I could go on ad nauseum about our need for the Center, what it will mean to the community, the number of visitors and additional general sales tax revenues it will generate with out-of-town money for in-town projects, etc.  All of that is undeniably true, and as a citizen I would like to count myself among the proudest that this critical step was taken.  Next up will be the CWL Board Meeting to ratify the loan agreement, and then it falls back to the developer, the city council and their strategic partners to finalize the deal and get construction underway.

Rather than explore the detailed intricacies of the Convention Center and its impact, I’d rather take a moment and look at the thought process these city leaders employed, how they got it right, and what can be learned.

For all the hype and discussion, the reality of Wednesday’s vote was that it was a smart commercial real estate transaction.  Plain and simple.

What the A&P Commission did Wednesday was choose to make a wise and strategic investment to protect a piece of property that gives their project/business its highest opportunity to succeed.  We’ve all heard the “location, location, location” adage until it’s almost easy to dismiss….dangerously easy.

The truth of the matter is that you can’t just put a Convention Center anywhere and expect it to be successful.  It has to be close to its customers; in this case, existing hotel rooms.  And it has to be in an area conducive to providing complimentary or ancillary services to its customers; in this case, shopping and restaurants.

The same holds true for any retail or professional service.  You can’t just go anywhere and expect to be successful.  You need the right space at the right place.  And in this business, you need to utilize the services of a firm that puts your interest in obtaining that space and place as their top priority.

The investment decision the A&P made mirrors decisions that have to be made in the private sector everyday.  Fortunately for them, years worth of research, appraisals, economic development studies, feasibility studies, and negotiations had already taken place.  They had a capable team getting and giving them the information necessary to ultimately make the smartest real estate investment possible.

At NAI Halsey, that’s what we do.  Our success on behalf of our clients is the culmination of years invested in Northeast Arkansas building the largest commercial real estate firm in the market over the past 10 years.

Give us the opportunity to show you how we can help protect your investment; whether you’re buying, selling or leasing.

Remember, it’s all about great information, leading to the right space at the right place.

And like I said at the beginning, around here we just call that a conventional way of thinking.

Enter the SBA.

The Small Business Administration’s 504 loan program was originally intended to expire in September 2012.  Now, the SBA has extended the program through the end of 2012, meaning commercial real estate loans maturing after December 31, 2012 can be refinanced through the program.  This was done in an effort to help avoid foreclosures.

Under the popular program borrowers can finance up to 90 percent of the current appraised value or 100 percent of the outstanding mortgage, whichever is lower.  Local banks participate in the program, which offers long term financing (up to 20 years), fully amortized on owner-occupied real estate.  It gives owners the luxury of payment predictability over the entire term of the loan, and it has flexible options for ownership which helps some of the unique ownership circumstances of many entities.

According to the SBA, it can approve up to $15 billion dollars in loans under the program in fiscal 2011 & 2012 to as many as 20,000 businesses.  The timing is great, and this is welcome news for anyone who qualifies to participate.  We’ve talked here before about how we can feel the market coming back, and how interest is vibrant.  This move by the SBA will help us capture the momentum we have and continue to ride it upward.

Personally, I can’t say that I do.  Professionally, however, is a different story.  And I say that because right now, it feels like the market that we represent is definitely the center of attention.

Technically, the geographical center-point of the lower 48 continental United States is a little over 400 miles from here as the crow flies, in a little remote area northwest of Topeka in Smith County, Kansas.  But you couldn’t tell it from the calls and emails coming into the NAI Halsey offices; based on those, Jonesboro and the surrounding area must be the center of the real estate universe, let alone the U.S.!

In all my years in commercial real estate (and there is getting to be a lot of years) I don’t know that I recall a time when there was more interest in our community by investors and businesses nationwide.  We are fielding requests for property and information from Atlanta to Los Angeles and all points in between.  This translates into some incredible opportunities for people who own property that needs to be occupied or sold.

Our marketing team is working diligently to retool our new market profile resources based on the latest information available. As we do, we are prepping customized presentations for these inquiries that list the best possible properties in our portfolio for their consideration.  In some categories, we have far more potential buyers than we have property to sell.

In an effort to meet this increased demand, we are aggressively seeking representation opportunities on good properties.  We have slots to fill, and we’re working hard to fill them.

Now, if never before, is THE time to list your commercial, industrial, professional or agricultural property with NAI Halsey.  As they say, the “fish are biting”.  Fortunately for you, we know where they are!

If you have property for lease or sale and we haven’t contacted you already, I apologize.  But don’t let that stop you from contacting my office and letting us share with you all that we can do to help you move your property.  Or if you know of someone else with property that may not get this blog, take a minute to forward the link. 

Right now, it seems all eyes are on this market.  With a little help, we can make sure they concentrate their gaze on your property!

You’re riding along, an all-too-familiar tune starts playing and you are instantly taken back to the sights & sounds of a particular person, place or era in your life. 

1985 seems like an eternity ago.  I was a junior in high school that year, but more significantly, 1985 was the year that John Fogerty released his third post-Creedance Clearwater Revival solo album.  For those of you who aren’t familiar with Fogerty or Creedance, take a short break from reading the rest of this blog and do a quick internet search.  This will be much more of an entertaining read with a little music in the background.

One of the biggest hits to come off that album was the title track “Centerfield”.  The upbeat, almost anthem-like chorus of “Put me in coach, I’m ready to play” captured the enthusiastic spirit of all of us coming of age in the mid-80’s.  Nothing was too big for us to overcome; it was all optimism.  And optimism is a good thing from where I sit.

I tend to be an optimist.  My parents raised me to be a “glass half-full” kind of person.  As an optimist, I must admit we find it difficult to congregate with pessimists.  Those guys can really let the air out of our balloon. 

But when we find other optimists, we can binge on positive outlooks and bright forecasts for extended periods of time…and it appears that I’m going to be in good company for 2011.

As I was reading over the weekend, I was excited to see how many other professionals from various backgrounds and markets were as excited and optimistic about 2011 as I am.  It would appear that the signs are pointing to what my gut has been telling me for several months; that we are on our way out of the recession, and we’ll be seeing more positive signs in the weeks and months ahead as the reality of a renewal in investments become evident.

Several forecasters are pointing to factors like the extension of the Bush-era tax cuts, the thawing of the credit market, 2 million new forecast jobs and the extension of unemployment benefits as triggering events that will lead to these new investments.

The tax cut extension will make a difference on several levels, one of which being the impact of not raising capital gains taxes, which makes it more lucrative over the next two years for investors to liquidate assets and put more property on the market.  Thawing credit markets will make it easier to raise capital, and the new job creation will put a certain amount of pressure on the availability of space for expansion.  Retail and industrial sectors should be most noticeable early.  In fact, the extension of unemployment benefits will have an immediate impact on retail sustainment and growth.

All that said, it only reiterates the conditions I’ve been discussing with my personal clients as I’ve been sounding the alarm that “now is the time”.  If you’re a seasoned investor who’s been looking for a sign that it’s time to re-enter the market…they’re out there.  If you’re a new investor who has access to resources but has been waiting for the opportune moment…come on in, the water’s fine.

Now is the time to come off the sideline.  The early entrants back into the game stand to reap the biggest gains.  We’re seeing some incredibly attractive properties hit the portfolio, and interest among those who are already motivated is picking up on daily and weekly basis.  It’s your time to play.

Don’t waste an opportunity.  If you need more motivation, here’s a link:  www.johnfogerty.com.

The jukebox on the right should automatically load “Centerfield”.  I’ll almost be disappointed if I don’t hear it playing in the background when you call.