Why does nobody talk about how many people ignore the actual parking ratio when buying a retail pad site?

Honestly, I just saw a guy in my network lose a prime tenant for his new $1.2M pad in Tampa because he quoted the city's minimum requirement of 5 spaces per 1,000 sq ft, not the restaurant's actual need of 8, so has anyone else had a deal fall apart over this?

2 comments

2 Comments

nathanbailey22d ago

Man, that's brutal. Did he not have a good broker who could have flagged that before they got so far along? I've seen a few smaller strip mall deals go sideways over parking, but never for that much money, ouch.

corad8422d ago

Ngl, losing a tenant over a basic parking math error is wild. You spend over a million on the dirt and building but skip the most important part for a restaurant. That broker should have caught it day one, it's their whole job. The city minimum is just the bare legal floor, not a business plan. Bet he's stuck with a fancy building nobody can use right now.