You know what would be a really cool study? Take every multi-tenant retail property in the country: - Single story only - Exclude drive-thrus - Signalized intersections only - Minimum of 3+ tenants - Traffic counts within a 30k - 70k range - Minimum levels for

Want to know what a little birdie told me? If you're working on a ground-up development deal (BTS or GL) with the mermaid, then brace yourself for impact. All deals in the pipeline are being underwritten again: - Lower pro-forma sales expectations - High tenant improvement cost

Want a great reminder? Never lose sight of the basics. I have a project in an incredible trade area - part of the 'forever hold' portfolio. The area has been gentrifying over the past 20 years, and has particularly picked up speed over the past 10 years. I greenlit a

This is 100% correct. Easiest and fastest way to lose money.

2 things can be true at the same time: - Will the US win the 'trade war'? Yes - Will our costs increase (at least in the short term)? Likely, yes Case in point below. The longer China employs a 'hard line' negotiating tactic, the more supply chains will be sourced away from

Want a great reminder? If you are purchasing a new construction retail development, the most important part of your review process will be the leases. Sophisticated Developers will give unbelievable incentives to tenants in order to juice the NOI. Developers will

Want a great reminder? When paying leasing commissions, do not put the check in the mail and send it off. I always invite our Landlord Broker and the Tenant Rep to lunch / dinner, individually, and hand them the check after the meal. This is a very important milestone in

Play stupid games, win stupid prizes. Wealth building is a combination of a few factors, namely: - Growing equity at a reasonable rate of return - Avoiding catastrophic/asymmetric losses Time for a story about the latter. I sued a gentleman for fraud, breach of contract, etc.

Want a great reminder? In Commercial Real Estate, you will often receive LOIs from very high quality tenants. These tenants will pay great rent, and bring a lot of value to your property, but they will also negotiate an arm and leg in Landlord Work + Tenant Improvement

Want a great reminder? You can still use financing while submitting a cash offer, without having to carveout a 'financing contingency', which puts-off most sellers. Just carveout a 30-45 day DD period. Get your lender started on the financing once you have a signed LOI.

I was chatting with my attorney friend today. Brought up ChatGPT. Lot's of great stuff to share, and I know some attorneys are using it successfully to substantially decrease turnaround times for preparing legal documents. He shared a stark warning: 'Be careful - attorneys

Participated in a CRE spaces last night. Fun stuff. There was a gentleman who was asking many great questions - - Currently a mortgage broker - Lives in northern California (Bay area) - Interested in doing his first deal It became obvious this person was intelligent, and had

Currently preparing a new lease with an anchor tenant. This is part of a large center I acquired, and subsequently vacated all the existing tenants. Blank slate. No restrictions. 3ND loves flexibility. I am constantly pursuing ways to improve properties, and even after they

How worried should I be? 😅🤪 Asked my attorney to prepare a new lease that is unique to a specific project. Needed it to be incredibly flexible because I have several moving parts involved in a long-term vision here. This is the 3rd time this month my attorney has said: -

Want to be a CRE broker? Want to be a really great CRE broker? There are certain skillsets you need to learn, and we'll cover them over time. In this post, we'll focus on the most important one: Communication. - You can be the most knowledgeable broker in your market - You can

Want a great tip? Hiring a listing broker for leasing can be a tricky process. The longer you're in the industry, the more people you meet that you want to work with. You may already have your 'A-Team' of Landlord reps, who have already outperformed for you, and get 100% (or

I love my listing broker. We listed a beautiful STNL deal a few months ago. Aggressive pricing - 4.45% cap rate. Received a great offer from a qualified buyer. Several rounds of paper traded within days. I sign the Buyer's last counter, and forward it to my broker. My broker

Story time 🥳🥳🥳 I have been pursuing a certain deal for several years now. It's one of those low-probability, high payoff situations: - Substantial Day 1 capital requirement - Complicated deal structure - Several, substantial moving parts required to align all at once -

Want a great reminder? You are only as strong as your weakest link. There are Developers and Brokers who - individually - operate at extremely high levels of efficiency and effectiveness: - No bullshit - Turnaround times are immediate - Deals can get finalized in days, not

Want a great tip? The path towards maintaining extremely high returns across all your projects is largely driven by an ability to mitigate catastrophic losses when your expected plan fails. I have an important, but simple rule when pursuing development sites. If my expected