MARKETSCOPE - Q3 2022 - Lee & Associates Greenville / Spartanburg

Sometimes, The Right Answer Is “No.”

“We will tell people not to do a deal as fast as we’ll tell them to do it,” says Randall Bentley, SIOR, CCIM and President of Lee & Associates Greenville / Spartanburg.

It might not be what you expect to hear from the Principal of a commercial real estate firm, but then, Randall Bentley is far from typical. And he takes pride in it.

Earlier this year, a Lee & Associates client wanted to jump on a new property that had recently come available. After carefully assessing the options with his team, Randall felt the move wasn’t right and advised his client to wait. Having worked for months to try and find the perfect property, it wasn’t advice he gave lightly. “It didn’t feel good to say that,” he remembers. But Randall was confident that he could find something better.

Randall Bentley, CCIM, SIOR President / Principal

Passing up the property wasn’t easy for his client either. Under intense pressure to find a new location, the temptation to settle for the “best available” option was significant. But Randall’s assurances that a better opportunity would present itself proved correct. Within a few months, he found a building perfectly suited to

their needs and had signatures on paper within 24 hours. A little patience proved the difference between a good property and the perfect fit.

Listening Is the Key

The right property can only be identified when you start from a place of deep understanding. Advising a client is about more than just sharing market information and passing along available listings. Kevin Bentley, SIOR, Executive Vice President at Lee & Associates says there’s only one way to ensure you’re consistently acting in a client’s best interest. “The main thing is listening to what the customer needs. You have to listen a whole lot more than you talk.” It’s not just making sure a new building or plot of land checks off a list of features. Being

knowledgeable about the client’s business, culture, employees and goals goes a long way towards finding the perfect property.

This attitude pervades the company culture at Lee & Associates. “In training our new guys,” Randall explains, “one of the first things I tell them is to ask questions.” When the market is moving at a breakneck pace, it can be hard to slow down and have a deep conversation. Randall has seen it play out. “Most everybody else is telling people what they want to do before they sit down in the chair. But when you take the time to slow down, ask good questions, and really listen to what people are telling you, that’s when you begin to build a real partnership.” This level of commitment means not just finding the first available building that

meets a client’s basic needs. Instead, it drives the team at Lee & Associates to do whatever it takes to locate and acquire that one property that helps a client’s business thrive.

Putting in the Work

Part of what makes the team at Lee & Associates successful is the local knowledge they bring to the table at every transaction. Most employees and associates were born and raised in the Greenville/Spartanburg area, and many had significant industry experience prior to joining the firm. But that’s not enough to stay ahead. “We do our homework,” Randall says. “We take the market analytics and we explain what all that data really means to you and your business.”

Ultimately, finding the right property is about helping clients achieve their goal. Whether that’s improving efficiency or expanding operations, having a part in that process is rewarding. “Doing our job isn’t about the money,” Kevin says. “When you see a client utilizing their real estate or operating successfully and you had some part of it, that’s what motivates me to get to the office every morning.”

People First

The attitude of people first, property second defines the way Lee & Associates does business. It’s easy to talk about relationships, but the challenge comes when you’re faced with real scenarios that require a decision. Kevin sees it all the time. “We have property owners who call us because

Global Commerce Industrial Park in Greer, SC.

they’re bombarded with people wanting them to sell. If you sell you get a commission, but it might not be a good idea for the client.” So how does he advise them? “You do what’s best for the customer and their business. They come first.”

For large clients, finding the right piece of property might simply be the next step in expanding a business. For others, including many small and mid-sized businesses, it can be the difference between success and failure. But regardless of size, every client is entrusting the team at Lee & Associates with a critical task. Randall sets the tone for the entire company promising, “We will manage your property as if it was our inheritance and we discuss exit strategy at the time of acquisition. This may have a great impact on which property is the best choice.”

The Right Way to do Business

At Lee & Associates Greenville / Spartanburg, growth isn’t driven by simply checking off deals. Acting with a sense of urgency, but still taking the time to build relationships, and finding the best deal might not be the easiest path, but it’s the right way to do business. Transactions are the byproducts of relationships. The motivation behind every piece of advice given and deal finalized is simple: In everything, the client comes first. It’s more challenging to do things the right way, but it’s a challenge worth embracing.

Randall sums it up, “We’re more interested in you and what you’re trying to do with real estate than just the dollars that flow from the deal.”

“The way we operate, you don’t have to worry about us looking at the dollar first. We’ll do the right thing every time. We will manage your property as if it was our inheritance.”

- Randall Bentley

Kevin Bentley, SIOR Executive Vice President / Principal

What Can Those in the Industry do to Finish the Year Strong?

Andrew Harrill Associate Greenville Office

“Finishing the year strong means finishing each deal with precision, focus, and attention to detail. For year-end deals close to being complete, attributing time and effort towards property closing details and finishing touches on leases will create a lasting impression on clients and real estate professionals as deals are taken across the finish line to ensure there aren’t any (or as many) questions after the completion of a transaction. Executing the beginning and ending stages of each deal with a strong game plan is a great way to win referral and future business from current or past clients. Touching base with past clients and having meaningful follow up conversations after a deal will also prove a valuable action for commercial real estate professionals to finish the year strong building on current relationships turning the page into 2023.”

Randall Bentley, CCIM, SIOR President / Principal

“The way to finish strong is to stay focused on your original plan and the commitments you’ve made to your clients. Some people start strong and get complacent, especially if they’ve had a good year. Stay focused and committed and everyone wins.”

Kevin Bentley, SIOR Executive Vice President / Principal Greenville Office

“With the end of the year approaching, real estate professionals need to stay focused on projects they are working on to try to close them by the end of the year. It is also a good time to look back at this year’s successes and to create a business plan that can be your road map to a successful in 2023.”

“To finish the year strong, folks in CRE need to spend some extra time digging up new leads and circling back to prospects who may have gone quiet earlier in the year. The end of a year marks a time where companies start to think about next year’s budget. This is a great time to set up phone calls and appointments with clients and prospects to talk about their plans for 2023.”

Matt Roos Associate Spartanburg Office

“Be creative! As the market continues to be tight, look outside the box for opportunities to breathe new life into projects. Retrofit and repurpose spaces for clients and their requirements. A distressed, functionally obsolete, vacant, or otherwise undesirable space can be redefined for those willing to embrace everything from aesthetic facelifts to major architectural rehabilitation. It may mean raising a roof or working through zoning to actualize new function for a property that has outlived its usefulness. As always, keep your ethics aligned and treat people with respect and integrity. Our work is based in trust and relationships. It always has and always will.”

“To finish the year strong I always take a look back at the goals I have set for myself in the beginning of the year and stay grounded to the fundamentals that have kept me successful. I continue to stay diligent in being selective with my time, stick to my routine and keep my deals organized. And most importantly remain focused on the needs of my clients to ensure their success. Our client’s satisfaction is why we do what we do!”

Micah Williams Associate Greenville Office

Darath Mackie Senior Broker Associate Greenville Office

Lee & Associates: How International Expertise Benefits the Greenville / Spartanburg Market.

Founded by Bill Lee in 1979, Lee & Associates has grown to become the largest broker-owned commercial real estate firm in North America. With more than 60 offices and 1300 employees across the United States and Canada, as well as a strategic partnership in Europe, the company’s unique business model has powered rapid, strategic growth.

Each independently-owned office utilizes in-depth, local knowledge to serve the needs of its business community. Driven by an entrepreneurial spirit, our team members leverage the latest technology, extensive resources, and deep market intelligence to achieve optimal results for their clients. By combining local autonomy with the resources of an international firm, Lee & Associates enables each office to succeed in the local market.

The Lee & Associates Greenville office opened in 2011, and a satellite office in Spartanburg was added in 2019. Led by Randall Bentley, SIOR, CCIM, we serve our community with pride, treating every client with the same level of respect and professionalism, regardless of size. Our specialties include the acquisition, disposition and leasing of Industrial, Office, Retail, Flex, Land and Investment properties.

As business owners ourselves, we understand the value of working with experienced professionals at the top of their field, and we are committed to helping you make informed real estate decisions that ensure your company thrives.

COMPANY NEWS

Lee & Associates Greenville / Spartanburg is proud to welcome three exceptional professionals to our team.

Eric Scardo Brokerage Associate William Makepeace Property Manager Justin Bentley Brokerage Associate

Justin Bentley has strong ties to the Greenville area, having earned his degree in Marketing from North Greenville University. For the past 15 years, he has worked extensively in the manufacturing industry, managing industrial contractors during the upfit of new facilities while also gaining experience in outside sales.

“It is with great pleasure that I welcome Justin, who joins us here at Lee & Associates bringing a background in international industrial operation and management. I look forward to working with him and believe his knowledge and outgoing personality will be a great asset to our team. He has a bright future ahead in commercial real estate,” says Kevin Bentley, SIOR, Executive Vice President and Principal at Lee & Associates Greenville / Spartanburg.

Lee & Associates was happy to welcome William Makepeace as a Property Manager in August. A graduate of Georgia College & State University, he has a strong industry background, having spent the last several years working in multifamily property management. William has taken to his new role with enthusiasm and our team is excited to see how his unique talents will contribute to the team.

President/Principal at Lee & Associates Greenville / Spartanburg, Randall Bentley, SIOR, CCIM, says, “William’s background in property management will serve our clients well, and Lee Property Services is proud to add him to our team of experts.”

In August, Eric Scardo joined the team at Lee & Associates as a broker. Since graduating from Clemson University, he has spent several years gaining valuable experience in site design and land planning that will serve him well in his new role.

Adam Padgett, SIOR, Executive Vice President and Principal at Lee & Associates Greenville / Spartanburg welcomes Eric to the team. “We are thrilled to have Eric join our team. His prior professional design experience in land development, site planning and landscape architecture complements existing skill sets to help round out our Spartanburg-based team. Our clients will be even better served in the future by bringing in his unique perspective.”

Turning Endless Market Data into Critical Insights that Drive Smart Decisions

It’s not enough to only be a commercial real estate broker. In the fast-paced world of commercial real estate, having the insight to accurately interpret current trends and predict future market activity can be the difference between a missed opportunity and finding the perfect solution.

Chad Stepp found his passion in this high stakes, competitive industry. After graduating from Clemson with a degree in Business Management and an emphasis in Entrepreneurship, he joined Lee & Associates Greenville / Spartanburg in 2016, specializing in industrial properties with a focus on agency leasing, site selection, groundup development, tenant representation, as well as investment sales.

“I work to give my clients up-to-date market information that helps them make a decision based on market facts,” he says. To do this, Chad tracks, compiles and analyzes vast amounts of data, going above and beyond the average broker. This proactive, data-based approach enables Chad and the team at Lee & Associates to stay a step ahead of the competition.

“It isn’t enough to know what’s available now,” Chad says. “When you understand the local market, you can find properties others overlook. We’re tracking the market to determine what’s going to be the next hot area before it’s hot.”

Identifying investment opportunities with under-market rents is another area of focus. “With the rent growth in GSP in the last couple of years, leases that were executed ten years ago may be significantly under market compared to rents today,” Stepp comments. “These translate into value-add opportunities for our clients.”

Recently, Chad represented a client in a six-building 700,665 SF value-add industrial portfolio in Spartanburg. The new ownership will make significant improvements to the

property and will increase rents by nearly 50%. “Without knowing the current market rents,” he adds, “we would have never been able to make the deal work.”

There is a vast amount of market data available and it can be hard to know where to start when it comes time to make a big decision. At Lee & Associates Greenville / Spartanburg, we help our clients interpret up-to-date market information to help them with the decision-making process.

Chad Stepp, Senior Associate / Shareholder

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