Real estate options for entrepreneurs was a recent discussion point which came up during a conversation with local entrepreneur, client, and vendor, Jessie Mommsen, owner of Threads and Inks, located in Lakeville, MN. We followed up with Mommsen to find out how business is going since the move into their new building.
Here are a few excerpts from our discussion...
Q. Can you tell our readers a little about what prompted you to contact CERRON Commercial Properties?
A. We were (and continue to be) in a growth phase, and purchasing real estate [verses leasing] made sense as a financial component of our overall business plan at the time. We also only had 600 SF of retail space at the time and were in a location that didn't allow us the type of exposure we needed to reach our target audience.
Q. Why did you choose to work with Bruce Rydeen?
A. This was actually the second time we worked with Bruce. The first time, he helped us to lease office/warehouse space in the Hebert Buildings in the Airlake Industrial Park in Lakeville. At that time, as I started my business, Bruce, and the building owner, Mark Hebert, respected me as a young business owner (I was 23 when I first started out), and that meant a lot to me. When we were ready to move our business, I chose to contact Bruce because of that previous experience; he is a trusted resource. When working with him to purchase our current building, Bruce was considerate of our budget, our timing, and our overall needs.
Q. How has your new space benefited your business?
A. As they say when considering real estate, "location, location, location!" Our new location attracts many more visitors than our previous location. We tripled our retail showroom space, so we are able to show off a lot more of our available products. Our new building has so much natural sunlight, it not only makes it happy in our space, but it allows our clients to see our products under optimal lighting conditions in an upscale environment as compared to our previous location which lent to more of an industrial focus.
Q. What would you tell other entrepreneurs when considering their real estate options?
A. Don't be afraid to get creative when you consider a new space. Paint and carpet can be changed. Sometimes, walls can be moved. Landscaping can be updated. We had an electrician add power to our building to accommodate our machinery. Also, be sure to complete your homework [or due diligence] when buying a building. Whether we had our own experts, or needed some recommendations, Bruce helped us to navigate the process from showing to purchase agreement to inspections to title work to closing. For young entrepreneurs, don't think that you are too young to own a building - you need to do what is right for you and your business, and I also recommend that you work with a broker you trust and who will listen to your needs.
About Threads & Inks: Threads and Inks specializes in custom-decorated clothing. Services include embroidery, printed apparel, letter jackets and patches, and more for students, schools, teams, businesses, organizations and individuals.
Location: 20137 Icenic Trail, Lakeville, MN 55044 (This is the north-west corner of Dodd Blvd and Hwy 50, just north of Kwik Trip and McDonalds.)
Building: 5,716 SF on three levels with production and retail on the main level, office on the upper level and additional storage and specialty retail on the lower level
Website: Threads&Inks
Store Hours: Monday - Friday, 9:00 a.m. to 5:00 p.m.
Threads and Inks Quote: "We have worked with the team at CERRON both times we needed a new space. Bruce took the time to listen to our space & budget requirements and helped to identify the ideal property. He helped us navigate the process and made sure we had everything we needed to get the deal done, and now...we LOVE our new location!" Jessie Mommsen, Owner of Threads & Inks, Lakeville, MN
Our entire team appreciates the opportunity to work with each of our clients and we love to hear how the space is working out for them. If you have a space APPRO and/or CERRON has helped you with, please let us know how it is working for you. If you haven't worked with us, but would like to learn more about how to start, please feel free to email us or call our office. Our knowledgeable & friendly team is available to answer any question(s) you may have (big or small).
