The Importance of Property Condition Assessments

September 17, 2020

Property Condition Assessments (PCA) are inspections associated with the commercial real estate industry during the due diligence phase of a potential acquisition. Commercial property and building inspections are important for those seeking to know the condition of a property they may be purchasing, leasing, financing, or simply maintaining.

The PCA report may include:

  • Areas of concern
  • Recommendations for repairs or further inspections
  • Projected costs of future capital projects
  • Compliance surveys

A PCA is critical as it helps set financial expectations. When you purchase a building, you should have an entire cost analysis performed, which will include any maintenance or repairs required. The PCA is critical to this analysis. The last thing you would want to do is purchase a building and only allocate for a certain dollar amount, to only find out there may be additional cost issues, such as needing a new roof or having an issue with the structure.

Experienced commercial building owners, net lease occupants, commercial property investors, and lenders know the importance and benefits of hiring a qualified team to perform a property PCA.

For the last 26 years, the FGX Group has had direct experience with general contracting and knows how buildings are constructed from the ground up. We understand the value of what a PCA provides an entity looking to purchase a new property. We typically oversee projects from concept through construction completion and owner occupancy, so we understand what issues to look for.

It is crucial to rely on a partner who has experience with inspections because what could be visible to our team may not be seen by you or other contractors, which could result in unnecessary cost repairs. We will be that partner for you – and we won’t sugarcoat anything. We believe that being honest and transparent with our clients is in their best interests. Our priority is setting expectations around what the true cost improvements could be.

If you are looking to purchase a commercial property in the future or are currently doing so, reach out to Frank Gallagher for further information on how the FGX Group can help you with your property condition assessment.

Testimonials

Corporate Renovation for DPS Group - Conshohocken, PA

Due to the extreme pace our business has been growing, we were in need of new office space sooner than later. However, we didn’t have the bandwidth to manage the process internally. The FGX Group was able to get started immediately with assembling an overall project budget and schedule in order to set proper expectations, particularly important in today’s real estate climate. He was instrumental in design oversight, and assembling the balance of the project team including the general contractor, IT related vendors, the furniture dealer, and all other pertinent firms. We are thrilled to be in our new space and couldn’t be more grateful for having Frank to assist us with the process so we could concentrate on continuing to grow our business.

Ryan McDonough, Senior Vice President – Project Operations, DPS Group

Self Storage Renovation Projects for Home Star Storage - Various Locations

As someone who works in self storage conversions, I work with The FGX Group on all my major projects. Unlike ground-up construction, conversion projects often have unexpected circumstances and last-minute surprises that don't necessarily jump out from the beginning of the project, even with careful planning. Working with The FGX Group, I know our team is ready for the unexpected in each project – whatever that may be. We appreciate working closely with them to bring more well-built storage projects to fruition on-time and on-budget up and down the eastern United States.

Joseph Murphy, Chief Operating Officer, Home Star Storage

Renovations to Children's Dental Management - Philadelphia, PA

Frank Gallagher and The FGX Group were instrumental in assisting me to assemble the project team and formulate a plan to complete our new Orthodontics and Surgery Center suites in Philadelphia. With Frank’s help in managing the contractors, various vendors, and coordination activities with the landlord, it allowed me to concentrate on other responsibilities at CDM. Frank has a knack to bring everyone together to focus on one goal. I would work with him again.

Jim DeFruscio – Children’s Dental Management

Renovation of Medical Office for Pure Dental Brands - Upper Darby, PA

From my perspective, here is what The FGX Group did that helped us achieve a successful build out of our new office location: Their contract spelled out all of the responsibilities that they would own, and they carefully broke down all of the job functions and steps with milestones; they also made it clear what were their vs. our tasks; they outlined the project timeline and costs and lived by them; they were 100% successful as a project manager because they kept us on track and had excellent communication and follow-up skills; they owned a number of key tasks around permitting and working with the local town/city that we could not have known about or handled – and they were done successfully; and they escalated issues when appropriate and prepared us in advance of issues, so that when they came up, we could quickly resolve.

The results were excellent – the office is beautiful, and it has helped us grow our business!

Frank Coliano, Chief Executive Officer, Pure Dental Brands

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Contact

Address

26 Treaty Dr, Wayne, PA 19087

Email

frankgallagher@thefgxgroup.com

Phone

 610.331.6354

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