, conditions and hatch reports, float and fish times, river histories, and other helpful information. My friends at Home Waters are the most knowledgable Realtors and leaders/pioneers in the rivers and lakes real estate industry. Besides their expertise, their website www.homewaters.netis the most powerful and user friendly search engine for available river and lakefront properties on the web. If you are in the market for such a property, a bookmark to their site is a must. Tell them that Three West, LLC says hi.  PermaLink Comments (0)
HealthcareTough Times Impact HealthcarePosted by Kevin Endres - Mar 17, 2009Tough economic times have a negative impact in many industries and health care is not immune. As a manager of two area phyical therapy clinics, I see the impact in the increasing number of patients who are unable to complete their recommended number of treatments, because they can’t afford the copays. The trend of employer provider health coverages to higher deductible and higher copays has been increasing for a number of years. With the economic downturn, the impact of the higher employee costs are being seen much more frequently. Where in the past we may have had an average of one patient per month decline continued treatment because of costs, we now see one or two patients a week choosing to cut therapy short. Not knowable are the increasing number of folks who are foregoing physical therapy treatment completely, because of high deductibles and $40 copays. To read more on this topic visit upnorthlive.com This post was written by Three West Associate Christopher Bosio.
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Commercial Real EstateThe difference between a NNN Lease and a Gross LeasePosted by Kevin Endres - Mar 12, 2009If you’re in the market for new space for your business and are looking to lease, it is imperative that you understand the difference between the two common types of leases, NNN and Gross. The term NNN Lease, or Triple Net Lease, refers to a lease where the tenant is responsible for not only the rent but the operating expenses also. The NNN, or Net-Net-Net, generally refers to the Common Area Maintenance (CAM), real estate taxes, and insurance. In this case, the tenant bears the entire risk of unexpected changes in operating expenses. A Gross Lease is a term used for a lease where the Landlord assumes the operating expenses. A Gross Lease is generally an all inclusive “out the door” payment structure. The Landlord is one who bears the risk of all unexpected changes in operating expenses. With any lease, it is important to read the details very carefully to determine who pays for what. Some spaces may be advertised for a very low dollar amount per square foot, but have very high CAM fees, creating an overall payment that is more expensive than originally anticipated. The type of building construction will also play a large role in the type of lease advertised for a building. A $14/SF NNN lease for an older building, with old windows, and low energy efficiency will generally have a greater overall cost to the tenant compared to a newer energy efficient building due to the operating expenses required to heat and cool the space. In either case, it is always important to make sure that you have buyer representation, just like in a real estate purchase, looking out for your best interest in any lease negotiation. PermaLink Comments (0)
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