Waad Nadhir is a successful commercial real estate developer who is currently serving as the President and Co-Founder of BOSC Realty Advisors. As a professional in the industry, he is no stranger to urban infill development, which is essentially using empty space in urban communities to sustain growth. However, urban infill development has at least three challenges to face.
One, urban infill development is typically much more expensive for developers to work with urban space than suburban space. Although it does promote growth within the community, it sometimes isn’t feasible financially for developers to take advantage of the empty space. Not only do they have to acquire the land, they also have the clear the area completely.
Two, developers have a much harder time amassing land in an urban environment. They have to acquire the land parcel by parcel, which means that they could run into landowners who don’t want to sell their property in the target area. There is a great deal of red tape that must be crossed by developers in order to get the right amount of land they need to be profitable in the long run.
Three, developers will typically run into social barriers like public disagreement. Much of the empty space used for urban infill development could be used as open space for the community, or even a park. This is perhaps one of the biggest issues developers face when trying to utilize empty urban space.
Waad Nadhir has been working in the commercial real estate industry for several years, and he is no stranger to urban infill development and the challenges developers face.
Waad Nadhir is an expert in property development living and working in Bloomfield Hills, Michigan. He is the President of BOSC Realty Advisors, which has consulting clients and developments throughout the United States. As a leader of the BOSC Group, Nadhir has acquired, financed, and managed several office and retail properties in the local community. Here are his three key factors for successful retail store development:
Location must have high foot traffic. Many retail businesses have moved online because getting consistent foot traffic to sustain a brick-and-mortar store can be difficult. Waad Nadhir says that finding a few areas in an urban area that could sustain many members of a business’s target audience is the first key to successful retail property development.
The overall size of the retail property must match the target audience in an area. Waad Nadhir says that in addition to location, the size of the property must be appropriate for the area. Communities with many large box stores will smother a small mom-and-pop shop, and a large retail space could be difficult to find community support for in areas that have many small boutique stores.
Correct Co-Tenancy. Sometimes foot traffic has as much to do with the neighbors’ stores as it does with your own. Stores that attract the same clientele or that attract many customers for any reason are good to have next to a new retail development.
Waad Nadhir has helped many retail development projects turn into thriving businesses.
Waad Nadhir has helped companies respond to the rising demand for senior housing of all kinds across the United States. As the President of BOSC Realty Advisors, Nadhir has consulted with many developers in several different regions of the US. One of his most recent clients is Steadfast Companies, an organization with many property holdings throughout the Western United States. Nadhir has been helping Steadfast develop senior housing projects in Southern California that have to serve the community in specific ways. Nadhir has watched the rising demand for higher quality senior housing in recent years with great interest.
One obvious cause for the rise in demand for quality senior housing is that people are living longer, which means that they need places to live for longer. Waad Nadhir has seen new senior housing developments rise in his own community in Bloomfield Hills, Michigan in recent years for this reason. Because people of all income levels and backgrounds are aging, Waad Nadhir knows that senior facilities of all kinds are in demand everywhere. He has learned what different communities need in senior housing, whether it is less expensive rents, higher-end luxury facilities, or more medical services needed in facilities. New senior living developments are going up for people of all income levels and for all services needed.
Waad Nadhir has helped his community by developing properties in the Bloomfield Hills area and Southern California for many purposes over the years and he hopes that he can spread his expertise and skill to other communities as well.
Waad Nadhir is a property developer based in Bloomfield Hills, Michigan. He has worked with many partners in the area to acquire, finance, and manage several properties in his community, including several retail properties. Nadhir has had success for many years as a developer, businessman, and consultant. He is now the President of BOSC Realty Advisors, based in Bloomfield. Here are three things he has had to get to know about retail leasing over the years:
- Location. Let’s start with an obvious factor when buying, selling, or leasing property of any kind. For retail businesses, it’s all about foot traffic and what the neighbors are buying. If your store is out of place in a certain part of town, you won’t do as well as if you’re near similar stores. If you’re developing a retail space, as Waad Nadhir helps clients do, you have to consider what kinds of stores would do well in the new space.
- LOIs. Letters of Intent (LOI) are the beginning of the negotiatio process. Both sides, developers and lessees, can negotiate the terms of the rental agreement, which at this stage is not yet set. The LOI is simply the terms of the proposed deal and the identification of the lessee and the landlord.
- Types of leases. As Waad Nadhir knows, there are many different types of leases that could apply in a retail property agreement. The most common is the triple net lease, which means that the tenant pays a base lease amount, additional rent of the retail space, including insurance, taxes and takes care of maintenance issues.
Waad Nadhir has worked with many property owners and developers during his long career.