Early morning accident

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Received a call yesterday morning that a car had driven into the front of one of our buildings.  I was headed out of town on a tour with a client.  Previously, this would have been something that would have caused me some major problems.  However, as I mentioned in the post Attack of the Side Hustle, I recently hired a property management company.  I was able to go about my day knowing the issue would be resolved.  The insurance companies are involved and the property manager is handling the issue.

 

 

NNN Reconciliations & Month ends reports

An aerial view of our property in Deer Park taken about eight months ago.  New tenants have since moved in and there is development around the property.  We'll take some new photos come late spring.

An aerial view of our property in Deer Park taken about eight months ago.  New tenants have since moved in and there is development around the property.  We'll take some new photos come late spring.

Spent the morning writing December's month end (also year end) reports.  Wasn't the most fun way to spend a Sunday morning, but it was a great feeling to realize I've put another year of growth in the portfolio.

I was able to wrap up the NNN (triple net) reconciliations for our Deer Park property today as well.  Getting that off my plate this early in the month feels like a huge win.

On top of that, I toured a group through one of the vacant spaces in our new office building (more info to come on that shortly).  They seemed interested and are supposed to bring their remaining team members back for a follow-up tour.

 

 

What the Heck is This Substance?

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We received a call from the STCU facilities manager who said a residue was covering their ATM at our Deer Park property.  He'd gotten a call from a concerned member and then forwarded the pictures to me.

At first, it was thought to be chemical de-icer that was sprayed haphazardly on to the ATM.  I contacted our snowplowing company and asked them to look into it.  They went to the site and inspected the ATM.  It turned out to not be de-icer, but an oily substance.

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This prompted further investigation by the snowplowing company.  They had recently placed a truck into service due to a ruptured hydraulic line.  The ruptured line was spraying fluid everywhere.  Prior to being taken out of service, the last place the truck had worked was our site.  

Mystery solved and then cleaned up.  Never a dull moment in the life of a real estate investor. 

Deer Park Property Visit

New parking lot striping with some crack sealant

New parking lot striping with some crack sealant

Crack sealant has been applied.

Crack sealant has been applied.

On April 17th, I toured our retail property in Deer Park.  I showed some photos of some alligator-ing of the parking lot that would require crack filling.

That process occurred last week along with some updated parking lot striping.

Crack sealing is a big deal in our market due to the amount of snow we get.  During the day, snow melts from the sun beating on the parking lot.  However, as the night-time temperature drops below freezing, the water that has seeped into the asphalt will freeze and expand.  This expansion further cracks the asphalt, increasing its exposure to the elements and decreasing its useful life. We have to stay on top of cracks like this.  The previous owner failed to do it and we missed it prior to last winter.  That's a compounding problem we couldn't let continue.

Regarding the parking lot striping, I'm a big believing in doing it every year. Beyond the safety aspects, I believe it has a subconscious affect on how it makes visitors to the shopping center feel.  I discussed this further in the article Buying with the Eye.


Some exciting news for the neighborhood.  A new development has been underway for a couple months on the parcel next door to our project.  A 36-unit apartment building is under construction.  It will be three buildings of 12 units each.  Delivery is expected in early fall.  This is an exciting development for the small community of Deer Park, Washington and one we hope will bring addition traffic to our retailers.

This isn't our development, but it should bring additional traffic to our center.

This isn't our development, but it should bring additional traffic to our center.

Mailbox Installed

We were required to install a commercial grade mailbox at our Deer Park, Washington property.

The original developer and previous owner had never done this.  The post office did not want to have their carrier exiting the vehicle to deliver the mail to each space.  This is what they had been doing in the past and finally drew a line in the sand with our newest tenant.  They were refusing to deliver mail to them, instead making them pick it up at the post office.

This obviously created a problem for us and would create a problem for any incoming tenant as we hope to fill the final vacancy soon.

Can you guess how much one of these units costs?  With tax, a little over $1,400.00!  I bought it from Lowe's and had it delivered to our local store so shipping was free.  However, that's still an amazing cost for a chunk of metal. 

Don't forget that we needed to install a concrete pad to support it.  The pad had to have a volume of 4' x 4' x 4" (deep).  We went a little smaller and deeper, but it's an expensive process to build a little concrete pad.

Anyway, the post office and our tenants are now happy.

Property Visit

I stopped by our Deer Park property today to check on how things are looking.  We should be getting the final concrete poured around the ATM very soon. Right now, it looks rough and unprofessional.  However, we had a tough winter, followed by a lot of rain.  I'm hoping for it to clear up soon and so we can get on the list to have this work done.

Also, I noticed some alligator-ing in our asphalt and alerted our parking lot guy to it.  Due to long winter and heavy rains, he's backed up.  We're on the list, but it may be a few weeks before we get this resolved.