Tips From the Top Joey Bachewicz on Commercial Projects & the Double Sale

Joey Bachewicz

By Taylor Kingston

What does the Walgreen’s on the north side at Harlem and Foster have to do with getting more deals for you in 2017?

We asked Joey Bachewicz, now embarking on his 45th year of local investing and developing, that very question, and think you will be pleasantly surprised at what he shared.

“I have found, over the years, that residential agents are better and easier to work with on my commercial developments,” said Bachewicz, who obtained his MBA from Northwestern and graduated No. 2 in his class from Notre Dame Business School.

That north side Walgreen’s is just one of Bachewicz’s many success stories helped by residential agents, even though it is (obviously) a commercial property.

Years ago, what is now that store’s location, consisted of a couple of retail stores and an Enzo’s Restaurant. “I knew that would be an ideal location for a Walgreen’s,” said Bachewicz, “but, also knew not to tip off any of the big commercial brokers who might have competitive interests.”

There is also the matter of concern for the existing businesses at the location. “Residential agents walk the streets. They know who lives nearby, and where the potential customers for those businesses are living,” he told us.

“The residential agent we choose for a project such as this starts by handling the assembling of several parcels in the land transactions for us. Even though it is considered commercial land, it helps to have someone who knows the community, maintains confidentiality, and can take care of the little things so important to a smooth transaction.”

Bachewicz knows the importance of also working with a business which is being displaced by such an acquisition. “We don’t just come in, buy them out, and not worry about the consequences. We hope to work with them on relocation, which can result in additional commission opportunities.”

For Bachewicz, who has engineered the building of more than 30 Walgreen’s locations in the Chicago area, a business needing to move locally is often a prime candidate to work with his group.

“They may have been leasing their space, and not want to have to move again after this. Maybe my people can help them to secure their own land and space, and remodel or build their own location.”

Of course, as he explained, there is the human element. “I have seen situations where the owner of a displaced business decides to start again in another community, which could mean moving both their business and their residence. Many small business owners and partners prefer to live close by.”

“That residential agent is an expert of the neighborhoods. He or she has the chance to research homes near the other potential business locations and present them. That part is not something I deal with. That’s why having the right residential agent working with me helps all concerned.”

Bachewicz’s experience is a lot more than the 30-plus Walgreen’s stores. He has been a part owner of more than 70 apartment buildings ranging in size from a six flat to 270 units. His team consists of residential and commercial contractors and rehabbers.

He is currently working on forming more residential investment groups in the North Shore area and including ‘training’ for potential investors. “After all these years, I understand protecting an investor that an agent sends my way. This is another way I have generated more commercial and residential business for my team,” he adds. Bachewicz’s direct line is (773) 418- 1061.

That applies even if your block already has a Walgreen’s on it.