Cordell “Cord” Butler is the owner/broker of The Cordell Group, Inc., a commercial real estate company in Atlantic Beach that has been open for two years.
His areas of expertise include urban revitalization areas, infill and adaptive reuse projects, industrial and retail brokerage.
“It’s not necessarily by design, but almost by default that I’ve become more of an infill development, redevelopment and adaptive reuse specialist,” he says. “San Marco and Springfield really fit those descriptions very specifically, especially in San Marco area which has an area that is going through a renaissance right now between Landon Avenue and I-95.”
HIS SIGNS EVERYWHERE?
As you drive around the San Marco or downtown areas of Jacksonville, you can’t help but see the name Cord Butler of The Cordell Group on vacant buildings everywhere. But, Butler said it’s just a sign of the times and that things will change.
“I get a lot of calls because my signs are all over the place. But, what is going on is that we are right on the cusp of a lot of things coming to fruition,” he said.
“Part of the solution to filling some of these buildings is that the city is aggressively pursuing the $12 million San Marco Streetscape Improvement project that has been fully funded. It’s going to break ground at the end of the first quarter of 2009. It’s an 18-month project you will see the whole link between Landon Avenue and I-95 along San Marco Boulevard improved.
“At the same time, there is a storm sewer improvement project going on where Nemours Hospital donated the land for a Children’s Way Pump Station, which would alleviate some of the past drainage concerns. So, the infrastructure improvements combined with the streetscape improvements the future is bright for San Marco.”
FUTURE FOR THE SOUTHBANK?
Butler discussed a few potential projects in that immediate area that will bring people to the area including the Kings Street Station and Baptist Hospital renovations.
“Combine that with all the condominium and apartment development along the Southbank. What’s happened is right now you have a situation where a bunch of investors have stepped into that market and once those investors have washed out and you have some full-time residents living there you will add a couple thousand people to the Southbank so the absorption of the additional bodies will create addition support for the retail.” And the vacant buildings will be filled.
WHAT WILL BE IN THOSE VACANT PROPERTIES?
“I want to see the buyers/owners come in and put money back into the properties. You will see a variety of businesses including medical offices, banks, drug stores and other support for the neighborhood. I’m also working on a deal with a restaurant right now.”
HIS HISTORY?
After college, Butler went to work for The Rogers Appraisal Group for eight years as a commercial real estate appraiser. He then went to work for CB Richard Ellis as an industrial specialist for two and a half years before moving on to First Coast Energy/Shell Oil as the director of real estate for three years. He opened his own company two years ago.
WHAT MADE HIM OPEN HIS OWN COMPANY?
Butler said he wanted to be able to work on the projects he wanted to work on and it allowed him to be able to be more of a family man. “I wanted to get involved on the investment and development side as well.”
COLLEGE?
He has a bachelor’s degree in real estate and urban land economics from the University of North Florida.
WHY COMMERCIAL REAL ESTATE?
“I’ve always had an interest since I was young. My dad owned real estate. I bought my first piece of property when I was 20 years old. I’ve always just gravitated towards it. While I was in college, I did an internship with Charles Rogers of The Rogers Appraisal Group. He gave me an opportunity to work over a summer doing exhibits, acting as a runner and taking pictures. It gave me some of the direction I was looking for and it was in commercial real estate. It gave me a strong foundation and understanding what commercial real estate was from the perspective of how to arrive at value and that type of thing. Residential wasn’t that appealing to me.”
HOW DOES APPRAISAL EXPERIENCE HELP?
“I think value is the foundation for buying and selling real estate so I think if you have an understanding of the concept of value, how to arrive at value and how the banks, lenders and developers look at value you have a recipe for being successful in this business.”
WHAT DOES HE LIKE ABOUT COMMERCIAL REAL ESTATE?
“The art of the deal. I like managing the transactions. It’s anticlimactic by the time it’s gets to closing. The fun part for me is everything that goes on in the middle including the relationships that you cultivate. I’m a transaction manager.”
MENTORS?
“There have been three that have left an indelible mark on me. Howard Coker of Coker, Schickel, Sorenson & Daniels who took me under his wing when I was 18 years old after my father passed away. He gave me some perspective on what goes on in the business world. Charles Rogers of the Rogers Appraisal Group taught me the concept of value and what goes into real estate and how to look at it from that perspective. Jim Citrano of CB Richard Ellis gave me the opportunity at CB Richard Ellis.”
HAS THE SLOWDOWN IN THE RESIDENTIAL MARKET AFFECTED COMMERCIAL AS WELL?
“The most significant impact is that the banks have tightened up on their underwriting guidelines.”
MOST CHALLENGING ASPECT OF COMMERCIAL REAL ESTATE?
Bridging the expectations of both the buyers and sellers.
BEST PROFESSIONAL ADVICE RECEIVED?
“Be honest.”
ADVICE FOR A NEW COMMERCIAL REALTOR?
“Persistence.”
- by Michele Newbern Gillis