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Preferred Development is a Chicago-based commercial real estate development and management company.
Formed in 1993 in order to pursue single tenant turn-key retail development opportunities, the company is now one of the most aggressive developers and owners of retail properties in the Midwest.
Since it’s inception, Preferred has been a tenant-driven organization working with some of America’s most respected retailers including Starbucks, LaSalle Bank (now Bank of America), Jiffy Lube, Sherwin Williams, Blockbuster Video, Applebee’s, Aldi, BP and Walgreens. In fact, since the mid-1990s, Preferred has assisted Walgreens Company in their expansion throughout the Midwest and Arizona; most of which required difficult assemblages involving multiple property owners, environmental issues, changes in zoning status and management of general contractors.
To date, Preferred has completed development projects totaling more than $500,000,000 of investment-grade real estate. In addition to this, we have sold over $1 billion worth of net leased properties to both 1031 Exchange clients and trust offers.
Because of our staff’s diverse real estate backgrounds, Preferred Development is able to provide a level of service and quality not readily found with other companies in this industry. With our seasoned in-house site selection, planning, construction management, leasing, marketing and brokerage staff, we establish and manage the development process and meticulously monitor its progress to ensure that our projects are delivered on time and on budget.
We encourage you to learn more about how Preferred Development can identify ideal retail sites, provide ground-up development and lease retail space in some of the most desirable areas of the Midwest. You can visit us at www.preferreddevelopment.com.
Site Analysis/Selection
Preferred Development's in-depth market knowledge coupled with in-house technology assures sound site decisions. We complete a detailed trade area analysis using statistical data. But nothing replaces our more than 20 years of "on the street" experience selecting sites for numerous national retailers. We can quickly ascertain the upside opportunities as well as the potential pitfalls for a particular site at the onset so as to create efficient use of both human and financial resources. Once a site is identified as a viable candidate we take the necessary steps to uncover ownership (in many cases multiple ownership requiring intricate assemblages) and bring all parties to the closing table.
Site Planning / Entitlement
Careful analysis is made on each site that is considered a candidate for development. With our in-house CAD planning staff, we have the ability to determine site layout concerns immediately and make swift modifications that will allow us to proceed with the chosen location.
We take the extra precaution by performing a complete title/zoning analysis as well as a full review of the engineering of the location. During this review we check everything from storm water management plans, utility locations and conflicts, potential environmental contamination, remediation remedies, soil condition and ingress/egress. We also work very closely with municipal engineering offices to review any changes necessary to accomplish our objectives.
Construction Management
We negotiate every aspect of construction contracts to obtain the best value for the planned development. With our seasoned in-house construction staff, we establish the construction schedule and meticulously monitor its progress. During this time we conduct site meetings every two weeks to discuss potential problems before they exist. We invite all project participants to these meetings to create an open and collaborative experience as well as to insure that the project is delivered on time and on budget.
Leasing & Marketing
With an experienced and seasoned in-house leasing staff, Preferred handles all leasing activity either directly with tenants or via third party brokerage. We strive to better understand the economic needs of our tenants, what drives their location decisions and how to structure deals that make sense for everyone. We also work hard to find the right mix of national and local tenants in order to help maximize our tenants’ individual success as well as the overall value of the project.
Real Estate Brokerage
Through our vast network of retailers and fellow developers, Preferred offers a "hassle-free" approach to 1031 tax deferred assistance. Beginning with the location and identification of appropriate net leased properties to the actual placement of long-term debt, our experienced staff provides a timely and cost-efficient experience. To date, Preferred Development has assisted more than 150 individuals and partnerships in the tax deferred exchange of over $500 million of single and multi-tenant retail and office properties nationwide.
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