Posted on 18 January 2013
For Super Savvy Landlords and Tenants Only!
By Wally Conway
Back in the commercial real estate buying boom, it was common for investors from across the country to purchase property in Jacksonville. It was also common for many investors to purchase buildings sight unseen. Due diligence concerning the building and grounds came in the form of a Property Condition Assessment (PCA). Property Condition Assessments are essentially more detailed versions of home inspections, and have similar value propositions.
It was during that boom time that I first met David Lee. David was a third generation commercial real estate investor from Studio City, California. He retained my company to perform a PCA on a 15,000 square foot building that was being used as a retail store. He used the PCA as a negotiating tool during the purchase of the building, and as an initial punch list for repairs and completion of deferred maintenance after closing.
David used the PCA much like scores of other commercial building buyers that I?ve worked with over the past 20 years. But then, David did something different!
Source: http://advantagebizmag.com/archives/15040
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