Local real estate agent Michael Jenkins is now the sole owner of Coldwell Banker Commercial (CBC) in Vancouver after buying out his partner, Bob Bernhardt. The agency, which will operate under the name CBC Jenkins & Associates, is also planning on moving into a new, larger building this fall.
“It has been in the works for a while,” Jenkins said, regarding the buyout. “[Bernhardt] wanted to be more of an agent as opposed to remaining in ownership. He’s still an active agent here at Coldwell Banker.”
As for the move, CBC will reach the end of a seven-year lease at its current location (1500 D Street) in October. During lease negotiations, Jenkins said, an opportunity came up to purchase the Hopper Dennis Jellison (HDJ) Building, near the intersection of West 15th Street and Columbia Street, for $3.6 million.
“It was a good opportunity for us,” noted Jenkins. “It’s big that we’re staying downtown.”
Also moving to the HDJ Building in the fall is MAJ Development, Jenkins’ commercial development company. MAJ has been involved in the development of 7-Eleven stores, 24 Hour Fitness locations and other properties in Portland, Vancouver and Seattle.
The new location will give Jenkins and his staff roughly 2,500 square feet of extra room – something he said has been sorely needed for some time.
“We didn’t have an opportunity to grow anymore (at the D Street location). All offices were taken,” explained Jenkins. “Even if we wanted to hire, we couldn’t hire because there was just no room. But now we will have three to four extra offices and room to grow. Our full intent is to bring on some good agents now.”
Jenkins stressed that he wouldn’t have bought Bernhardt’s share of the company or purchased the HDJ Building if he wasn’t confident about the future of the commercial real estate market in Southwest Washington.
“Two years ago, I probably wouldn’t have done it,” Jenkins noted. “But right now, we’re profitable, we’re doing well and that’s what allows us to go and buy a $3.6 million office building. We wouldn’t be doing that if things weren’t good.”
by Nicholas Shannon Kulmac
VBJ – August 17, 2012