Who Says Real Estate Can't Be Exciting?!!!

Christy May - Jun 19, 2009

If I specialize in anything it is scouting & valuation of land for clients' special use. For example, I just concluded a successful transaction for the JV Partnership Thompson Transportation & YCN Transportation for The Ride! Wahoo!
The Task - find 3,500 sq. ft. of office/dispatch space, parking for 250+ vans, and employees, near a T stop with all dispatch operations allowed!

The Story - A competitive request for proposal from the MBTA came out early this year for an operator to consolidate regions of The Ride. I worked with JV TT&YCN for The Ride, who operated one region going in. We worked hard & located a number of possible sites as required for the proposal, along with all expenses. My part was real estate and because I have a transportation planning background, I was somewhat involved in logistics where real estate was concerned.

The Find - We located a perfect site -- complete with everything we were looking for -- plus a few bonuses with the help of Cathy Minnerly of Cushman & Wakefield, who I happened to know & trust. This site was not even in the plans for the larger complex at Boston Business Park, but Cathy & I could see how it would work for The Ride.

The Suspense - Proposing parties were to be notified in January about the award of the contract and that they were to have operations up by July 1st. Now, this is a very tight schedule. And this is a very specific requirement where we ran into other bidders along the way & our negotiations had to be kept confidential.

The Drama - My clients were notified that a large out-of-state competitor (of which they were unaware as a candidate) was awarded the contract & we went along in our days, dissapointed. BUT we were notified just last month that the company awarded the contract could not fulfill their obligation. Turns out they underestimated the real estate costs & requirements for the Greater Boston Area! SO my client was awarded the contract at this late date!!!

More Drama - The site we chose was a part of Campanelli's Boston Business Park (former Stop & Shop distribution facility in Hyde Park/Boston/Dedham. It comes with its own wash facility & maintenance bays which are great for an operation like The Ride. And parking for all our vehicles. Now -- do you think that the property managers might have had it with the craziness involved in the bidding process, the clandestine proposals, the confidentiality, and the last-minute backing out of the oot vendor?

The Resolution - We are on track for a 5-year lease, my clients are moving in as I blog this, and all parties seem to be very happy. Polaroid moved out at the end of May & an unanticipated bonus of a great temporary site across from the garage bays is secured. The ever clever, Cathy Minnerly proposed we move in this great space while Campanelli is building out another building for The Ride Site.