3NDeveloper

$10,000,000. 20 days to close. I’m hunting for a retail project - mismanaged, messy, and broken. Let's pop our social-media-deal-sourcing cherry together 🥳🥳🥳 Deal Criteria Detailed deal criteria can be seen below, but it's fairly simple: - Mismanaged retail center - Path…

Off-brand, but I'll share some food for thought with respect to housing. First off, the #1 priority should always be to increase housing affordability by creating new supply of housing. In the long-run, this outweighs everything else. In the absence of increased housing…

Want a great tip? Always push for 270 day notice for exercising an extension option. Most tenants will push for 120 - 180 notice periods, which Landlords always accept. Why would you do that? Think about the timing required to actually line up the next tenant: - Sign a…

I was invited to a poker game a few weeks ago, which was hosted today. I met this gentleman through twitter, and we had lunch together. It was quickly apparent we would become good acquaintances/friends. He invited me to play poker with his friends - a game I never played…

Ever heard the phrase 'chasing the dragon's tail'? A local Developer took that phrase to heart, and rawdogged his life's work when interest rates collapsed in 2021-2022. I have known about this Developer for nearly a decade. We're in similar networks, and often see each other…

Partner asks me (last second) to join him in a meeting earlier today. Two brokers are sitting in the conference room, and they're pitching to sell a development project we're wrapping up. (these are for ultra luxury condos - not my cup of tea, but they are part of the legacy…

Time kills deals. Speed to deal execution can also leave money on the table. So how do you create the sensation of speed and intensity in a deal, while slow-walking the rent negotiations? Negotiating a 'deal' really has several parts to it: - Deal economics (term, rent, TIAs,…

A Tenant Rep broker applied a pretty sneaky tactic with me today. First time for everything 🥳🥳🥳 I have 1 remaining suite available in a Development project: - Main & Main site - Stunning redevelopment - Restaurant AUVs in the market are un-fucking-believable - Space being…

Received an interesting call today. I have a track record of some ground-up development projects in a certain city. The projects are all STNL, but people in the market - who know these sites - know they were very difficult to pull off. - Receive a call from an unknown number. -…

I always share with those closest around me - A great wife will make a man 100x wealthier. Not because she may be an incredible businessperson. Nor due to any investing prowess. Simply because a good woman brings out the best in a man, and a good man brings out the best in…

Want a great tip? IQ plays the greatest role in starting a negotiation, and EQ plays the greatest role in (successfully) concluding a negotiation. Opening offers, and 1st round counters, are driven by strategy, logic, timing/cadence/pacing, etc. Knowing how to apply pressure,…

September 2021 - STNL building transacts in Wildomar, CA: - Price: $8,400,000 - Cap: 6.20% - Address: 32450 Clinton Keith Rd Constantly growing trade area with affluent demographics. Asset is purchased under a Trust. Implicitly, the Buyer thought they were purchasing a…

CRE Development can be a tough world. - Developer builds a ground-up retail strip in Lafayette - Endcap drive-thru with a cafe tenant - 2020 construction - Decent aesthetics Developer loses the asset to the lender: - As-is NOI: $12k - Vacancy: 71% - REO Sale Taking a step back…

Time for an update 🥳 Received a call on Wednesday from the same broker. For context: - The asset is massive, but in complete disrepair. The complexity to rehabilitate it excludes most CRE operators. - Property has fallen out of escrow several times over the past 2 months -…

Received an inbound lead for my property from a broker: - Local tenant down the block - 20 year operating history in the market - Owner of the building passed away, and the son wants to sell the property as a development asset (Tenant is currently MTM) 🥳🥳🥳 - Relocation need…

Beautiful story

One thing led to another, and now I'm in Phoenix, AZ. It was 114 degrees when I landed yesterday. Today will hit ~111 degrees. Too many people look like raisins here 😂😂 Planning to visit the following cities: - Mesa - Glendale - Chandler - Gilbert - Scottsdale Might visit…

Congratulations to @renatolorja for setting a new record in the market. Lowest cap rate sale on a STNL Goodwill nationally. It's quite the achievement in the current economic environment. I have said this before, and will say it again: If you want to make real money in CRE,…

I'll share a story about the one that got away. Let's rewind in time a bit - I had put together my first set of development deals back-to-back. - 3 ground-up drive-thru projects in SoCal. - Los Angeles and Orange County real estate (best exit cap rates). - National credit…

Want a great tip? Do not stick your nose up at people. CRE is an interesting world - the vastness of personalities and life experiences is mind boggling. We end up meeting so many people that are simply opposites of who we are; yet, it's in your best interest to make a…

CRE can be such a brutal business. Let me share some backstory first before I tell you what happened. I am extremely involved in all my listings: - Call my leasing brokers every day (often twice a day - once in the morning, and once in the evening) - Any time we get an inbound…