Click Here to see pictures from the evening. Thanks to all who came!

My name is Kevin Perkins, and I work for Shannon | Waltchack Investment Real Estate.  I started with SWIRE in mid-July and am responsible for property management tenant relations.  A couple weeks into my career, my boss, Andrew Patterson, decided it was time to put my cell number on our 24-hour emergency line.   He stated at the time that we might get called twice a year.

Now, I’m no stranger to working late nights, but after only one month of work, the line has been called at least five times; three of which, required my presence and undivided attention after midnight.  I had always thought my days of working past 1 AM would stop after I got my degree, but it would appear that the principals at SWIRE have other plans for me…

On one of the occasions, I found myself mopping up a leak coming from the A/C coil until two o’clock to keep the water from raining on our downstairs tenants.  Another night was spent trying to understand why none of the sinks or commodes worked in a medical office building.  It took several hours of work, a new regulator, a new outdoor underground shut off valve, and two giant holes dug into the parking lot, to figure out that the problem was inside with a valve that a construction crew had turned 15 degrees too far.  The final instance involved me ankle deep in water until four in the morning with a plumber and the fire department trying to shut off the water to a completely flooded suite.

My time at SWIRE has both given me great stories, and has taught me how to deal with real world problems.  When I get home, I reflect on the day (and sometimes previous night) and find that I didn’t go the extra mile to try and impress my boss, I did it for my tenants.  The tenants who know that when they have an issue, they can depend on me.  I am the relief of their stresses, the antidote to their ills, and the solution to their problems.

• PT’s/Mexico Lindo
•Baptist  119 MOB
•Former Goody’s Galleria
•2,000 SF Downtown Homewood

What do they have in common?  They would have been impossible to purchase four years ago when the market was on fire. And had we been able to purchase them, we would have paid much more than what they ultimately cost today.

Commercial real estate can be a long cycle, 7-18yrs!

So the first thing you have to know is where you are in that cycle. There is a verse in the Old Testament, I Chronicles 12:32, “… the men of Issachar, who understood the times and knew what Israel should do…” These guys not only understood what was good for Israel, but they understood the times they lived in and how that effected what was ‘good’ for their country.

Context is the starting point.  Given that, are you better off buying assets today or three years ago? The answer is obvious, yet fear reigns with buyers, bankers and the media.

Warren Buffett says “Cash combined with courage in a crisis is priceless” and that is how we see ourselves, ready, willing, and able to buy very good real estate at very good prices.

If you hear of a good deal, please send it our way. If you are a broker and you bring us an “off-market” or pocket listing, you keep all of the fee.

The kids were prepared with great, insightful questions.  They each took home a survey prepared by Ms. Millhouse for the kids and their parents to vote for a restaurant catagory they’d like to see in our center.  A week later, they presented me with the results.

You can see their report by clicking here:

*****the Hollywood MB Class results*****

Thanks to all the kids, parents and their teachers for your input.  Keep watching this blog and we’ll keep you updated on our progress!

Development planned at vacant site on 280

By Dawn Kent — The Birmingham News

September 18, 2009, 5:30AM

Development plans are in the works for a high-profile slice of property along U.S. 280 between Homewood and Mountain Brook, the former site of three popular restaurants.

Shannon-Waltchack Investment Real Estate has a contract to purchase the empty retail strip at 400 Hollywood Blvd. that used to hold PT’s Sports Grill, Mexico Lindo and the Coffee Shoppe. The businesses vacated the area about three years ago to make way for a luxury condo project, Montelena, that never materialized.

Len Shannon, left, and Derek Waltchack of Shannon-Waltchack Investment Real Estate, plan to redevelop a vacant retail site on Hollywood Boulevard, near U.S. 280, Homewood and Mountain Brook. (The Birmingham News / Frank Couch)

 

Firm principals Derek Waltchack and Len Shannon are exploring interest among retailers to shape their plans for the property.

The buildings on the site could be razed to make way for a stand-alone retail use, such as a drugstore a restaurant, or for a four- to five-story office building with retail on the ground level.

The firm also may opt to rehab the existing buildings and bring in new tenants.

Either way, the site offers great potential for whoever ends up on it, Waltchack said.

View the map as a PDF.

The 1½ acres is in the Birmingham city limits but surrounded by the high-end enclaves of Homewood and Mountain Brook. At the same time, it’s visible from busy U.S. 280, which carries about 85,000 vehicles a day.

“It’s the gateway to Mountain Brook and Homewood, smack dab in the middle of those two cities,” Waltchack said. “It’s a once-in-a-generation kind of opportunity.”

Development at the site also will remove an eyesore from the highly-traveled corridor. The buildings that housed the restaurants are still standing, but they have been vandalized and attacked by the elements.

Despite the sluggish economy and a general reticence among retailers to expand, Shannon-Waltchack’s plans are generating a lot of interest.

The firm’s signs have been up on the property for about two weeks, prompting a flood of calls, including those from former tenants, Waltchack said. He also has traveled to Nashville to meet with retail prospects for the site.

Shannon-Waltchack is buying the site from its owners, the Mazer family, and plans to close in three to four months, Waltchack said.

Inkana Development had planned a seven-story, $50 million condo development at the site but pulled the plug on the project in early 2007 amid a slump in the market. The firm, which was partnering with the Mazers to develop the condo building, marketed the units in part by using a 100-foot crane to raise a platform and give prospective owners a 360-degree look at their view if they bought a condo.

Inkana said it didn’t get enough pre-construction contracts to proceed.

Join the conversation below or e-mail Kent at dkent@bhamnews.com.