Real estate profile: Brett Garceau

industrial associate, NAI MLG Commercial

Company: NAI MLG Commercial
Title: Industrial associate           
Education: Marquette University, bachelor’s of science, double major in commercial real estate and finance.
Family: Bachelor.
City of Residence: Milwaukee       
Hobbies and Interests: “Working out, bow hunting, fishing, baseball/softball and any sports.”
What are you working on? “I am fortunate enough to be working on an extensive portfolio of sale and lease listings throughout metro Milwaukee and some of the highlights include an expandable 19,200-square-foot industrial building in Sussex, a 35,000-square-foot flex building in the Falls and a 10,500-square-foot industrial building in Waukesha. To go along with my listings I am also currently working a number of lease/sale transactions with both local and national companies to expand as well as upgrade spaces both in quality and square footage.”
How does the market look to you? “As a broker focusing on industrial properties the start of 2010 seems to be filled with a carryover of activity from the 4th quarter of 2009. There are a number of users out on the market actively touring properties, yet there remains the hesitancy to commit to the deal. A carryover from 2009 is that a tight lending environment has led to more activity as it relates to lease deals versus sale and it remains a tenant driven market. As the year progresses I believe we will fare much better than 2009. That being said, there will remain downward pressure on lease rates as owners continue to make concessions (improvements, rent abatement, lower rates) to land tenants. I also feel that there will be slight downward pressure on sale prices due in large part to distressed properties which remain on the market. All in all I expect the activity to continue as the year progresses and for there to be positive absorption in 2010 and that we will get back to the high 7 percent for vacancy in the metro Milwaukee area.”
What was the best deal you’ve ever been involved in? “The best deal has to be the first deal I was able to get done which was a 3,000-square-foot lease at 308 Wilmont Dr. in Waukesha. We were part of an open house and it just happened to be that the tenant saw the event going on and, long story short, we ended up signing the lease the next day.”
What was the funniest moment of your career? “I don’t know where to begin as every day seems to be filled with some pretty special moments but I would say it is between the following: hearing some of the things that come out of Adam Matson‘s mouth on a day-day basis (he has no filter) and while touring a property with Curt Pitzen in my office having the female client we were touring walk in on me while using the restroom when I explicitly told them I was going in there.”

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