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Midwest Women in Commercial Real Estate
Find Lynnette Boyle in the Midwest RE News’ 2023 Midwest Women in Commercial Real Estate issue!
Here’s the link: https://issuu.com/rejournals/docs/wire_2023/42
Samaritan Center Named 2022 Biggest Loser in Michigan Battle of the Buildings
Bravo to Henry Argasinski, RPA and Kevin Juk Samaritan Center Detroit for their win in the ‘mixed use’ category at the Michigan Energy Summit’s 2023 Battle of the Buildings. Samaritan Center had achieved a level of decreased energy usage of 12.78% during the period of 2021-2022. Prior to being involved with the Detroit 2030 program, it had achieved a decrease of 29% during the period of 2020-2021. This is a major accomplishment for a property working hard make an impact on an underserved community. Thank you to Connie Lilley, AIAD Honorary Affiliate, MBA, LEED AP, Continuum Services and DTE Energy for the support and teamwork!
Best of the Best 2022!
#TeamBeanstalk is honored to share that RE News: Midwest has included Beanstalk Real Estate Solutions in their latest issue, “Best of the Best 2022,” in the Top Property Management category!
An excerpt from RE News’ website:
“No one would say that 2022 wasn’t a challenging year. Commercial real estate developers, brokers, construction companies and contractors dealt with soaring construction costs, rising interest rates and a labor shortage. And, yes, they still had to work around the lingering effects of the COVID-19 pandemic.
These challenges, though, didn’t stop the industry’s top performers from reaching new heights in 2022. Want proof? Check out the latest issue of Midwest Real Estate News’ Best of the Best.
Midwest Real Estate News recently released its 2022 Best of the Best issue, highlighting the top commercial real estate professionals throughout the Midwest. This special issue lists the top-ranked brokers, construction companies, developers, direct lenders and owners. The issue also features the best property management firms, real estate law firms and financial intermediaries in the business.
Property Managers Need Not Hesitate to Ask for a Roadmap
The Covid pandemic altered the idea of the modern workplace drastically and unexpectedly. Unprecedented times led to a completely new definition of the word ‘workplace’. People who never considered working from home were thrust into doing just that, and adjustments had to be made. Dens, kitchen tables, walk in closets and basements became home offices. It wasn’t always ideal, but we sure figured it out.
Then a shift occurred, and people realized that they actually enjoyed working from home…No dealing with traffic jams during the rush hour commute. We could enjoy a few more minutes in bed because we didn’t have to drive into work. We saved money on gas and by not buying $4 coffees, every day. And the ‘work-up-top’, ‘pajamas-down-below’ attire that many were able to pull off while working from home was also a big plus. People were saving time and money, and they were more comfortable. Productivity increased and job satisfaction was higher. It was an unexpected plus to an unfortunate situation.
Then came the vaccine, a booster, and the kids returned to school. Offices that had been remote for over a year began to open back up. But then the second ‘ah hah’ moment came because people realized that they weren’t thrilled with the idea of returning to the office. We had become comfortable working from home, saving money with less hustle and bustle. We wanted the flexibility to continue this much more laid-back lifestyle, with less stress, and more personal time.
Many employers are offering flex schedules that include a set number of in-office hours per week along with the option to work from home or remotely. Some employers still offer fully remote options for certain positions. Others have mandated that all employees return to the office full-time.
The challenge for building owners and property managers has been how to solve for the abundance of office space that may not get leased, or which is not being paid for. This includes challenges with tenant delinquencies, inability to pay operating costs and even foreclosures. Thinking creatively and being flexible with tenants, can help. Collaboration will be key. Finding new ways to utilize space, create demand for alternative space and repurpose common areas to create the kind of atmosphere that a flexible workforce wants will be key.
More than ever employers and landlords have to work together to listen to what the modern ‘post pandemic’ workforce wants. It may not be ping pong tables and work out facilities. It may be the ability to come in, plug in anywhere, use a conference room for a team meeting, eat a quick lunch and get back on the road to work from home in the afternoon to meet your kids.
For property managers this also means that we must work that much harder to showcase the value of our property. Make it as enticing and comfortable as possible, while still serving the primary function as an ideal office space. As always, the special sauce will be in client relations and tenant satisfaction. Its up to us to determine what that means by listening and inquiring! We need a new road map but to the same destination.
Medical Care for the Town Mall
The last two years have had us all thinking more about our heath. Whether it be a focus on self-care or a reluctance to be around large groups of sick people, the location and availability of heath care has never been more on our minds. Retail can provide the solution as urgent care centers are becoming the new doctors’ offices.
Brokers and CRE professionals have been trying to answer the retail vacancy problem for more than a decade. ‘For Lease’ signs are abundant, from big box anchored shopping malls to the local in-line shopping center. Healthcare providers could be the next tenant to backfill those long vacant spaces.
While business offices closed, and more people are working from home or in a hybrid situation, the Covid-19 pandemic is transforming the way developers and brokers look at vacant retail spaces. Healthcare service providers have been eager to open clinics and offices in an unlikely location – shopping centers. A Business Times article refers to this trend as “medtail – a reflection of the medical industry’s migration to retail properties.”
Health care providers with more of a focus on wellness – provide consumer focused care similar to other non-traditional retailers. Many people have been purchasing our prescription eyewear from medical providers in shopping malls for years. Co-star reports that retail space leased to medical service providers has increased 4% over the last decade, with heath care occupying roughly 20% of shopping center leased space.
The availability of retail space, coupled with reduced rents, make the retail spaces, including former big box spaces, very attractive to healthcare providers. National healthcare systems with a desire to open offsite medical/surgical centers, need large established spaces that former retailers such as Macys, Sears and JC Penny have left behind. Retrofitting or repurposing an existing structure can cut down on costs and construction timelines. In addition, parking is ample.
Medical tenants are attractive to landlords/property owners because they are typically well funded, part of a larger corporate group, and are willing to sign long-term leases. During the pandemic, the term ‘essential worker’ which for landlords leasing to healthcare agencies means no interruption. CRE professionals, want retail spaces filled with tenants that will remain open, and pay rent for the long haul: Medical services, healthcare facilities and pharmacies. Healthcare focused tenants also benefit traditional retail tenants by providing more foot traffic during the day when the shopping center is typically not as busy.
The pandemic has shown us the need for easily accessible healthcare and readily available treatment options. As traditional brick and mortar retail is on the decline, our need for available, on demand heath care, only increases. Retail shopping centers are poised to answer that call.
The Power of the List
I work in real estate management and consider myself a multi-tasking machine. There are a multitude of meetings, tasks, issues that have to be addressed every day and they continue to pile even as I plow through.
Most of us are driven by a ‘to do’ list, whether it is written in an organized notebook, on a torn piece of paper, a post-it-note, or just a mental checklist that we are mindful of throughout our day.
We depend on our list in business and in our personal lives; it keeps us focused and organized, and in many cases, allows us to sleep at night so we aren’t trying to remember what it is we think we are forgetting.
There is immense value in working from a list and many will agree that the most successful method of keeping track of routine tasks and projects is to move them through a systematic priority list to completion. It gives us that much desired sense of accomplishment to take action and cross things off that list.
In the real estate industry, certain lists infiltrate our operational process daily:
- The Client List
All the information about the asset for the property owner who has entrusted us to manage, sell, or lease their buildings. - The Tenants/Residents List
All the work or information requests a property manager receives from tenants and residents, every day, in acting on behalf of the Landlord. - The Prospect and inventory Lists
This is the information the leasing agent or broker receives on every contact reaching out to lease or buy space in a building, along with the ‘to do’s that go along with the list of potential properties that would work for them. - The Vendor and Supplier List
Information on all the companies that are vying for time and attention to provide services that property managers partner with to provide quality service and repairs (i.e. architects, engineers, security services, janitorial companies and so much more).
A great real estate professional relies on many lists to avoid being overwhelmed with all the ‘to dos’ and to move them into the ‘’completed’ column. The real trick is learning to use the team around them to divide and conquer.
Here’s how the LIST can change your life if you look at it with a new perspective:
Lead: Be a leader that is willing to do the work and find solutions, not a boss (blaming others and criticizes).
Integrity: Be known for standing up for what is right and following through — Keep your word.
Service: This must be at the core of what you do “provide outstanding service”. This is WHY your clients, tenants, residents and prospects called YOU!
Team: Build a solid and supportive team. A good friend told me “Never jack-up your back-up”. Your success will be easier and more sustainable with a strong team.
The next time you are fumbling around through all of your lists, and you get the phone call, email, or text with an urgent issue and you are overwhelmed by all your lists, you can take a deep breath and remember that you Lead with Integrity providing a Service with an amazing supportive Team.
In Urban Areas – Air Conditioning Cannot be Considered a Luxury
Temperatures in Detroit, like so many urban centers, have seen higher than normal average temperatures for the past several years.
Global climate change has affected all four seasons in the Midwest. Summers have seen rising temperatures and increased humidity that can make working in older buildings without air conditioning especially uncomfortable.
Air conditioning, once considered a luxury, is now considered a necessity to many. Property owners are finding creative ways to upgrade building systems and introduce new technologies for energy management and efficiency. Financing can be key as programs like PACE and utility company energy saving incentives are rolled out all over metro areas.
Business owners that lease space are especially concerned with office environments as they struggle to attract and keep good employees. Satisfaction and productivity are key! On top of that, many buildings have older windows that don’t open well, and air quality is a concern.
Detroit’s large inventory of historic buildings all face the challenge of competing for tenants in a modern culture, where classic architecture is revered, but can be seen as obsolete. Some tenants are deterred because they find gorgeous gothic or historic spaces they love, but they’re unable to overlook that it has not been upgraded and certain modern amenities: Fans, window air-conditioning units and air towers are not only an eye sore; they can also present safety hazards, can be loud, and are a reminder of why new technology has become necessary.
In addition, fires and other electrical issues are common with old equipment and window-air conditioning units and most historic buildings already have more than enough preexisting electric and plumbing concerns.
It is critical for property managers and developers to collaborate on upgrading HVAC systems. Investment in new mechanical systems extends the life of charming, historic buildings. This is nothing new in the built environment, but in the U.S. is a new concept as our buildings age out.
New and upgraded HVAC systems are more marketable and can command higher rents. Highlighting the value of increased comfort provided with new or upgraded HVAC systems certainly helps sell the next generation of business leaders on the charm of a historic building.
As visionary developers continue to invest in the historic buildings of Metro Detroit making the commitment to new air-conditioning systems is a breath of fresh air in the built environment where everything old is new again.
Guardian Building wins 2022 TOBY!
Congratulations to the Guardian Building team on being awarded with a TOBY (The Outstanding Building of the Year) award today from BOMA in the Historical Building category! We are so proud of the entire 400 Monroe Associates and Beanstalk Real Estate Solutions team. Your dedication and hard work have truly made the difference.
Learn more about the BOMA TOBY award here: https://www.bomadet.org
Learn more about the Guardian Building here: https://www.guardianbuilding.com
Krystol Rappuhn Featured in Crain’s Detroit
Congratulations to our Co-Founder, Executive Vice President, and General Counsel, Krystol Rappuhn, on being featured in Crain’s Detroit’s 2021 Notable Real Estate Executives! We are proud to have you leading our team.
View the full article on the Crain’s Detroit Business website.
Planting the Right Seeds to Support Life in the New Workplace
The term “Tending your garden” also applies to business — not just flowers and vegetables.
For a successful harvest, you must have the belief that hard work and effort will produce great results. You must commit and put in the time.
The same is true at work. Team members need to ask themselves if they are doing the work to produce, or just assuming the produce will be provided? Growth can’t occur in a culture where deadlines or objectives are not met, especially if attention to detail and process aren’t followed.
It’s easy to go up to an apple tree, pick the apples and bake a pie, or to go to a florist and buy a bouquet of flowers. But buying a package of seeds, or a seedling, and having the patience and drive to till the soil and plant? Now that’s dedication and work. And it takes dedication to nurture a team and tend to its needs.
Once the planting or selection of a team is complete, the critical process of attending the garden begins. Watering regularly, weeding, and dead heading are a must. Remember, if the garden is bigger than you can tend, the plants will begin to suffer from lack of care.
Think of the plants like your clients. If they don’t get the care and attention they need, they start to separate…
Much like team members, too!
Some client relationships, like plants may not thrive. You can pull out all of your tools and try to address the unexpected, and with thoughtful strategic planning, decisions can be made to help you adapt and meet their needs.
But what is your workplace like? Are there strong managers and a culture of planning, planting, weeding and nurturing? Is professional development, support and training being offered? Are team members being well mentored? Investment in team members is what fertilizer is to a garden — It boosts and enhances the results and outcomes.
Most importantly, a gardener needs patience and should be mindful: If it grows too quickly – it is a weed.
Patience isn’t always easy to find in a workplace. Competition, risk-taking and urgency take precedence.
The cost for success can deplete the work environment, like overwatering, harvesting too early, or not giving the garden the time it needs can suck the life out of the plantings.
Patience is respecting the process: Foundation must be built, roots must be established, and then success will be achieved.
Can New Options Help Bring Shoppers Back to Retail Centers?
So, you have surely heard the rumors, or read the statistics that ‘brick and mortar’ retail is on the decline, and on-line shopping is on the rise. While this is not new data, real estate professionals are trying brand new strategies to change the trajectory of retail centers, all over the country — Think ‘people, social gathering and community’.
Shopping districts, malls and centers are places where people meet to hang out, socialize, people watch and connect. This is not a new concept, it’s the original mall concept.
Duc Kim from Stantec (Chicago) was recently featured on a CREW (Commercial Real Estate Women) panel and described a new kind of social phenomena that may be on the rise. His idea was to reposition the mall to address community and social impact by creating spaces that people could use for entertainment, meetings, education, workspaces, and just gathering for fun.
Buildings with less emphasis on large anchor tenants and more focus on new, smaller modern brands, and spaces that offer things to do and experience.
Landlords are focusing less on the ‘anchor tenant’ model, where big box retail tenants act as book ends, and are seeking out more curated experiences for the shopper that include place making concepts, game rooms, meeting areas, services, and recreational space, all in one center. Retail leasing professionals will have to be clever, creative, and stretch their thinking on how they market, seek tenants, and brand a property. Research shows that people are more and more likely to visit shopping centers for non-retail reasons such as restaurants, gyms, and for medical treatments (human and pets). These tenants are more service orientated and offer shoppers something that cannot be purchased on-line. Consider backfilling vacant spaces by leasing to non-retail tenants.
Landlords will have to transform their thinking on ways to be creative and flexible with leasing terms as the world and properties change frequently throughout the future. All of us will need to adapt to a faster paced social environment.
Matthew Mason, Managing Director with Conway MacKenzie in Detroit, says, “The expansion of curbside pick-up at many retail stores and centers is a convenience that customers have embraced and will continue to expect long after the effects of the pandemic have receded.” Curbside pickup provides an opportunity for landlords to increase customers’ reliance on, and visits to, its retail centers. There is a potential downside, however, that an overreliance on curbside pickup diminishes cross-shopping and renders retail centers little more than neighborhood distribution centers. As such, thoughtful tenant-mixes and modern shopping center designs are more important to a retail center’s success than ever.
As the world comes out of a year of being holed up at home, so many of us are ready to meet, eat, and shop – in person, with other people. Shopping symbolizes a return to normalization, both socially and economically and people are ready to invest!
Crain’s Detroit Features Lynnette Boyle!
Thanks to Kirk Pinho for taking a minute to highlight one of Detroit’s smaller, women-owned businesses. Women and minorities need all of the support they can get as they break through ceilings and barriers.
– Lynnette Boyle, Beanstalk Real Estate Solutions
“BEANSTALK REAL ESTATE SOLUTIONS: Lynnette Boyle was exposed to commercial real estate early in life when her mother, in the 1970s, worked for someone who owned apartment buildings around Wayne State University, where she later went to school. After a career that included time with Kirco, Farbman Group, Sterling Group and Bedrock LLC, she formed Detroit-based Beanstalk Real Estate Solutions in 2016, focusing on property management and brokerage.”
Click HERE to read the full story in Crain’s Detroit Business.
It takes a team to manage an HOA.
When my partner and I started Beanstalk Real Estate Solutions, we were laser focused on building an amazing boutique Detroit firm that specialized on commercial real estate management, leasing, and brokerage. Our mission was to build a multi-disciplinary team that could bring in all the right partners to create value for property owners through design, experience, and technology. We knew our lane.
One year in, we were approached by a prominent downtown condominium homeowners’ association looking for something different in a property management company. The very idea of managing condominiums was show stopping for us. Today, we love the condominiums and boards we work with.
We had never even thought about this path and had zero experience. Our peers told us to run the other way and steer clear. They said the co-owners that make up the home-owner association (HOA) boards were always at odds, would not listen, and had no idea how to manage real estate. But we were curious, up for a challenge and decided we could always back out. Being a new company, we had to be open.
So, we took on our first project in 2016 and, through very careful vetting on both parts, now manage six really beautiful, cool, high-end condominium projects. The key for us was communication and collaboration with the HOA board. We built teams around the projects and worked to define goals, budgets, and plans. We brought to the condominium sector the same processes and tools used in commercial and industrial markets. The results have been fantastic.
HOA management companies historically take on clients in bulk and service minimally with inexperienced property managers that are overworked and underpaid. It is a racket! HOA boards tell us they just cannot find good HOA management companies. Bringing in the right management company with real goals, benchmarks and tools can make all the difference. Paying the right price for the right level of service will also determine the longevity of the relationship.
It takes time to make an impact and put in place the capital plans, reserve accounts, project lists, rules and regulations, appropriate vendor agreements and other processes that make sense. Most importantly, technology is crucial for boards and managers to share information electronically for transparency, collaboration, and sustainability.
We tell our clients, “You can fire us anytime and have everything you need to manage your property.” Of course, they do not, because they just want to live in their community and not have to work – when they leave their real jobs. But we give them the freedom to choose and not be held hostage.
HOA management can be challenging not just for the projects and tasks involved, but for how HOAs have to find ways to bring ideas and people together and share information to build consensus and community. The right management company can make all the difference. The right board makes magic!
Has reading become pandemic therapy?
Covid-19 has presented a myriad of challenges to our daily life, both personal and professional. Yet, there is a “silver lining” that can always be found, even in the most challenging times … if you look hard enough and want to see it. Online book sales have soared in the last year, with a resulting explosion of ‘at-home’ reading by people of all ages.
While many people looked to books to provide entertainment and comfort during the stressful times, it also presented a great opportunity to explore topics to further their career knowledge or look into topics they do not normally have the time, desire, or attention span to focus on. 
This includes educational and professional books.
The pandemic slowed the world down, may have increased family time, and helped many people rediscover their love of reading. Let’s face it, in the age of e-books and online accessibility through Amazon, the sky is the limit!
You may not realize it, but there are many local authors right here in Metro Detroit who remain under the radar, unless you are looking.
One such author is Lynn Drake, a local real estate broker who is the president and founder of Compass Commercial. She focuses her business on representing tenants and buyers within the commercial real estate (CRE) industry.
Lynn has a passion for helping business professionals find the right office space but can only take on so many clients. Her solution was to write a book to share her knowledge of the real estate industry.
Her book, Do You Speak Lease, offers practical advice for “do-it-yourself enthusiasts and aspiring real estate agents”, which can be found on Amazon.
If you are a tenant, agent, broker, buyer, or just interested in learning more about CRE leasing or buying, support a local author and gain knowledge of a complex industry sector.
The office market is going to open back up — get ready with the perfect vacation read and learn more about leasing and buying property while on a beach with a cocktail!
Packaging Tenant Talk – Detroit Property Management Tips
As any true property management professional will tell you that communication is key and there are a myriad of ways to communicate with tenants. We rely on the tried and true, phone call, email, website, work order systems, social media, and the good old fashioned face-to-face meeting, but the real question: Is your communication effective? Do your tenants pay attention? When they stop listening, or talking, things can deteriorate quickly. If they do not know the story, they may make it up. Here are some tips to help get your ideas across and hold onto a solid relationship.
BE CLEAR – Remember the old standards: Who, what, when, where and why – they are not just for news stories. Addressing these questions is a very clear and simple way to communicate your message. Tenants, just like building owners and managers, are very busy. Opening an email and clearly seeing the message instead of having to read a paragraph is extremely helpful and will go a long way with tenant relations.
BE CONCISE – Be sure to communicate your message with as few words as possible. Don’t be verbose but give the details they need to understand WHAT is happening and WHY.
BE CONSISTENT – Use your branding with every newsletter, eblast, or posted signage. You name it…literally! Use the same font, color, subject line, etc. Tenants will appreciate the consistency.
BE ENGAGING – Make your subject line count! Catchy subject lines and enticing article headlines are a couple of ways to engage your readers. Most of us get so many emails and messages every day. If you want yours read, grab their attention!
BE CORRECT – Grammar, punctuation, and accuracy of information are very important and will instill confidence in you from your tenants. There is nothing worse than having to circle back because you hastily put out the wrong information.
BE COMPLETE – Remember that you know what you know, and they know what they know. Include all the necessary information to eliminate questions in the future. Think of it from the tenants’ perspectives.
BE RESPECTFUL – Your tenant’s time is important. Instead of sending several eblasts a month, try condensing it into a newsletter. Tenants will appreciate being informed without being inundated.
The world is a loud, fast, noisy place. Be obsessed with finding creative and effective ways to communicate and build those relationships. Always give your tenants your attention and keep them informed about what is happening in the building, around the property, and in the surrounding community. It’s the people that keep business humming along!
Want more tips about Tenant Communication? Browse through our blog or connect with us directly:
Beanstalk Real Estate Solutions
Detroit Property Management
422 W. Congress, #200
Detroit, Michigan 48226
(313)446-8060
info@BeanstalkRES.com