Grisanti Group Commercial Real Estate has once again ranked among Louisville’s largest commercial real estate brokers. Overall, Grisanti Group ranked as the 12th largest broker in Louisville, with over $29 million in transaction volume in 2017.
In the Industrial category, Grisanti Group ranked as the 7th largest broker, with over $17 million in transaction volume. We were the 12th largest office brokerage, with over $8 million in office deals. Our office transaction volume was bolstered by the Diversified Consultants Inc transaction, mentioned on several posts here before, which was named a Business First Commercial Real Estate Champion Award Finalist.
Grisanti Group’s industrial volume was bolstered by another year of multiple self-storage transactions and a major lease deal. Our self storage deals included sales of existing facilities, land for new development, and existing buildings for self-storage retrofits. We provided tenant representation on a large industrial lease transaction (over 155,000SF of manufacturing and distribution space), which we’ll be able to give more deal on later in the year when the project is announced.
2017 was another great year for Grisanti Group, and we appreciate all of our wonderful clients.
Nick Grisanti has followed in his father Paul’s footsteps by becoming one of Louisville Business First‘s annual list of 20 People to Know in Real Estate. His work at the Kentucky Cabinet for Economic Development led to a natural transition into the commercial real estate market.
Here is his Business First questionnaire in full:
What are some up-and-coming areas to look out for in Louisville real estate?The Central Business District and the edge neighborhoods should continue to revitalize as more people are interested in living and working in dense, walkable areas.
What advice would you give to someone who wants to build a real estate portfolio? Be patient for the right property but ready when the right opportunity comes. Before ever looking at a specific piece of real estate, build a strong network of contacts who are going to help define your parameters and execute the deal. This will lead to success in not only making acquisitions, but making money after the purchase. The team should include a knowledgeable real estate broker, financial partner(s), real estate attorney and contractors. No one develops a real estate portfolio alone.
What do you wish more people understood about the way your business operates? The aspect that I have found fascinating in my first year and half in real estate is that the job is essentially a never-ending analysis of opportunity costs. It’s easy to stay busy in real estate. Staying productive and turning away smaller opportunities to focus on bigger ones is the hard part.
What’s one thing most people don’t think about when planning a move to a new space? Buyers should think about disposition before they purchase a property, and tenants should think about expansion, downsizing or relocation before they sign a lease. Always have an exit strategy.
What technology is transforming the way you work every day? There is a lot of noise in commercial real estate tech—new listing services, new information services, new GIS mapping services. It’s a constant deluge and a challenge to quickly analyze what they have to offer and filter out the stuff that won’t help productivity. And most of it probably won’t help productivity.
What’s your industry’s greatest challenge? Real estate brokers and developers need to work with governments and regulatory agencies to ensure that our cities continue to grow and do so in a sustainable way. I would love to see more vertical projects add density to our ever-sprawling city, but these often face challenges from neighbors and municipalities.
Why did you get into the real estate business? My dad finally twisted my arm! Actually, it was more a series of gentle nudges. I was working for the Kentucky Cabinet for Economic Development when I decided to jump into commercial real estate and join Grisanti Group. I really enjoyed working in economic development, and it was very fulfilling to help bring jobs and investment to the commonwealth. Moving into commercial real estate was a natural transition because the fields overlap in many ways.
Our very own Paul Grisanti has been named in Louisville Business First‘s annual list of 20 People to Know in Real Estate. Louisville real estate community has many incredible professionals that keep our market activity humming. Paul is honored to be counted among them. Paul’s experience sitting on Louisville Metro’s Board of Zoning Adjustment gives him a unique perspective within the commercial brokerage community. Because of this experience, Paul is able to provide insight and guidance to our clients as they are navigating the tricky waters of Louisville’s zoning regulations.
Here’s Paul’s Business First questionnaire in full:
What regulations, requirements or red tape are most daunting about your work? As a broker, we must always be aware of legal issues and regulations of our practice. But, more importantly, we must also be aware of the legal issues and regulations which our clients face. The most daunting issue for developers is environmental regulations. Although governmental regulation is intended to be good for all, the effort required by some rules and regulations can be difficult to achieve.
What are some up-and-coming areas to look out for in Louisville real estate?Obviously, with the new bridges — and especially the East End bridge — the Crestwood area is poised to grow. This area is easily reachable from the East End bridge when coming from Indiana into Kentucky. Since no exit will be allowed at U.S. 42 when coming into Kentucky, taking Interstate 71 north and getting off at Crestwood will be convenient.
What advice would you give to someone who wants to build a real estate portfolio? Be choosy about selecting a very good location for now, and for the future. If you cannot purchase a property on your own, join with a good group who has similar goals.
Describe an experience with a client that was very gratifying to you. I assisted the owner in redeveloping a great property, from interviewing architects and contractors, to filling the mostly-vacant property with tenants. It is now 100 percent full and that is a good feeling.
What do you wish more people understood about the way your business operates? There are many aspects to this industry, and that is why it is so satisfying to me. I’m not certain that this question can be answered in one dimension. But, I will say that what is most misunderstood about this business are the technical issues — including legal issues — which some people do not appreciate or understand. Issues such as easements (rights granted to third parties), property title issues (is the obvious owner really the owner?), and the process of working thru the details of a contingent contract (sometimes there are lots of moving parts), are the most common areas of confusion.
Why did you get into the real estate business? I was in the restaurant business for more than 30 years and was able to communicate with customers of varied industries. Real estate always piqued my curiosity since it entailed so many different skills, such as communication, finance, negotiation and legal. And, it seemed to provide a good income, which it does.
Louisville Business First’s annual commercial real estate rankings are out and show that Grisanti Group Commercial Real Estate had a strong 2015. We ranked as a Louisville’s 9th highest brokerage for industrial transaction volume, selling over $11 million in industrial real estate. Pretty good for our lean and mean team! Compared to 2014, Grisanti Group also jumped upward in all three categories that track industrial, retail, and office transactions.
Unwavering dedication to helping our clients accomplish their real estate and financial goals is the key to our success. Call us today to discuss how we can advise you on a successful commercial real estate transaction.