Commercial Real Estate Joint Venture?

Question

I own a 6.5 acre commercial property that I have approvals to build a 30,000 sqft retail building. I have all civil engineering complete. The property appraises between 900,000 and 1,000,000. I owe 325,000 on the mortgage. I would like to joint venture with an individual(s) to get the building built. I have the 30,000 sqft leased out to a major health club. Is there brokerage firms that handle this type of deal? Or is it the kind of deal that you need to network and find someone yourself. The property is in a NJ suburb 10 minutes outside of Philadelphia.

Answer 1

This is a saleable proposition by the sounds of it. A lot of people go through lawyers and accountants for financial advice so it may be worth getting a brochure printed up showing projections etc and get it distributed to both these and realtors as well. You would need to negotiate commission with a realtor first but they also have investment clients, at least those with a pulse (which rules out 99%) do.

If I didn't live on the other side of the world I'd take a look myself at this.

Hope this helps, good luck, Jackson.