I’m actually just finishing up a roof restoration project on a similar building, so I figured I’d share my experience. I’m in the South Bend/Granger, Northern Indiana area. My building is a 28,800 SF PEMB built in 1996. The existing metal roof was still pretty solid overall, although we did have a few areas that were leaking and obviously had some aging issues. I ended up going with a Fluid Applied Roofing system using FiberSeal, which is a polyurethane-acrylic hybrid rather than silicone. We did the necessary prep, flashing/seam work, repairs, etc. and the system carries a 15-year warranty. The contractor I used was out of the Chicago area, and the total project came in at $106,000, or about $3.68/SF. For me, the deciding factor was that the existing metal roof was still in good enough condition that I didn’t want to tear it off and replace it if I could get another 15+ years out of the existing roof. I’m just finishing the project now, down to manufactures inspection of insulation, so obviously I can’t speak to how it will perform 10–15 years down the road. But so far, I’m happy with the process and the finished product. If your 12,300 SF roof is still mostly solid and you’re mainly dealing with fasteners, flashing, seams and some rust, I’d definitely get a couple of restoration/coating bids along with a replacement quote. It gives you a pretty good apples-to-apples comparison before making the decision.

I have a multi tenant flex building that is about half of the units being occupied by trades businesses. When the building was constructed it didn’t allow much outside storage space. Would acquiring some land about 1/8 mile away and securing it to offer as strictly outside storage work for my tenants? Have you setup any facilities like this?

@John Hilgers My plan is to ask a few of my tenants, I was just wondering if anyone had that type of a setup with any of their properties.

Nice to meet you Matt. I’m just North of you in South Bend.

@Ray Fauteux I’m understanding that much better now, but when I started that was definitely a weak point on my part. Fortunately I didn’t get stung too bad at that time.

@Ray Fauteux I’m in that same boat. I have been hesitant on a lot of properties I reviewed a few years ago that I wish I had moved on. Now the prices are much higher a far fewer on the open market. I’ve started some cold calling but that’s not my strong point so I’m working on developing that skill.

@Will Skillman I greatly appreciate the feedback on this offering. My thoughts are very similar to your inputs. I’m currently waiting for a response from the broker and the owner to discuss the lease renewal discussions. I’ll keep everyone updated as this progresses.

Update…Just received an update on the owners response to current leases. The owner is leaving the leases as is so that the new owner can negotiate what they want and use their own lease going forward. The numbers and risk are just too high for me on this one so I told them I’m out.