Fineberg Keeps Clients Hip to Specialty Market

Steve Fineberg is zooming around out there somewhere, Dean Martin on the CD player in his Mercedes, a double cappuccino coursing through his veins. He’s probably tapping on his steering wheel, too, keeping time with “Ain’t That a Kick in the Head” and zigzagging through Benton County’s commercial real estate splendor.

There’s a deal out there to be had. He just knows it. A certified commercial investment member (CCIM) and senior vice president at Lindsey & Associates Inc. in Rogers, the unflappable Fineberg doesn’t even sweat it when a sale falls through.

Clients like Mike Jeffcoat Sr., a commercial developer and owner of the Razorback Auto Auction in Rogers, say Fineberg is always as upbeat as his snappy, swizzle-stick smooth radio jingles.

In the vernacular of Fineberg’s “Rat Pack” favorites, this cat just don’t quit, baby.

“Here’s how I met Steve Fineberg four years ago,” Jeffcoat said. “We have an unlisted phone number, but Fineberg was trying to get a hold of me and he went and sifted through county records to find my home address. He started leaving notes on my door, I mean every day for two weeks, that said, ‘Please call Steve Fineberg’ with his number and everything.

“I’m thinking, ‘Who the hell is Steve Fineberg?’ I called and said, ‘Are you stalking me or what?'”

Fineberg knew Jeffcoat had been trying to sell some property, and the broker had a potential buyer. Six months later, the property was sold and Fineberg got Jeffcoat more money than he was asking.

“He’s sold more than 1 million SF of space for me since then,” Jeffcoat said. “He’s also bought me three shopping centers. He tells me when there’s a bargain coming, or when I should wait to sell. I swear by the guy.”

Fineberg’s tenacity, along with his signature radio advertisements that exclaim, “Fineberg! Fineberg! Fineberg! The Commercial Guy!” have made him a star in Lindsey’s stable of agents. His team’s enthusiasm attracts new listings such as two projects now under construction — the 40,000-SF Metro Market at the corner of 28th Street and Walton Boulevard in Bentonville and the 11,000-SF Cypress Place at 24th and Chestnut streets in Rogers.

Metro Market, being developed by Matt Mawby and Ken Ewing, will be a multimillion-dollar retail center with lease rates from $17-$19 per SF. Cypress, owned by Tom and Robin Lundstrum, is a six-figure office project and will lease office space from $14.50 per SF.

“I love the variety and excitement of what I do,” Fineberg said. “I love speed, high energy and meeting people. Every moment is a new vista.”

Jeffcoat, who called Fineberg “hyperactive,” said that one time the duo was en route to look at some property, and Fineberg was so excited and hurried that he accidentally flushed the keys to that space down the toilet.

“He’s something else,” Jeffcoat said. “But nothing drags him down. He’ll lose a $2 million deal and say, ‘Ah, I’ll go find another one.’ Then the very next day, he will.”

Ron Palmer, another commercial developer in Rogers, said the Fineberg team separates itself with expertise and hustle.

“Steve is an all around heller,” Palmer said. “He is a super star among the people who really know commercial property in this market, and his team lists all my property.”

Fine Figures

Because of the sector’s competitiveness and the autonomy of commercial agents, Fineberg declined to disclose dollar figures related to his sales volume.

He did close 46 transactions in 2003, up 18 percent from 39 during 2002. Of last year’s numbers, 72 percent were property sales and the rest were lease agreements. Broken down further, Fineberg’s 2003 sales consisted of 73 percent land for development and 27 percent income-producing properties.

By comparison, 61 percent of his 2002 closes were property sales including 45 percent that was idle land.

So far in 2004, Fineberg said, his team has finalized 30 transactions just through May. The Fineberg team includes executive assistants Somer Easton and Rachel Osborn, the two main reasons the agent said about 60 ongoing clients do business with his office.

“We get referrals from agents outside the office, not just Lindsey agents,” Easton said.

The trio had 70 total listings as of early June including 12 to 13 warehouses and sale properties ranging from $65,000 to the multimillions. There was also about 75 idle acres in the mix and 26 commercial lots.

Maturing Market

A Fort Smith native, Fineberg started in commercial real estate in Oklahoma City during the 1970s. He was in Dallas before joining Lindsey six years ago.

The demand in this market right now, he said, is for income-producing properties. Because many of the office and retail buildings are first generation, Fineberg said it will likely be seven to 10 years before much of that property is ready to change hands.

“They’re hard to find now, but at that time I believe the market will begin to shift from more land sales to income-producing properties,” Fineberg said.

Lease rates as high as $21-$22 per SF represent the top of the market, Fineberg said. But everyone doesn’t have to be in high-end districts like west Rogers.

“Location is only one component of the expense line,” Fineberg said. “But it’s the one thing that influences probably everything else. Who will work for you? Your image? Your payroll? Who shops with you? But it all comes back to what the client needs.”

Early in his career, Fineberg said, he didn’t realize that “deals come and go like trolley cars” and that his business is all about relationships. Billy Moore, an entrepreneur in Rogers, said the whole Fineberg team “gets it” today.

“They’re not a real estate agency,” Moore said. “They’re an information center. They go the extra mile with the preparation and presentation, and that’s why they have more than a million dollars worth of property listed for me on Arkansas Highway 102.

“A lot of that filters down from Jim Lindsey. But with Fineberg, he truly becomes your friend and it’s like he’s in it with you. When I visit their office, he gets up and hugs my neck.”