As a real estate investment and development company, our typical ownership structure is through limited liability companies operated as partnerships. Through these structures, we have numerous “partnership” structures with a large number of individuals and entities. The significant volume of our business has taught us the importance and characteristics of good partners — defined by a strong fiduciary mindset, the ability to listen and respect the opinions of a partner, the flexibility to make decisions that are not always solely in your own best interest and the desire to bring incremental value to your partners. At Bourn Companies, LLC, we have worked very hard to demonstrate these values and qualities in all of our partnerships.
We extend the “partnership philosophy” to other important relationships. Although not always technically structured as a true partnership, we have found following a partnership philosophy has led to better relationships and strong performance as a company. Our examples of this type of partnership include:
- Corporate Office Users
- Major Retailers
- Institutional Investors
- Government Agencies
- Land or Property Owners
Corporate Office Users
Corporate America needs office space to facilitate their business, but they are generally focused less on the real estate and more on providing their employees the “right environment” to perform their functions. Cost is generally a significant factor, but value and flexibility are ultimately two of the most important variables. Bourn views its role as a “facilitator” to ask the “right questions” to carefully understand the specific company’s needs and gather information for the company to make the best decision to ensure their needs are met in a true partnership relationship.
Most retail companies have very defined market rollout plans with specific site criteria that will ultimately define the success of their business. In order to have strong local knowledge and representation, many retailers will contract with local commercial broker specialists to assist in their site selection. The Bourn team has tremendous experience in this arena, helping tenants identify and acquire locations for the past several decades. Where we believe we excel, is identifying the “not so obvious” opportunities and utilizing our diverse skill set across all of the important real estate functions to facilitate the best outcome that would not normally have occurred without this unique approach. These opportunities can often include some or all of the following activities: complex acquisition structures, entitlements, economic incentive structures, capitalization structures and construction processes. While the technical structure may be that of tenant and landlord, it embodies all of the elements of a true partnership.
Various types of institutional investors are charged with investing capital on behalf of their clients, often pension funds or endowments that have very defined risk limits and investment objectives. Charged with the highest level of fiduciary obligation, institutional investors often partner with local “sponsors” that have demonstrated track records in specific geographical areas and product types. Bourn Companies, LLC has the investment track record, diversified skill set and operational experience to perform at “institutional” levels required to meet the highest standards of a fiduciary relationship. These relationships are often defined by establishing a well conceived, disciplined investment program with consistent, transparent communication and the ability to remain flexible to meet changing institutional requirements.
Government agencies, from the federal government to local municipalities, have budget challenges and are searching for creative ways to establish new revenue streams and obtain private investments to meet the their long-term visions. Sometimes complicated and controversial, these opportunities require a diversified skill set to analyze the potential financial outcomes of the various scenarios, an ability to listen to diversified constituents’ concerns and to be creative in solving issues, structuring agreements and self assured to not be swayed by media that may not support the best interests of the jurisdiction. Whether structured as a true public/private partnership, or through another technical structure, these situations require a true “partnership” spirit.
Land or Property Owners
Existing owners of property may not have the ability or desire to go through the process of transforming their property to a higher and better use, but may have the desire to realize the increased valuation or income that can come from such a transformation. Bourn Companies, LLC has regularly entered into transactions with owners to create value by transforming the property by identifying new uses and potentially specific users, obtaining entitlements, planning and developing new improvements and ultimately capitalizing the project. Whether these opportunities are executed through a true joint venture or through a sale of the property, the program generally requires a high level of communication and trust to maximize the opportunity for all parties involved.