Gregory Arakelian is a commercial sales associate at Lila Delman Real Estate International. He recently was named a CoStar Power Broker by CoStar Group Inc. for his work in commercial property sales and leases in 2015. Some of his significant transactions include the sale of Stonebridge Marina in Portsmouth and the sale of The Rhumbline restaurant in Newport.
PBN: Tell me a little bit about the award you recently received, the CoStar Power Broker. What does that measure and have you ever won it before?
ARAKELIAN: CoStar is the leading provider of commercial real estate information, analytics and online marketplaces. This annual industry award recognizes distinguished professionals in commercial real estate brokerage by highlighting the achievements of individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2015 within their respective markets. I qualified as one of the top commercial brokers in the Providence market in two categories: sales and retail leasing. In order to be selected for this honor, my overall transaction volumes were evaluated by CoStar against other commercial real estate brokers active in the region, and I subsequently ranked among the top brokers in the market. I was also recognized by CoStar as a Power Broker in 2012.
PBN: In retail leasing and sales, one of the categories that you work in, what are some of the strategies for attracting new tenants or owners when they have multiple choices?
ARAKELIAN: Commercial real estate is a contact sport, and I’ve found that whether I’m getting coffee or buying a bike, engaging business owners is a good first step. Through asking the right questions, you can show a business owner that you’re interested in helping them grow or improve. I’m in a unique position, being the only broker from a residential firm to win the National Power Broker Award for the Providence market. My firm, Lila Delman Real Estate International, has been recognized for many years as the preeminent broker for luxury residential real estate in Rhode Island, and it is exciting to be a part of its effort to advance our commercial brand to a similar level.
PBN: How is a restaurant prepared for a sale? What features must it have to move quickly?
ARAKELIAN: Preparing a restaurant for sale is similar to preparing a home for sale, you always want to present it in its best light. In general, restaurants that have good visibility, signage capability, parking and are located in an area that could encourage growth are attractive to restaurant buyers. Specifically, the amount of seating, the type of kitchen, the equipment and furniture that conveys, and the presence of a liquor license are all determining factors in a sale.
PBN: The Stonebridge Marina was a unique property. How do you market something that comes on the market only infrequently?
ARAKELIAN: Again, similar to marketing a house, you want to make it clear to prospective buyers what they are buying. The Stonebridge Marina property was unique in that was not only a marina, but an oceanfront residence, and a commercial space, so it contained three income streams on one property.
PBN: How long did it take you to really feel like you knew you were good at this job, and what advice would you give someone just entering the field?
ARAKELIAN: My first commercial transaction was a long-term commercial lease for 20,000 square feet. I was honest with the landlord that I was new, but I would work harder than anyone else for him. Through researching potential tenants, as well as researching local and regional demographics, I delivered the landlord a long-term lease. After the lease was executed, my broker looked at me and said, you just got an MBA in commercial real estate. This is not an easy business to be in, but in any business, if you like what you do, it shows. For someone starting out in this field, you have to be able to live with only eating what you kill, which is not for everyone. Working as hard as it is possible for your client, whether it’s a 500-square-foot lease, or a million-dollar sale is the best way to be. Being social and compassionate are very good qualities to have in sales, and I’m constantly striving to have a calm assertive energy at all times.
