Open to All the Options for Income

Challenge: 

Newport, Arkansas, is a rural city with a population of just under 8,000 people, as well as being the home of an Arkansas State University campus. It’s also the location of 240,000-square-foot property consisting of three connected warehouses that needed to produce income. Its owners asked experienced Realtor® Cassie Wells for help.

Action:

While her clients were ready to sell, Cassie recognized that finding a rental tenant would be the quickest solution to their problem. Her first decision was to list the building for lease as well as for sale. This move would also help broaden the pool of potential buyers. To help promote its leasing, Cassie advertised the property’s ability to be divided. A tenant could rent all three warehouses, two of the warehouses, or just one warehouse, making the property attractive to a wider audience of businesses.

Cassie then contacted companies within 100 miles of Newport that she thought would be interested in expanding into the property. One of those companies was Bad Boy Mowers, a growing organization headquartered in Batesville, Arkansas. The business already had a number of small warehouses scattered across East Arkansas that they were looking to consolidate.

Result:

Thanks to Cassie’s insightful actions, Bad Boy Mowers signed a one-year lease on 95,000 square feet (one warehouse) to test out the location, with the option at the end of the lease of either extending it or purchasing the property. The leasing agreement also includes a “first right of refusal,” which means that before the remaining warehouse space is leased to another party, Bad Boy Mowers will be offered the option of leasing that space first.

Ready to lease your property? Connect with Cassie Wells at 501.993.1973 - cassie@cassiewells.com - cassiewells.com