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 cornerstone coupon-clipper asset. Asset hit the market for sale recently: - Price: $5,900,000 ($342/SF) - Occupancy: 0% These vacant drug stores often hit the market at a high price - desperate sellers attempting to salvage their massive losses. This price, however, felt more aggressive than normal. Looked up the transaction details - asset was acquired 65% LTV ($5,500,000 loan balance). Owner is attempting to walk away with 'just' a 100% loss in equity. Realistically, their losses will be more as they continue carrying the asset - at a minimum: - Mortgage Payments: ~$27,500 (monthly) - Property Taxes: ~$7,500 (monthly) - Insurance: ~$1,000 (monthly) - Maintenance/Other: ~$1,000 (monthly) Total minimum carrying costs: $37,000/month. That's a burning hole in their pocket, and it hurts. The reality is - their losses could have been entirely mitigated by doing a simple calculation before they purchased the property: 'If Rite Aid were to vacate tomorrow, then how much can I rent the space for?' The answer - by all means - would have disqualified the purchase from ever happening. This is a question you need to ask yourself any time you are pursuing a development or investment. Assume the entire property is vacant, and you have to re-lease the building at normal market rates - will you be in a position where you can (at least) breakeven or, better yet, make a substantial profit?

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 - this asset was delivered into one of the best retail leasing markets ever, yet it still failed miserably. CRE Development is a graveyard of failed hopes and dreams. Be wary of those who pound their chest on it being 'easy'.

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, then you need to give Renato a call. (And, no, I was not paid a promotion fee here 😂)

These bot strategies are getting wild. 'Crazy ex-gf vibe' was not in my bingo card for 2025 😅🤣 @elonmusk please fix the spam issue going on. My DMs are clogged with scammers and grifters.

Had to try it too - I guess this is who I am now 😁

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$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 towards substantial increase in NOI - Retail only - High traffic signalized corners - SoCal focused I am not seeking a 5% discount against FMV. I am seeking a transaction in which immediate liquidity (my cash) is worth more to a Seller than the asset's fully-marketed value. Typical Seller Profile What types of deals fall into this situation? A few factors can contribute: - Financially distressed sellers (loan tied to the asset or personal/health-related distress) - Operationally inept owner (heirs who inherited the asset and severely mismanaged it) - Divided ownership interests (too many owners of an asset with no one taking a leadership role) Dumb sellers do not exist. Distress/mismanagement does. Broker Policy Here is my promise to anyone who presents a deal: - If you are the listing broker, then you will dual rep me as well. - If you are the first to present it to me, then your commission is fully protected; if I have seen the deal before, then I will let you know it has already been pitched. - You will get the disposition listing when the asset is stabilized and ready for sale. If the deal is on the market, please don't pitch it to me unless you have information I don't have (e.g. tenant-in-tow, seller's real pricing expectation, etc.). Misc. Absolute minimum deal size is $5M. Sweet spot is in the $10M - $15M range. Absolute max deal size is $30M. Next Steps Have a deal I need to look at? DM me.