Beth Azor, “Canvassing Queen”

@Michelle_G_CRE So I would not use AI to review leases....I review the lease summaries before DD, and the leases during.

@Bethazor1 1. Do you also review the leases before closing or during DD? 2. Have you used ai to read the leases for you? And would you even use ai for this?

One of the first things I do after acquiring a shopping center is audit all those "inherited" leases for my list of wants. What are my wants? 1. Fewer exclusives 2. Fewer options 3. Appropriate assignment fees 4. Sales reporting (#1 priority) 5. Relocation clause 6. A/C maintenance handled by the tenant, not the landlord 7. Late fees 8. Holdover rent 9. Removing CAM caps These are all items I'd like to change if given the opportunity. When circumstances shift and the landlord has a little more leverage, it's good to be ready with your list of wants. Fellow landlords, what am I missing?

@RetailDevDude LOL!

@Bethazor1 I feel like I fight for relocation clauses to add value for the next buyer, but today's generation does not appreciate it, so it's a wasted effort during lease negotiations. Today's young brokers are like, "Relowhaaa?"

@AdamB1438 Interest rate ?

Longshot loan request: In Jan. we closed on a great deal for a small flex space, and I borrowed $200k from a friend to finish the equity raise. Things are going great, it looks like we'll hit targets, and instead of raising other equity to replace the loan - I'd like to borrow to buy it back myself. I can pledge $225k of equity in an undervalued, cash-flowing property on the way to a 10% cap, and make payments of $2k/month. Also expect to repay a lot of this in a few months with proceeds from a future re-fi. Any interest? (Can be syndicated into $25k portions!)

@bethanyjbabcock Mean

My in laws live in Argentina and they are in the World Cup finals today. If I wanted to play a joke, I’d have my 8 year old FaceTime them in the last 2 minutes of the game and tell them a really long story.

@realEstateTrent James!!!!!

“What happens if you get hit my a bus?” That’s a common question I get asked by sophisticated LPs considering investing with us. My right-hand-man, James Martin, has been with me over 10 years and is deeply involved in all aspects of our operation, except fundraising. Another layer, if something happens to us both and somebody needs to make decisions: We have several investors in the fund with very deep experience buying and operating retail properties for decades, including my mentor. “Key man risk” is always something you need to evaluate and ask about.

@MultifamilyRob It's for a long run thinker - not someone who has a Fund with a sunset.

I can't let the king of strip malls shut down my deal that easy 🙂 Might not work for him but it could work for your portfolio! This assume the whole center is a re-haul. Sherwin, Dominos, USPS and laundromat won't require any TI and no reason to rock the boat too much. Leaves the buyer w only 7k sqft (end cap) to re-lease so all in at $154/ft ($3.7M) Potentially worth $4.8M+ after execution

@AaronAZucker Downtown

@Bethazor1 Suburbs or in town?

Need a spunky retail leasing agent in Atlanta.... Thoughts? Dm me.

@robbiehendricks @ReconveneLA @moseskagan See you there !

Just booked my flights to LAX for @ReconveneLA with @moseskagan. Really looking forward to seeing some of you real estate nerds out there, should be a great time. Thanks for letting us little guys sneak in, Moses.

@HowardRoark90 @AstridbCRE Looks like she should def be on my women investor Wednesdays podcast also !!

@Bethazor1 @AstridbCRE is your best choice

@realEstateTrent You shouldn't follow up without a value add.

99% of sales is following up without being too annoying

@Travisjost1 Wow!

I heard a story about someone wanting to move to Tennessee. They toured 30 houses in one weekend, most of them with land. They had so many ticks on them at the end of the day the freaked out and cancelled the move.

@bethanyjbabcock Haven't heard of this is So Fla.

In the last ten years I’ve reviewed the financials for dozens of Autism therapy or adjacent businesses as they have exploded as a category. Many of them (most) are VC capital backed companies with minimal or negative cash flow, just a plan to expand as quickly as possible to take on market share. It feels like they are exploiting the expanded definition of autism for Medicaid (2014) as well as the rules surrounding therapy for those under 21 (2014) Some of these are essentially operating as part time daycares with daily therapy. The services they provide are real, I’m not claiming otherwise but the expansion of the criteria to be covered changed in 2014 to cover almost anything autism adjacent and VC is not missing out. How long will it last? I think not much longer. In reviewing and qualifying these clinics for clients these are the red flags I share with my clients so we can focus on the ones that are seeing patients and prioritizing care: 🚩 the operators are more concerned with financial lease terms like build out than they are with patient focused terms like cotenancy and parking 🚩 financials show a healthy cash balance but negative earnings and lots of debt 🚩internal loans, large lines of credit and creative financial tools not usually used by doctors or therapists 🚩 tours to the property only included real estate and executive team members, never practitioners 🚩High sense of urgency not usually seen in the business to secure a trade area. 🚩 opening a second or third location within a small area extremely fast with no long term supporting revenue. Seems like they just want others out. 🚩no discussion on staffing when every other tenant discusses it regularly. I’ve only once heard an operator ask their team “where will our staff be coming from and where will they park? Where is their break room? Etc” I’ve recommended proceeding with a few recently. They were smaller and provider led and asked all the right questions (essentially the opposite of the above) Am I being too cautious? Perhaps. Time will tell but I think I’m right on this one.

Any of my Retwit friends have any intel on Silver Spot Cinema ?

What’s the best way to manage the small yet crucial details in a shopping center? In this episode of "I Own A Shopping Center. Now What?" I share some of the lessons I’ve learned over the years. For instance, I don’t sweep my lots unless we’re talking about a large power center. I prefer to invest in having someone handle the real issues, like picking up soda cans and cigarette butts. There’s so much more discussed in this episode, from design and lighting to management fees. Those little things make a big difference! Listen to it here: open.spotify.com/episode/1XeiBF…

@amycalandrino @MassimoGroup @ReidBennettCCIM Committed

I still get recognized as the woman who went into labor at @MassimoGroup’s 2019 conference … @ReidBennettCCIM mentioned this the other day. They aren’t wrong … Your honor … exhibit A. My camera roll … me and Rod and then a few photos later in labor and delivery. Admittedly all my friends were on time or late with their first kids but I thought 37 weeks along would be okay especially since I’d be in Orlando. However I stayed up way too late hearing @BobKnakal talk after dinner and then still got up at 5 am the next day. That did me in.

@ccny98 Exactly ! And when you ask them their response : "NOooooo!! We aren't a Party to the deal!!"

@Bethazor1 Especially since much of the time, the franchisor is not a party to the lease.

A message to Franchisees: Just because the Franchisor "approved" you doesn't mean your Landlord should.

@skylarromines For sure !!

@Bethazor1 Low six figures annually. Not critical but enough to be worth doing some podcast appearances!

Everyone looking to "get into" Commercial.... Please read this ! 👇👇👇👇