Case Studies

The Right Space At The Right Price: HH Architecture Success Story

The Goal

To help HH Architecture purchase an office or warehouse property in downtown Raleigh or Glenwood South.

The Situation

Michelle Rich Goode and Tawnie Gainer of Rich Commercial Realty/KW Commercial teamed to locate properties in specific neighborhoods by conducting a thorough market analysis. Throughout the process, they had to balance the client’s need for expandable space that could be renovated with their goal of purchasing a property that would be a solid long-term investment.

HH Architecture required a building that was available at a low cost per square foot and could be renovated and expanded to accommodate future business growth. They also wanted to make a statement with their work and reflect their architectural skills in their new building. After making several offers and being rejected in favor of all-cash offers, among other challenges, HH Architecture became discouraged that their goal of securing the right space at the right price was not possible.

The Solution

Tawnie and Michelle located an available 4,000 square foot property offered by a motivated seller in a transitional neighborhood in downtown Raleigh. Estimates for required asbestos abatement and a completed set of plans for the total renovation of the building assisted with the appraisal process for the lender’s requirements. The due diligence process was expedited by their efforts in obtaining information about a planned Progress Energy substation near the property and investigating the potential purchase of adjacent lots for future expansion.

The Result

HH Architecture purchased the building at below asking price. The building, formerly a Class-C industrial space is being transformed into a Class-A office space. HH Architecture will complete renovation work and will move into their new space by Mid-April 2010.

“Rich Commercial Realty proved to be both patient and tenacious,” said Kristen Hess, HH Architecture Principal. “Our needs were specific and Michelle and Tawnie tirelessly worked to help us find the right property.  We truly could not have done this without them!”

“As always, Rich Commercial approached this deal with their client’s best interests in mind,” said Chris Young with First Citizens Bank. “Tonia Haislip and I enjoyed working with them and helping them work towards their business goals.”