IndefiniteHorizon

Anyone here involved in NNN Walgreens deal? Have a very specific one I’d like to buy and can’t seem to dig up the owners info. Will happily pay you a fee. Nothing unique about this deal, other than it’s adjacent to a center we own.

Industrial friends: What’s the ICSC / NMHC of your world?

This is the brutal part about strip malls. There are soooooo many brokers. There are like 5 top tier brokers slinging apartments in Florida that account for 95% of the market.

2024 Closings Jan-Nov: 0 Dec: 3 🥵

I am not from the south. My brother-in-law married a wonderful woman from Birmingham. His four children (aged 8 thru 14) refer to me as “sir” and my wife as “ma’am.” Yes, sir….Thank you, ma’am. Not sure is this is common, but it’s great. I appreciate the respect.

@seandsweeney Look into the Buffalo Club. Similar concept, though it’s not a warehouse. Pool, firnsss, dining, hotel, health focus, etc.

I have the urge to buy a warehouse. Create a country club for those of us that aren’t traditional country club people. Put in: - 2-3 cool small food options - smoothie bar - saunas - cold plunge - bar - library - co-working space - kids play area with supervision Am I nuts?

@realEstateTrent Steady eddy. Doesn’t appreciate like the Smile States, but its consistent. One can pay a tighter cap in the southeast bc of the underlying growth; that exists only in pockets of the midwest.

Midwest discount. It’s definitely a thing. Why?

@shagbark_hick Can’t speak to recent purchases, but historically these have often been owned by Indian immigrants. They live there, work there, hire family and keep costs to a minimum. A friend literally grew up in one; one turned into two; two the three. He’s now grown and owns hotels. Grit.

I don't understand motel real estate valuations at all. $1,500,000 for a 30-room Motel 6 in a dying, depressed, grimy town of 7,500 people? Motel 6 franchise also was recently bought out by OYO, which looks like a nightmare (every OYO I've ever stayed in was 10x more disgusting than the worst Motel 6). And many of the locations for sale appear to have capitalization rates that look way too high to be true. Further, if I go by said $1.5M Motel 6 in ghettoville on any given night, it's maybe 30% booked at most. Rooms are $90/night. If operating expenses run 65% of gross profit, how are people making a go of this? I see these kinds of listings all over the country. Who the hell is buying them? How are they pulling it off? Why are the valuations so high? Are there any X accounts who post about this stuff? Books I could read? I want to understand this market badly, but I just can't figure out who would look at motels like these and actually buy them.

@resetbasis would love to see how they solve this one to a 18% IRR

Check on the market: Class A high-rise in Nashville, new construction. - 40 offers - 7 groups in a bidding war - will sell at an in-place 4 cap Wild stuff

@resetbasis “Our interests are aligned!”

The GP co-invest is a Subway footlong. In my wildest dreams, I still don't have the gumption to pull some shit like this. Incredible.

All those deals I submitted on last week…they don’t pencil anymore.

@realEstateTrent Good chance Dave just wants an acquisition fee, disposition fee, guarantee fee and 50% over an 8%.

I'll never understand the people who want to do real estate part-time, on the side. They're competing with "Dave," who's well-capitalized and been focused on an asset class 24/7 for decades. You're better off investing will Dave than competing with him, and it's not close.

@MichaelHook_CLE The city of Cleveland turned out less than 40%. Dems can’t win with that turnout.

@kylematthewsceo x.com/longtermowner/…

The treasury markets will tell you everything you need to know as to what way this election is heading…

You can turn off CNN/Fox/ABC. Just look at the 10 year treasury yield. The Trump Trade is back with a fury. Strong dollar, high yields. Get used to this, at least in the short term. #Election2024

@redwood_ryan_a So change waterfall to multiple hurdle. Time less of a factor.

With a pref & waterfall structure, you are forced into making decisions at least somewhat on an IRR basis. Within the next 12 months I plan on switching my deal structure; losing too many otherwise great buildings at good yields.

@investingcre In other words, my spread is too low!

@LongTermOwner You’d win this deal

How would you price this deal? Leverage, rate and points. Borrower (LLC) is buying a luxury waterfront home for $10M. Appraises the same. Guarantor is a foreign national with minimal assets in the US today (enough to close with some liquidity remaining). Borrower plans to payoff with cash (i.e., bring in more of their assets to US over next 12 months). No, you don’t get more info. Guarantor clears OFAC check.

Who are the top investment sales brokers in Texas (Dallas) covering power centers, grocery anchored and neighborhood retail centers?

I’ve bought deals from publicly traded REITs, significant REPE firms, national developers and mom&pops. Deal sizes of $3m to $99 million. It’s a lot more work to convince the bigger firms to select us. Buyer interviews, sealed bids, multiple bidding rounds. But once the deal is signed, it’s smooth sailing. Populated data rooms and a seller team that is fully engaged and responsive. The IC said sell, and damn they’re going to make sure they don’t do anything to screw that up. The mom & pops are easier to “convince.” But damn, the process sucks. More emotion; they’re represented by a one man law firm and it’s harder to get info. Buying a deal from a local mom & pop developer. Built a few years ago. Access agreement signed 2 weeks ago. They’re still trying to find the as built drawings and warranties. You built it 3 years ago. How did you lose the drawings and warranties?