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Flex Work owners aim to jump-start office sales

At the Flex Work Space project in west Boise, they’re doing what they can to get office-property sales moving. Some of the office condos can be purchased after three years at today’s prices with nothing down.

Cameron Investments, Boise, owns and has been remodeling units in Flex Work Space on Curtis Road. Rick Clark, a principal in Cameron Investments, said the down payment is deferred for three years with no interest. The rent that the tenant pays, under a lease with option to buy, is below market rents because it is based on an amortization schedule as though he or she is buying the property today, he said. After three years, the occupant has the right, but not the obligation, to purchase.

The owners have enough property in the project that they are willing to sell a portion on this basis, Clark said. Occupants would take care of the units, and “the chance they will close on the purchases in three years is high because we think the market will shift in a positive fashion,” he said.

A large tenant left Flex Work space, which presented an opportunity to remodel.

“Now we have four buildings with some vacancy that needs to be filled, and it will be filled,” Clark said. “If we can fill it faster by doing this, that is a good thing.”

Bob Sabino, a director with the KW Commercial real estate firm in Boise, is marketing the office condos with KW colleagues Nancy Lemas and Dave Vaughan. The lease option with deferred down payment can enable the tenant to look toward the eventual benefits of ownership – at today’s prices – while in the meantime positioning himself or herself to qualify for and afford financing such as a U.S. Small Business Administration-backed loan, Sabino said.

Buyers and sellers failing to agree on price, tight financing and lower income streams from rent are among challenges that the Boise area commercial real estate buy-sell market continues to face, Sabino said.

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