Our Mission
To provide world-class real estate services, with the highest degree of integrity and attention to detail that support our clients' achievement of their goals and success in their respective business pursuits.

Our Platform
Through our staff of real estate professionals, and broad array of strategic partners, Universal Commercial Real Estate provides a seamless set of capabilities that create a one-stop shop for its clients in all areal of commercial real estate. Our global relationships and affiliations provide a worldwide service delivery network that aligns with our local market capabilities to serve our clients wherever opportunity leads them.

Our Leadership
Darrell Cobbins serves as President & CEO of Universal Commercial, leading a stellar group of real estate professionals committed to client service and building stronger communities through service in real estate.

Darell has more than ten years experience in commercial real estate and economic development, having previously served in senior roles at the Memphis Regional Chamber of Commerce and Commercial Advisors, LLC workding with many of the area's leading corporations and small businesses.

Darell is an active member of the area's civic leadership serving on numerous non-profit boards, and has received several commission and task force appointments from both the City of Memphis and Shelby County Mayors.

Our Promise
Universal Commercial makes a solemn commitment to daily dedicate our relathionships, resources, and personnel to deliver steadfast leadership in the pursuit of achieving measurable results on behalf of our clients' and their long-term interests.
Darrell Cobbins established Universal Commercial Real Estate, LLC in 2007, as Memphis’ first African-American owned commercial real estate and community development services firm. Previously, he served for seven years as Vice President at Commercial Advisors, LLC, where he worked in commercial real estate brokerage and corporate real estate advisory services, serving many of Memphis’ most notable corporations and institutions. Darrell was also previously in economic development with the Memphis Regional Chamber of Commerce from 1999 until 2001, where he was Senior Resource Development Officer, and at Guardsmark, Inc, serving as Unit Manager, beginning his professional career immediately after college.

Mr. Cobbins possesses a strong background in civic leadership, commercial and corporate real estate, and economic development. Combined with his commitment to client service, Darrell makes a tremendous contribution to the company’s professional and community service to small business, corporate, non-profit, and institutional clients.

EDUCATION:

»  B.A.- Rhodes College
»  M.B.A.– Fogelman College of Business & Economics, University of Memphis
»  Executive Course Study-Harvard University-Kennedy School of Government

»  Licensed Principal Broker State of TN
»  CI Intro-Introduction to Commercial Investment Real Estate Analysis
»  CI 101- Financial Analysis for Commercial Investment Real Estate
»  CI 102- Market Analysis for Commercial Investment Real Estate
»  CI 103- User Decision Analysis for Commercial Investment Real Estate
»  CI 104- Investment Analysis for Commercial Investment Real Estate

PROFESSIONAL:

»   Appointed by Mayors Wharton and Herenton in 2006 to the Memphis-Shelby County PILOT (Payment in Lieu of Taxes) Review Committee to evaluate and recommend changes to City Council and County Commision regarding economic development tax incentive/abatement program

»   Served among 15 local business and government leaders in 2006 on the Memphis-Shelby County Economic Growth Planning Committee (Memphis Fast Forward) to create a comprehensive five-year economic growth strategy for Memphis and Shelby County. Coordinated by Memphis Tomorrow, City of Memphis, and Shelby County Government called Memphis ED.

»   Baptist Memorial Hospital- Memphis, Community Advisory Board
»   Urban Land Institute, Memphis District Council Member
»   Memphis Regional Design Center, Board of Trustees
»   Memphis Area Association of Realtors- Commercial Council
»   Fogelman College of Business & Economics, Alumni Board of Directors
»   Named in 2005 to the Business Tennessee’s “Who’s Next” list of up and coming leaders in the State of TN
»   The Leadership Academy- Leadership Development Intensive (LDI) 2007
»   Leadership Memphis- Class of 1999
»   1998 Memphis Business Journal’s “Top 40 Under 40”

SELECTED TRANSACTIONS:

139,000 square feet – Represented FedEx Supply Chain Services in the lease renewal of industrial warehouse space at Airport Industrial Park

100,000 square feet- Represented FedEx Express in the lease renewal of warehouse space at Democrat Square-North

100,000 square feet- Represented Exide Technologies in the disposition of warehouse/distribution facility in Airport submarket

87,000 square feet- Represented Baker, Donelson, Bearman, Caldwell and Berkowitz, P.C. in the lease renewal of its corporate headquarters in Memphis, TN

65,000 square feet- Represented Memphis Academy of Health Sciences in the acquisition of facilities for the relocation of its school and campus in Memphis, TN 64,000 square feet – Represented Bryce Corporation in the lease of industrial warehouse space at Airport Industrial Park

45,000 square feet – Represented ThyssenKrupp Elevator Corporation in the relocation of business unit from Horn Lake, Mississippi to office space at EastPointe Business Park

36,000 square feet- Represented Self-Tucker Architects in the acquisition of historic Universal Life Insurance Building in downtown Memphis

35,000 square feet- Represented Federal Express in the lease renewal of office space at Memphis International Airport Center (MIAC)

21,200 square feet – Represented Pepsi Americas in the disposition of free-standing distribution facility in Greenville, MS

15,000 square feet- Represented Federal Express in the lease of office space for package testing facility at Forest Hill Technology Park

12,000 square feet/10.7 acres- Represented Boys & Girls Clubs of Greater Memphis in the acquisition of facilities for a new Hickory Hill club for area youth

10,000 square feet – Represented ACH Food Companies in the expansion and relocation of its oil products division to office space at Century Center Business Park

8,500 square feet- Represented Diversified Trust Company in office expansion (3,000 sf +/-) at Crescent Center

7,000 square feet- Represented Inter-Tel Technologies in the establishment of its Memphis branch office at Southwind Village

6,259 square feet- Represented SSM Ventures in the relocation of its offices to The Crescent Center

5,463 square feet – Represented SSM Ventures in the lease renewal of office space at Audubon Woods Office Park

5,442 square feet – Represented Diversified Trust Co. in the lease renewal of office space at the Crescent Center

5,000 square feet- Represented Baker Donelson Bearman Caldwell & Berkowitz in the sublease of office space establishing its east Memphis office at 6000 Poplar Ave

5,000 square feet – Represented Barge, Waggoner, Sumner, & Cannon in the lease renewal of office space at the Forum I Building

5,000 square feet – Represented Memphis Chemical & Janitorial Supply Co. in the lease of industrial warehouse space at Nonconnah Corporate Center

7,500 square feet (1 acre) – Represented Laurelwood Pediatrics in the search and acquisition of an east Memphis site to construct its new state of the art pediatric treatment facility

3,400 square feet – Represented St. Jude Children’s Research Hospital in the disposition of surplus real estate (free-standing retail building) in the downtown Memphis area

4,000 square feet- Represented Ewing Moving Service in the disposition of warehouse/storage facility located in downtown Memphis

SERVICES
»  Brokerage and Advisory

»  Private Client & Project Consulting

»  1031 Tax-Deferred Exchange Services

»  Debt & Equity Finance

»  Real Estate Development

»  Urban Revitalization

»  Workspace Planning and Project Management

RESOURCES

LoopNet:


LoopNet is a leading information services provider that offers a suite of products and services tailored to the national and local needs of the commercial real estate industry. LoopNet operates the largest and most heavily trafficked commercial real estate listing service online with more than 2.5 million registered members and 915,000 unique visitors monthly.

CoStar:

CoStar Group, Inc., is a leading provider of commercial real estate research and information services for property investors and sales professionals in the United States and United Kingdom – covering more than 34 billion square feet of commercial property, including over 5 billion square feet of space for lease. Offering a comprehensive database of independently researched information— including commercial real estate for sale, property for lease, verified comparable sales transactions, and tenant information, all tailored to serve the needs of commercial real estate companies and individuals who work with all property types within the field, including:

»  Office
»  Retail
»  Industrial
»  Commercial land
»  Multi-family / apartments
»  Mixed-use properties
»  Hospitality

Chandler Reports:
Chandler Reports provides the following information for residential and commercial real property in Shelby, DeSoto, Fayette and Tipton counties.
»  Verified Property Profiles
»  Hand-picked Comp Sales
»  Custom Comparable Sales
»  Thousands of Photos
»  Complete Assessor's Data
»  Subdivsion Plats
»  Housing Inventory
PRESS ROOM

Please make sure you have pop-up blocker open. All Articles open in a New Window

Commercial Appeal, April 9, 2006 - Running in Place

Commercial Appeal - Coffee Break

Commercial Appeal, February 17, 2002 - MPACT Memphis

Commercial Appeal, November 14, 2005 - Commercial Advisors

Daily News, January 2, 2007 - Remember the Main

Daily News, July 20, 2007 - Opening Universal Commercial

Memphis Business Journal, November 4, 2005 - On the Move

Memphis Business Journal, March 8, 2007 - Focus on Downtown

MAAR, April 2006 - Memphis Through Their Eyes

Junior League of Memphis - Community Advisory Board

Tennessee Business - Tennessee's 50 Most Powerful African Americans

MPACT party of the Year - MPACT party of the Year

MUS - MPACT - Alumni MPACT at 2005 Rogers Leadership Forum

Commercial Appeal, November 16, 2003 - Dilemma can become opportunity

Commercial Appeal, May 16, 2007 - MPACT Party of the Year

Commercial Appeal, January 2, 2003 - Dilemma can become opportunity

MEMPHIS ECONOMY

Memphis Regional Chamber:
http://www.memphischamber.com/default.asp

Memphis Regional Economy & Infrastructure:
http://www.memphisregion.com/future.asp

Sparks Bureau of Business and Economic Research (SBBER) at the University of Memphis:
http://sbber.memphis.edu/

Memphis & Shelby County Office of Economic Development:
http://www.dobizinmemphis.com/

Regional Economic Development Center- University of Memphis:
http://planning.memphis.edu/originalREDC.htm
http://cas.memphis.edu/planning/redc.htm

Memphis Regional Economic Development Council:
http://www.memphissuperregion.com/about_us/index.html

Memphis Tomorrow:
http://www.memphistomorrow.org/
  • What is my time horizon for this investment?

    An investor time horizon relates to the duration the investor plans on holding an investment property. Some investors prefer short horizons or "flipping" while others may choose to hold a property for up to 30 years. Typically time horizons are classified into three categories:

    »  Short = 1 to 2 years
    »  Medium = 3 to 5 years
    »  Long = 10 to 30 years

    Your time horizon is very important and effects many factors including: mortgage options, interest rates, tax rates and exit strategy, just to name a few, and thus should be determined prior to investing.

    How active do I plan on being in my investment?

    The time and effort you are willing to devote to your commercial real estate investments can greatly affect the types of properties you should evaluate for acquisition. Multi tenant buildings including office properties, retail centers and multi family properties can take a considerable amount of time to manage and lease. If you prefer to spend less time on your investments consider single tenant properties and properties that are leased "triple net". These properties leave most of the responsibilities of ownership to the tenant and free you up for other obligations.

    How much equity do I have available for investment purposes?

    Prior to investing you should determine how much equity you have for this investment and future investments. The amount of equity will effect:

    »  Your loan amount
    »  Loan-to-value ratio
    »  Your interest rate
    »  Your loan fees
    »  If you need to view only those properties with owner financing available
    »  Your ability to purchase multiple properties and diversify risk
    »  The price of properties you should evaluate for potential purchase
  • Internal Revenue Code Section 1031 is a powerful tool for deferring capital gains tax on commercial/investment transactions. A 1031 Tax Deferral permits a taxpayer to reinvest the proceeds from the sale of a property held for investment or business purposes into another investment or business property, and defer capital gains taxes that would otherwise be due on the initial sale.

    The most common type of exchange is the “Forward Delay Exchange” where the taxpayer sells business or investment property and acquires Replacement Property of equal or greater value within 180 days.

    In a 1031 Exchange, property must be exchanged for Like Kind property? This means that the property purchased must be Like Kind with the property sold. In real estate exchanges, all property is Like Kind with all kinds of property. As you can see, an office building is like kind with raw land, a farm is like kind with a motel. Even a 30-year lease is considered real property, and like kind with all other real property. Therefore, all real estate is like kind with all other real estate. For personal property, the Like Kind rules are much stricter. A twin-engine airplane must be exchanged for a twin-engine airplane, not a single engine jet. A computer can be exchanged for a printer, since they both fall within the same asset class, but a computer cannot be exchanged for a desk.

    In addition to deferring taxes and reinvesting savings, there are many other advantages to exchanging investment properties, including:

    Leverage:
    Leverage your equity to acquire a more valuable property or properties.

    Diversification:
    Spread your equity to acquire a more valuable property or properties.

    Consolidation:
    Consolidate the equity among properties varying in value, type or location.

    Cash Flow:
    Move equity from a low income producing property (like raw land) to a higher income producing property such as retail or industrial.

    Management Relief:
    Trade property with excessive maintenance and overhead for managed property.

    Increased Depreciation:
    Change property types to take maximum advantage of available depreciation.

    Estate Planning:
    Turn tax deferral into tax savings by including 1031 strategies in your estate plan.

    In many cases, taxpayers who have sold their properties find out after their sale that they could have avoided paying capital gains tax if they had completed a Section 1031 Exchange. Many taxpayers mistakenly believe that the parties must swap their properties, which is not true. The taxpayer may exchange his or her property with someone who is not participating in a 1031 Exchange, but rather is selling their property.
  • Akin to every other stipulation of a CRE lease agreement, the term (duration) is negotiable. Thus, when searching for property and bargaining with the lessor, one should keep in mind various term options. Depending on the property's use and the impact of location on your business, several alternatives are available. For instance, if your business is rapidly developing and you are seeking a short-term lease, renewal options become very important.

    A renewal clause within a lease would permit a tenant to continue the agreement after the original contract has expired. Remember that lease renewal is a simplistic task, if done correctly. Extending a CRE lease isn't just beneficial to the tenant; the landlord saves time, money, and perhaps stress from looking for a new lessee.

    Oftentimes, a renewal clause paves way for a term rent increase. To avoid an unexpected and burdensome rise, attempt to negotiate a prearranged rise in the rental rate. Before signing a lease, it would be wise to research renewal options and agreement extension possibilities. Decipher between automatic renewals, fixed end date, and periodic extensions.

    Nonetheless, though fairly clear-cut, there are several costly and common mistakes. A few wrong decisions can hinder an entire profitable undertaking.
  • A lease, at its core, is a business relationship - an agreement between a tenant and a landlord. Although leasing commercial real estate may appear simplistic, perhaps even one-dimensional, it is crucial to take 7 essential steps. Otherwise, the process can turn into disarray.

    1.Define your requirements
    The first questions to tackle are as follow: "What am I looking for?" and "What would suit me best?"From prerequisites such as deciding location to determining the property's prospective use, evaluating the space is critical.

    2.Locate suitable property
    After determining space requirements, a hands-on search begins. Locate suitable properties, survey the market, and narrow down the CRE contestants.

    3.Tour properties
    A property review and physical tour is the next step of commercial leasing. Since an expected lessee engages in numerous visits and tours, it would be beneficial to take notes on each property.

    4. Make a proposal to lease
    The proposal process consists of five elements: preparing a RFP (request for proposal), issuing the RFP to suitable properties, reviewing the landlords' responses, evaluating offers, and perhaps preparing a Comparative Lease Analysis. o response to proposal

    5.Space planning and architectural evaluation

    6. Negotiate the lease contract
    Negotiating may be tedious and frustrating. It is important to meticulously examine every aspect of the deal to avoid future problems. A checklist, legal involvement, and realization of tenant's resources are discussed thoroughly in this category.

    7. Close the transaction The mutual execution of a lease.
  • Subleasing (or subletting) commercial real estate has become rather popular over the past few years for a number of reasons. It is the act of a third-party partaking in the lease transaction; the sublessee takes over a tenant's rights and obligations for a certain space until the master lease expires. Though the third-party becomes a new lessee, the primary tenant is liable (to the landlord) for damages caused by the sublessee. The original lease must contain provisions allowing subleasing, in order for one to pursue such a venture.

    Generally, property is subleased when one needs to move quickly, or, perhaps, realizes that a long-term contract isn't beneficial (if your business is likely to rapidly outgrow a specific space). One of the large advantages of subleasing space is its availability below market rates. Generally speaking, the shorter the sublease terms, the lower the rate. Be aware that in a sublease situation, you may not be able to stay in the space beyond the expiration of the term. If you can, a "rate shock" might be imminent at lease termination. Though at times extremely beneficial, subleasing commercial property clearly has several drawbacks.

    If one is leaning towards short-term leasing, Executive Suites and Virtual Offices may be of interest.
  • Rental rates, in essence, are affected by countless elements: the lease term (duration), the size of the property, storage, views, proximity to certain locations, the current market/economy, etc. Market conditions influence rental rates, which oftentimes tend to increase. Once a lease is signed, the rental rate is fixed for the lease term. Because there are a number of factors that comprise rents and several customary ways to quote rents, it can be difficult to understand what people mean when they are discussing leasing rates.

    Normally, the rate quoted reflects the amount of rent you pay per square foot. Generally square foot prices are quoted on a monthly basis, however, there are markets such as San Francisco that are quoted on an annual basis. By example, a $36.00 per square foot annual rate is equal to $3.00 per square foot when expressed as a monthly rate. While this is simple math, it can come as a bit of a shock when you hear a rate quoted for one space as $3.00 per square foot and another as $36.00. Urban office leasing is generally quoted as an annual rate, while industrial and retail are typically stated as monthly rates.
  • Commercial Real Estate is commonly considered to be all real estate with the potential to generate outside income and/or revenue for the owner of the real property.

    This can include many property types:

    »  office buildings
    »  industrial properties-warehouses/manufacturing facilities
    »  retail properties
    »  apartment units
    »  condominiums and
    »  even raw land If

    the property has the potential to generate revenue now or in the future it may be deemed as commercial real estate. Alternatively, some people consider those properties that generate outside income and/or revenue, except for real estate that is habitable (houses, condos, apartment buildings), to be commercial real estate. Capital gains and rental income can also be earned, in addition to the property types listed above, through investment in niche properties.
  • A

    Adjoining
    In actual contact with another object (i.e., attached). Same as "Contiguous".

    Agent
    An individual/entity who transacts, represents, or manages business for another individual/entity. Permission is provided by the individual/entity being represented.

    Assignee
    Individual to whom a contract is assigned.

    Assignment
    The manner by which a contract is transferred from one individual to another individual.

    Assignor
    An individual who transfers a contract to another individual.

    B

    Build Out
    The construction or improvements of the interior of a space, including flooring,walls, finished plumbing, electrical work, etc.

    Building Permit
    Written government permission to develop, renovate, or repair a building.

    C

    Cancellation Clause
    A provision in a contract (e.g., lease) that confers the ability of one in the lease to terminate the party's obligations. The grounds and ability to cancel are usually specified in the lease.

    Capital Improvement
    Any major physical development or redevelopment to a property that extends the life of the property. Examples include upgrading the elevators, replacement of the roof, and renovations of the lobby.

    Certificate of Occupancy (CO)
    The government issues this official form, which states that the building is legally ready to be occupied.

    Chattel
    Household goods, including personal property such as lamps, desks, and chairs.

    Common Area Maintenance (CAM)
    This is the amount of additional rent charged to the tenant, in addition to the base rent, to maintain the common areas of the property shared by the tenants and from which all tenants benefit. Examples include: snow removal, outdoor lighting, parking lot sweeping, insurance, property taxes, etc. Most often, this does not include any capital improvements that are made to the property.

    Contiguous
    Touching at some point or along a boundary.

    Contingency
    A requirement in a contract that must occur before that contract can be finalized.

    Contract
    A legal agreement between entities that requires each to conduct (or refrain from conducting) certain activities. This document provides each party with a right that is enforceable under our judicial system.

    Covenants
    Wording found in deeds that limits/restricts the use to which a property may be put (e.g., no bars).

    D

    Deed
    A signed, written instrument that conveys title to real property.

    Deed Restriction
    An imposed restriction in a deed that limits the use of the property. For example, a restriction could prohibit the sale of alcoholic beverages.

    Default
    Failure to fulfill a promise, discharge an obligation, or perform certain acts.

    Delivery
    Transfer something from one entity to another.

    E

    Ejectment
    Action to regain possession or real property. This is a last-ditch effort that is used when there is no relationship between landlord and tenant.

    Eminent Domain
    The government's right to condemn and acquire property for public use. The government must provide the owner fair compensation.

    Endorsement
    Signing one's name on the back of a check.

    Escrow
    A written agreement among parties, requiring that certain property/funds be placed with a third party. The object in escrow is released to a designated entity upon completion of some specific occurrence.

    Estoppel Certificate
    A legal instrument executed by the one taking out the mortgage (i.e., mortgagor). The owner of a property may require an individual leasing a property to sign an estoppel certificate, which verifies the major points (e.g., base rent, lease commencement and expiration) existing lease between the landlord and tenant.

    Eviction (Actual)
    Physical removal of a tenant either by law or force.

    Eviction (Constructive)
    The landlord or his agents disturb the tenant, rendering the leased space unfit for the tenant's previous use.

    Eviction (Proceeding)
    A legal proceeding by the landlord to remove a tenant.

    Exclusive Agency
    An agreement in which one broker has exclusive rights to represent the owner or tenant. If another broker is used, both the original and actual broker are entitled to leasing commissions.

    F

    Fiduciary
    A person who represents another on financial/property matters.

    Fixtures
    Personal property so attached the land or building (e.g., improvements) it is considered part of the real property.

    G

    Grace Period
    Additional time allowed to complete an action (e.g., make a payment) before a default or violation occurs.

    Gross Lease
    A lease of property whereby the landlord (i.e., lessor) pays for all property charges usually included in ownership. These charges can include utilities, taxes, and maintenance, among others.

    H

    Holdover Tenant
    A tenant who remains in possession of leased property after the lease term expiration.

    I

    Incompetent
    An individual who is unable to handle his own affairs by reason of some medical condition (e.g., insanity, Alzheimer's).

    Instrument
    A written legal document created to secure the rights of the parties participating in the agreement.

    Irrevocable
    Incapable of being altered, changed, or recalled.

    J

    Joint Tenancy
    Ownership of real property by two or more individuals, each of whom has an undivided interest with the right of survivorship.

    Judgement
    A formal decision issued by a court relating to the specific claims and rights of the parties to an act or suit.

    L

    Landlord
    One who rents property to a tenant.

    Lease
    A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).

    Leasehold
    The estate or interest a tenant has as stated in the tenant's lease.

    Lessee
    An individual (i.e., tenant) to whom property is rented under a lease.

    Lessor
    An individual (i.e. landlord) who rents property to a tenant via a lease.

    Letter of Intent
    An informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations.

    Listing
    An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property.

    Loss Factor
    What percentage of the gross area of a space is lost due to walls, elevator, etc. Rule of thumb in Manhattan is approximately 15%.

    M

    Mandatory
    A requirement that must be conformed to as specified in any written document.

    Market Price
    The actual selling or leasing price of a property.

    Market Value
    The expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants.

    Meeting of the Minds
    When all individuals to a contract agree to the substance and terms of that contract.

    Minor
    A person under a legal age, usually under 18 years old. br />
    Multiple Listing
    An arrangement among Real Estate Board of Exchange Members, whereby each broker presents the broker's listings to the attention of the other members so that if a lease results, the commission is divided between the broker bringing the listing and the broker making the lease.

    N

    Net Lease
    Also called triple net lease. The lessee pays not only a fixed rental charge but also expenses on the rented property, including maintenance.

    Non-Disturbance Agreement
    The tenant signs this to prevent himself from being evicted if the property owner does not pay its mortgage to the bank.

    Notary Public
    A public officer who is authorized to witness and verify certain documents (e.g., contracts, deeds, mortgages). Also, an affidavit may be sworn before this public officer.

    O

    Obligee
    The person who will receive the outcome of an obligation.

    Obligor
    An individual who has engaged to perform an obligation to another person (i.e., obligee).

    Open Listing
    A listing given to any broker without liability to compensate any broker except the one who first secures a buyer who is ready, willing, and able to meet the terms of the listing, or secures the acceptance by the landlord of a satisfactory offer; the lease of the property automatically terminates the listing.

    Option
    A right given to purchase or lease a property upon specified terms within a specified time. If the right is not exercised, the option holder is not subject to liability for damages. If the holder of the option exercises it, the grantor of option must perform the option's requirements.

    P

    Percentage Lease
    A lease of property in which the rent is based upon the percentage of the sales volume made on the specific premises. There is usually a clause for a minimum rent as well.

    Personal Property
    Any property which is not real property. Examples include furniture, clothing, and artwork.

    Power of Attorney
    A written instrument duly signed and executed by an individual which authorizes an agent to act on his behalf to the extent indicated in the document.

    Principal
    The employer (e.g., landlord) of an agent or broker. This is the agent's or broker's client.

    Q

    Quiet Enjoyment
    The right of an landlord or tenant to use the property without disturbances.

    R

    Real Estate Board
    An organization whose members consist primarily of real estate professionals such as brokers.

    Real Estate Syndicate
    When partners (either with or without unlimited liability) form a partnership to participate in a real estate venture.

    Real Property
    Land and any capital improvements (e.g., buildings) erected on the property.

    Realtor
    A coined word which may only be used by an active member of a local real estate board, affiliated with the National Association of Real Estate Boards.

    Rent
    Compensation from tenant to landlord for the use of real estate.

    Restriction
    A restriction, often specified in the deed, on the use of property.

    Revocation
    An act of rescinding power previously authorized.

    Rule of Thumb
    A common or ubiquitous benchmark. For example, it is often assumed that each worker in an office will need approximately 250 square feet of space.

    S

    Situs
    The location of a property.

    Specific Performance
    When a court requires a defendant to carry out the terms of an agreement or contract.

    Square Feet
    The usual method by which rental space is defined. It is the area of that space, calculated by taking length times width. For example, a room 30 feet by 60 feet has an area of 1,800 square feet.

    Statute
    A law established by an act of a legislature.

    Statute of Frauds
    State law (founded on ancient English law) which requires that contracts must be reduced to written form if it is to be enforced by law.

    Statute of Limitations
    A law barring all right of redress after a certain period of time from the moment when a cause of action first arises.

    Subagent
    An agent of an individual already acting as an agent of a principal.

    Subletting
    The leasing of space from one tenant to another tenant.

    Subscribing Witness
    The witness to the execution of an instrument who has written his name as proof of seeing such execution.

    Surrender
    The cancellation of a lease by mutual consent of the tenant and the landlord.

    T

    Tenancy at Will
    A license to occupy or use lands and buildings at the will of the landlord.

    Tenancy by the Entirety
    An estate which exists only between husband and wife. Each has equal right of enjoyment and possession during their joint lives, and each has the right of survivorship.

    Tenant Improvements
    Work done on the interior of a space, can be paid for by landlord, tenant, or some combination of both, depending on the terms of the lease.

    Tenancy in Common
    Ownership of property by two or more individuals, each of whom has an undivided interest, without the right of survivorship.

    Tenants at Sufferance
    An individual who comes to possess land via lawful title and keeps it in perpetuity without any title.

    Tie-in Arrangement
    A contract where one transaction depends upon another transaction.

    Tort
    A wrongful act or violation of a legal right for which a civil action will lie.

    Triple Net Lease
    A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs.

    U

    Urban Property
    Property in a city or a high-density area.

    V

    Valid
    A binding situation that is authorized and enforceable by law.

    Valuation
    Estimated price, value, or worth. Also, the act of identifying a property's worth via an appraisal.

    Variance
    Government authorization to use or develop a property in a manner which is not permitted by the applicable zoning regulations.

    Violation
    Act, condition, or deed that violates the permissible use of property.

    Void
    Something that is unenforceable.

    Voidable
    A situation which is capable of being unenforceable but is not so unless direct action is taken.

    W

    Waiver
    The intentional relinquishment or abandonment of a specific claim, privilege, or right.

    Work Letter
    An amount of money that a landlord agrees to spend on the construction of the interior of a space per the lease, usually negotiated.

    Z

    Zone
    An area, delineated by a governmental authority, which is authorized for and limited to specific uses.

    Zoning Ordinance
    A law by a local governmental authority (e.g., city or county) that sets the parameters for which the property may be put to use.

OUR EXPERIENCE

With decades of experience in commercial real estate and economic development, the principals and partners of Universal ommercial Real Estate provide every client with a wealth of market knowledge and relevant expertise to effectively serve their real estate-related requirements.

Our goal as a provider of commercial real estate services is to meet the needs of our clients, anywhere across the globe, ensuring a mutually beneficial and lasting relationship that creates a "win-win" valur proposition.

A few of the clients served by our real estate professionals include:

»  FedEx
»  ACH Food Companies
»  National Foundation for Transplants
»  Thyssenkrupp Elevator
»  Baptist Memorial Healthcare Corporation
»  ALSAC/St. Jude Children's Research Hospital
»  Baker Donelson Bearman Caldwell & Berkowitz
»  Ewing Moving Service
»  Shelby County Government
»  Pepsi Americas
»  Enterprise Corporation of the Delta Teach for America
»  Boys & Girls Clubs of Greater Memphis
»  Crichton College
»  Inter-Tel Technologies
»  Self-Tucker Architects
»  Barge Waggoner Sumner
»  Bryce Corporation
»  SSM Partners
»  Diversified Trust Co.
»  Cushion Employer Service
»  Memphis Chemical Supply
»  United Auto Credit
»  Memphis Bio-Works Foundation
»  Center City Commission
»  Methodist LeBonheur Healthcare
Universal Commercial Real Estate, LLC

1331 Union Ave. Su. 935
Memphis, TN 38104
Phone: 901.414.3315
Fax: 901.248.6807
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