A Conversation With ... Brad Thessing

Thessing Commercial Properties closed on more than $25 million in sales within its first 15 months and since has closed on more than $400 million. Tell me more about the commercial brokerage and real estate firm.
We are very active right now. The market is extremely busy as rates are extremely low. There is a lot of investment money in the marketplace right now from private equity to real estate investment trusts and insurance company investment funds. I am still the sole employee of the brokerage firm. I also have my own developments with a partner, Kevin Guffey. We develop retail shopping centers and restaurants throughout Missouri. I don’t sell residential, I never have. The company does commercial real estate brokerage throughout the U.S. I’ve brokered multifamily, medical office, shopping centers and single-tenant properties such as Walgreens, Kohl’s, CVS Pharmacy and Advanced Auto Parts.

What notable developments in southwest Missouri has Thessing Commercial Properties worked on?
On the brokerage end, I sold Battlefield Shoppes – the Pier 1 Imports building on Glenstone Avenue – to a California client and we retained the management. I recently sold Applebee’s on South Glenstone and I was involved with the sale of the land for the new Mercy Orthopedic Hospital. Other local recent sales include multiple Dollar General stores and Kum & Go sites, Five Guys in Joplin and Tractor Supply Co. in Nixa. I have projects in West Plains, Lebanon, St. Roberts and Rolla. These are mostly retail developments.

Thessing Commercial Properties has several large future developments on its website including Branson Professional Park. What is the park and at what stage of development is it in?
This is a new development at the intersection of Highway 65 and Highway 76. A stoplight was constructed at the entrance of this development to make way for CVS Pharmacy, which is slated to open in August. This development has more than 20 acres, and I’m currently negotiating with two more national tenants. One parcel is under contract and another is in legal. Another exciting project is 20 acres located at the northwest corner of Highway 65 and Highway CC. The outer road will be rerouted and a new stoplight added. Negotiations are underway with several national tenants.

Are there any specific retail stores you are working to bring into southwest Missouri?
Everybody loves the name drop. There is another project I’m working on, a large retail project in Springfield, but it’s too early to discuss. It would be a development and retail project that would bring in national retailers that are not currently in the marketplace.

There are always rumors. The other day I heard there was a Target going in Ozark. I know that’s not going to happen.

The current housing market is beginning to experience an influx of new buyers. How would you characterize the commercial real estate market right now?
The market is very active and we are fortunate to be in a marketplace – the Springfield metropolitan statistical area – with the medical growth going on, announced and moving forward. That growth is extremely important for our economy. This also is a college town. All the university growth is an important economic factor.

Do you think the commercial real estate market fell as low as the residential market?
Nationally, yes. In Springfield, not as bad. I don’t think the commercial market was hurt as much as the residential was because the residential market was overbuilt. National retailers and restaurants are always looking in our market, but the barriers to entry make it difficult. They all want to be in a specific location, which is quite limited, but I definitely expect Springfield to keep growing.[[In-content Ad]]