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About Mike Fortunato
(Top Expert on this page)

Expertise
Can answer questions on all aspects of commercial real estate management, including lease administration, eviction issues, financial reporting and budgeting, asset valuation/enhancement, marketing & leasing, and site maintenance and repairs. 20+ years of real estate management.

Experience
20+ years in commercial management. Current own and operate property management company in southern California.

Organizations
BOMA and IREM

   

You are here:  Experts > Industry > Retail Industry > Retail Property Management

Questions Answered By Expert  Mike Fortunato 
In Category  Retail Property Management

SubjectDate Asked

land lease11/19/2009
  Q: My brother and I own property outside Victorville. It's 40 acres of vacant land and it's zoned ...
  A: Yes, our company could certainly be of assistance as Victorville (and the High Desert) is within our ...
Profitability consusltants9/28/2009
  Q: I consult with restaurants and retail establishments to enhance profitability. I have had a couple ...
  A: Marketing to targeted customers in any business is tricky -- I'm not sure what to suggest as far as ...
sale or lease7/10/2009
  Q: I live in a community that is in a prime location in large city willing to sell our land. With the ...
  A: Yes, that is possible...but I would be inclined to advise against it. I have partnership clients ...
rental issues5/28/2009
  Q: I was evicted from a property that I ended up suing. The rental company admitted to misplacing funds ...
  A: Sorry, but your question is far too involved in legal issues for me to be able to understand ...
Land Lease Valuation4/14/2009
  Q: I work for a non-profit who received a portion of a land lease donation through a trust. Our ...
  A: There's not enough information to determine that. For instance, the value of the land lease is ...
Land Lease Valuation4/14/2009
  Q: I work for a non-profit who received a portion of a land lease donation through a trust. Our ...
  A: The only adjustment you might want to make is for an annual inflation factor for the period from now ...
repair on damage termite structrure wood2/12/2009
  Q: I just signed the commercial lease for the retail store, and my landlord wants to fix the termite ...
  A: You'll need to check your lease to determine who is responsible, but under normal circumstances, the ...
Rights as a tenant11/3/2008
  Q: We have been renting our home for almost 4 yrs now. 2yrs ago we were promised by the landlords that ...
  A: Regardless of the amount of rent you pay, and irrespective of the fact that you don't own the ...
land lease value10/9/2008
  Q: What is the best way to determine the present value/worth of the income stream created by a long ...
  A: I believe you will probably need to create a custom spreadsheet to accomplish that, if your goal is ...
retail property mgt.10/7/2008
  Q: What is typical for a full service retail prop. mgt. fee? And, what is typically included in "full ...
  A: Depends on your area, the complexity of the property, and a whole host of other factors. I would ...
Demising wall for restaurant in new constructed shopping center10/2/2008
  Q: My name is Sup and I am leasing a commercial space in the shopping center to build restaurant. I ...
  A: Most likely, you'll want insulation, whether you need it or not. As for code issues -- it may or may ...
Retail property management6/24/2008
  Q: I currently work for a fairly large developer as the commercial lease administrator. We anticipate ...
  A: You can look into the Institute of Real Estate Management (www.IREM.org), and they have courses you ...
Denial to Rent Store Front5/29/2008
  Q: I have been working diligently to open a retail dollar store and found some great locations to ...
  A: Unfortunately, you probably don't have any recourse. Commercial landlords can, and often do, ...
The Life of a Property Manager5/26/2008
  Q: I am a student, wife, & mother looking to get a job in commercial property management upon ...
  A: Property management is much like any job in that it requires a full time commitment. So, if you work ...
Retail Center Management5/22/2008
  Q: My mother and father own a shopping center and I am going to manage it. It is in Naples, Florida. I ...
  A: I'm not sure about the rules in Florida. Here in California, you would be able to manage a ...
Portfolio Management5/19/2008
  Q: i am from Sydney Australia and studying postgraduate in Property Commerce. I would like to know how ...
  A: Unfortunately, entire books are written on that subject so I'm unable to answer most of your ...
Project in China5/16/2008
  Q: I have managed residential for over 10 years and while I worked in management at a major retailer in ...
  A: One possibility is the Institute of Real Estate Management, which you can find online at ...
Property Management Jobs4/28/2008
  Q: I've been managing properties on my own for several years now. But I am interested in getting ...
  A: Not sure what to suggest -- this industry doesn't tend to be in hiring mode these days, but job ...
Commercial Property Management4/6/2008
  Q: I currently manage a full service retirement community and have 15 years managing apartment ...
  A: Obtaining the RPA & CPM credentials would be good, as some institutional investors require them. At ...
Non-agents12/11/2007
  Q: What is or who is considered a non-agent in a real estate transaction? Such as a non-agent fee ...
  A: Real estate regulations vary widely from state to state, so you would probably need to check with ...
Site Development11/25/2007
  Q: I'm a builder/developer of 27 years. Recently I purchased a 4ac. tract of commercial property that I ...
  A: Most of the major branded tenants all use real estate professionals to handle their site ...
Retail lease and construction11/14/2007
  Q: I currently found a very nice place to open up a retail store and found the landlord to be very good ...
  A: If you have already begun negotiations, it could be tough to add your broker into the mix now. The ...
Retail lease and construction11/13/2007
  Q: I currently found a very nice place to open up a retail store and found the landlord to be very good ...
  A: Constructing of a demising wall (or modification of any existing one) is usually a negotiated item. ...
Management Contract Purchase11/8/2007
  Q: I have an issue with the prior property management. However, their management contract was sold to ...
  A: I'm not an attorney (you should probably consult one), but the document between the prior management ...
Land Lease economics9/11/2007
  Q: Where can I find information on how to price a land lease?
  A: Because lease rates are largely dependent upon local market conditions, your best bet is to obtain ...
Per diem interest on construction loans for residential developments.9/10/2007
  Q: Hey Mike, Do you have any experience with construction loans on residential property? For example, ...
  A: Your simple calculations on interest per lot would be fairly correct. the tax implications get into ...
Commercial property8/24/2007
  Q: I am in the middle of negotiating for a property, to trade in for gift Retail. I am just starting ...
  A: Unfortunately, I do not know how real estate negotiations are typically handled in your country. ...
Build a Career on Retail Property Management in India8/16/2007
  Q: I am a retail operations post graduate with 1.5 years of work experience across middle level ...
  A: Naturally, education and the resulting credentials would probably help advance your career, and make ...
Commercial Lease7/25/2007
  Q: In May 2004 I signed a seven year lease to open and operate a convenience store/gas station. In ...
  A: Sounds to me like you need the advice of a real estate attorney, especially if the lease isn't clear ...
Land lease valuation7/24/2007
  Q: I saw your questionabout land lease valuation. I have a property that a bank may be interested in. ...
  A: Sorry, but I answer a zillion questions on this site and can't recall what you are referring to. I ...
History of Property Management7/23/2007
  Q: My name is Chauntrell. I am looking for books and websites that can give me a history of Property ...
  A: Wish I could help, but I haven't had the occasion to ever research that information. I have to think ...
How to lease a property7/19/2007
  Q: My father owns an Upholstery Shop and the property which he runs it out of. I'm trying to get him ...
  A: Most brokers are basically the same, in that they have the same tools and resources available to ...
NEW and want to lease retail space in a NJ enclosed shopping mall7/4/2007
  Q: I have looking to lease a retail space approx 1200 sq ft (in line store)..in an enclosed shopping ...
  A: First, I would strongly recommend hiring a commercial real estate broker to represent you. Normally, ...
Property Mgt Fee6/29/2007
  Q: This is a great resource. My non-profit corp has been offered an opportunity to manage some ...
  A: First, you should know that most states require a real estate broker's license to manage properties ...
How to lease a property6/19/2007
  Q: My father owns an Upholstery Shop and the property which he runs it out of. I'm trying to get him ...
  A: First thing I would recommend is to contact a local commercial (not residential) real estate broker, ...
Retail Budget From Scratch6/12/2007
  Q: Let's say your company purchases a new property and there is no history or files....what's the best ...
  A: We prepare budgets for new properties without historical data frequently, and we do so based on our ...
management fee6/9/2007
  Q: we have a shopping center with our grocery store as the anchor[34,000 sq ft]. the rental area is ...
  A: I don't know of any published report you could use. Out here in California, 5% is not unreasonable ...
Retail store5/7/2007
  Q: I am planning to open a retail store in Florida. Are there any companies that can help you ...
  A: There are no specialty companies that I know of who could choose a location for your particular ...
Evaluating Expenses based on a new purchase4/10/2007
  Q: Mike, I am fairly new to the retail/commercial real estate sector and my question is in evaluating ...
  A: When we analyze properties, we prepare our own proforma (budget) which includes operating expenses. ...
superintendent administrative fee3/31/2007
  Q: Typically retail centers are run by management teams or companies who would have to rely on third ...
  A: I would think that if you told your objecting tenant the same thing you wrote to me, that's a pretty ...
Valuation of a business on leased land3/28/2007
  Q: We are considering the purchase of an on-going business located on leased land with 22 years left on ...
  A: Unfortunately, I probably won't be of much help on valuating a business venture, as it is somewhat ...
business contract3/5/2007
  Q: i have a clause in my contract which says; to do all the work to the property which any authority ...
  A: Not sure what "Parliament" refers to -- I'm guessing you are overseas, possibly in Britian, and I'm ...
business contract3/4/2007
  Q: i have a clause in my contract which says; to do all the work to the property which any authority ...
  A: I'm sorry, but I really don't follow your question. It would seem to involve some repairs you are ...
i have a question2/27/2007
  Q: I am an executive in the Hospitality Industry that is looking for a change of pace. After doing ...
  A: In a nutshell, retail property management is the management of shopping centers (which includes ...
Leasing Manager Career2/19/2007
  Q: Mike, I have been a Property Manager in the assisted housing field for nine years. Due to ...
  A: As an eductaional resource, you can try the Institute of Real Estate Management (www.irem.org). That ...
Land lease valuation for thriving commercial sector12/5/2006
  Q: Mike, Recently I was contacted by a commercial realty company interested in purchasing some property ...
  A: Alex, Unfortunately, there is no ballpark estimate as to what land lease values would be, that ...
Relocation headaches11/29/2006
  Q: I own a music retail store that has been within a block for over 50 years. We have new landlords ...
  A: Joe, I think you would probably need to ask yourself some questions before really knowing which ...
What types of contracts does a typical mall have, and how many?11/21/2006
  Q: I am curious to know about how many contracts a typical shopping mall has and with whom? I know ...
  A: There will usually be contracts for everything that requires regular service (janitorial, heating & ...
Retail lease, tenant question11/15/2006
  Q: Location: Portland, Oregon We rent a retail space in a large facility which is principally office ...
  A: Joe, Unfortunately, there's probably not a lot you can do, except what you are already doing which ...
tenants coordination management11/7/2006
  Q: i currently join in tenant coordination dept. of a leasing company. this company manages a big ...
  A: Unfortunately, I'm not familiar with that exact terminology for such a department within a ...
Commercial Retail Property Management11/5/2006
  Q: While I understand my question is rather broad in nature, I was hoping that you could provide me ...
  A: Steve, As you might imagine, entire books have been written on these aspects of property management ...
Retail leasing8/23/2006
  Q: I found this 1400 sq. ft. retail space that is in the remodeling stage (the whole strip plaza)on ...
  A: Quite simply, you offer less for the space and see if the Landlord will accept. They might, if the ...
Retail leasing8/22/2006
  Q: I would like to know how do you go about negotiating the rent for a retail space that is too high? ...
  A: To be able to answer that question, I would need to know further details of the transaction. Any ...
Tenant insurance8/18/2006
  Q: I own a 2500sq ft free-standing center with a hair salon tenant. The lease requires the owner (me) ...
  A: Ken, In that described situation, I would probably recommend allowing the tenant to purchase the ...
Development & Leasing8/18/2006
  Q: Mike Thank you so much for your reply. You mentioned that the development phase can be daunting ...
  A: The architect probably could handle the construction management, but that would be the most ...
land lease valuation8/17/2006
  Q: I own a commercial property with a garage/office. I have prospective tenant who is interested in a ...
  A: Richard, If you know what the resulting size of the building the tenant is to construct, you could ...
Shopping Centre Management8/12/2006
  Q: I am a student from Australia studing property management. My specific assignment topic is on ...
  A: There are so many things a property manager handles, it would be difficult to list all of the ...
Commercial Real Estate Lease8/10/2006
  Q: I hope I don't make this complicated. I will try to keep it simple. I have been offered an ...
  A: Teresa, There's no standard answer for that....it really just depends on whatever you two ...
rental increase8/2/2006
  Q: How much can a landlord increase rent per year in Florida?
  A: I don't know Florida real estate law (I'm in California), but I'm not aware of any legal maximum ...
Retail Leasing5/24/2006
  Q: Mike, I am trying to find retail space in an enclosed shopping mall in a "first ring" suburb of a ...
  A: Tommy, The best thing you can do is to create a business plan for your concept. Most word ...
Retail Property Management at multi-use development5/3/2006
  Q: Is there a sample property managment handbook for retail tenants anywhere, possibly the internet for ...
  A: I don't know of any handbook that would provide direction for those items. Typically, how those ...
HI, my qestions are as follow: 1....11/1/2005
  Q: my qestions are as follow: 1. what is an important leasing tool and fair housing record for ...
  A: 1. Not sure what you mean by the second half of your first question (fair housing record). But for ...
SHARE VS PENETRATION9/6/2005
  Q: I wanna know if there is any difference between market share and market penetration, I mean, are ...
  A: Based on my understanding of that terminology, market penetration would be the initial impact on ...
leasing property7/7/2005
  Q: I own a 8500 sf. freestanding restaurant that I want to lease. What is the best method to market it ...
  A: To market the space, you could try to simply put a "for lease" sign on the building and see what ...
Retail Real Estate Basics5/20/2005
  Q: I was having a tough time finding any information on best practices for retail property management. ...
  A: I'm having a little trouble understanding your question. Do you mean performance from the ...
my house8/16/2001
  Q: my family owns a motel,(3 stories) and there is a 9 story hotel next to us. they took their old air ...
  A: If you can prove that the neighboring equipment is causing your problems, then you could certainly ...
Retail rental valuation8/2/2001
  Q: What effect does a rent review clause have on the new rent negotiated at a review? This is just in ...
  A: Here's one legal definition of a rent review clause: A rent review clause is designed to deal with ...

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