Identify sites, serve as owner’s rep to develop and open a new location
NEED
With 34 locations throughout the Greater Midwest, The PrivateBank contacted us to help them meet client needs in a targeted suburban Chicago market. Management needed to open a single location but didn’t have the staff to take a new development from site selection through opening.
Q2 PROCESS
Q2 stepped in as owner representative. We want our clients to have the best location, so our process was to identify 15 possible locations, work with the bank to narrow the list to two, and then begin negotiations to purchase the properties. The bank chose a former gas station site at Crawford Avenue and Touhy in Lincolnwood, IL. We negotiated on behalf of the bank and then served as the bank’s owner representative, assembling and overseeing the outside consulting team to develop the property. This process included due diligence, entitlements, team selection, awarding and supervising construction, and punch list.
RESULTS
The client saved money in both site acquisition and by our supplementing their staff. The new location opened successfully. Acting as their intermediary, we were able to purchase the property at considerable savings for the bank. By engaging us as owner representative the bank met its expansion need without a long-term commitment to additional staff or an aggressive expansion plan.
