BHI’s Post

#JustClosed CJ Wilson & I represented the seller and also procured the buyer. The deal got done with the seller financing structure. We closed multiple deals this year with that structure and currently have few under contract. This seems to be the way to go in this market. This year we also had a good mix of all-cash closings and roughly 35% of our closings had traditional lending. #MarcusandMillichap #TheAPGroup #InvestmentSales #CommercialRealEstate #SellerFinancing

Summary of RITE AID to Landlord conference call with new CEO which I sat on just now at 10/20 9:00AM EST: ‘We intend to close stores, reject store leases, and restructure existing leases effective immediately.’ ‘A&G will reach out. Request will have waiver of all past balances, reduced rent, free rent package, and adjustment of lease expiration.’ ‘We do not have time to negotiate the proposal sent to you by A&G. Do not expect movement off our proposal.’ ‘If your store is not on a current list, do not assume that your store will not close. We will conduct multiple rounds of closure throughout the BK process.’ ‘I want to emphasize the need for an expedited lease process’ I'll be taking stock of each of my client's RAD proposals from A&G, how a quick Landlord response effects the process, and the A&G response to any negotiated response by Landlord. Once A&G contacts you - reach out at a minimum to hatch a gameplan and swap notes. Encore Real Estate Investment Services Joseph Lopez, Mike West #riteaid #bankruptcy #BK #closing #retail #storeclosure #outofbusiness #chapter11 #negotiate #lease #NNN #netlease #restructure #freerent #rent #return #finance #wallstreet #NYSE #brokerage #advisement #consult #encore #encorereis

Yesterday I dug up an old proforma of a deal I sold in 2007 to discover I had 'lost' $15 million. 😔 It was a ground up single-family small-lot sub-division in an infill location in Los Angeles that I exited right before the GFC kicked in. It had plans for 18 homes on it and I sold it, fully entitled despite having planned to build it, out of concerns that the market was going to tank. My projected exit prices at the time were $650,000 per home and I had underwritten rents as a worst case scenario in case I had been unable to sell the units, at $1,100/unit. My interest rate assumptions for the construction and sales phase were in the low 7% range. The buyer was an institutional investor who paid all cash, sat on it for a few years, and then eventually sold it, at a loss, to a new buyer who developed the site as I had entitled it. Today rents at this development are $3,400 per home, and they are selling for north of $1.5MM. If I had kept the property, built it out, and held it to sell it today, I would have pocketed over $15 million more than I had projected at the time. The lesson for investors today? If you can be confident the capital call scenarios you are facing will help your deal survive the downturn, chances are you'll come out significantly better in the long run than you imagined. Chris Finlay (you talked about this recently) Steven Moore Brad Ahrens, CCIM Andy Crebar Ian Formigle John Drachman #realestate #realestateinvesting #capitalraising #realestatesyndication

Just Listed for sale | Corporately guaranteed | Super Star Car Wash currently has 80 locations open and operating across four states with an additional 16 locations under development and set to open by year-end | Superb tax advantages | Investment is likely eligible for Bonus Depreciation | Speak with your tax advisor to confirm | New, 20-year lease with 10% rent increases every 5 years throughout the initial term and options | Rent to commence at close of escrow Nearly $13MM in guaranteed income over the base term of the lease, yielding a 6.67% Blended CAP, assuming purchase at List Price | Excellent access and visibility from Hole Ave, California Ave, and Collett Ave | Boasts a combined ±47,900 VPD | There is an average of only 34 rainy days per year in Riverside, CA, making it ideal weather for car washes year-round Site is walking distance to: Galleria at Tyler | 1MM SF shopping mall | 180 retailers | Anchored by Macy’s, JCPenney, Sephora, Furniture City Tyler Street Plaza | Shopping center anchored by Best Buy and Burlington | Michael’s Plaza | Shopping center anchored by Northgate Gonzalez Market and Michaels | La Sierra High School | 1,546 students | Kaiser Permanente Riverside Medical Center | 225 beds National tenants including Target, Lowe’s, Kohl’s, ALDI, Starbucks, McDonald’s, Smart & Final, Stater Bros, Olive Garden, ULTA, The Habit, Citi Bank, IHOP, Ross, Big 5 Sporting Goods, Jack in the Box, Rite Aid, Dunkin’, AutoZone, among others | Less than 1.5 miles from Highway 91 aka Riverside Freeway (186,000 VPD) & La Sierra University (1,600 students) E-commerce and recession-resistant concept | Dense and affluent area | 141,200 residents with an average HH income exceeding $102,700 within a 3-mile radius | In 2021, TSG Consumer Partners, a leading private equity firm, acquired a majority stake in Super Star Car Wash and will continue to build and accelerate growth for the business https://lnkd.in/eiHDEyp2

One of the best deal stories in my career just closed last month. It was a 49 unit building in West New York, NJ listed for $16.5M. Seller was highly motivated (started with a cold call 4 years ago). My mentors told me at the time that this seller was a big waste of time and not worth the follow up (I decided to follow up). Seller needed to 1031 into a NNN for cash flow to live out rest of his life management free. Brought on the top NNN lease agent at Matthews Chad Kurz to do his thing on that side. The most motivated buyer on the sale & highest offer was from a local who didn't have enough cash to close since he just bought another building. ~ Solution? He decided to hire me exclusively to sell two of his buildings for $6.1M. That would allow him just enough cash to 1031 into my deal. ~ The Task: Putting an OM together, setting up tours, generating several offers to create some competition and have a contract signed with one buyer all within 2.5 weeks. Oh and to top it off, they both had to close within a week of the the purchase, so there was enough time to 1031. Was it possible? See below for the Transaction Highlights and click the link to read the full Case Study. Link to case study --> https://lnkd.in/eiRKrXyX Transaction highlights: ~ Sale price: $15,585,000 ~ 1031 exchange with both the buyer and seller ~ 3 total transactions ~ 17 total offers ~ 60-day closing on all three (closing dates within 7 days of each other)

CLOSED! NorthPeak Commercial Advisors is pleased to announce the sale of 245 Bannock St., Denver, CO 80223. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors worked with the seller while Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors worked with the buyer in this transaction. “The property was in immaculate condition with almost all units and major systems updated within the last six years,” stated Hornstein. For more information on this investment or current market conditions, please contact Joe Hornstein at 720-939-2943 or [email protected]. READ PRESS RELEASE: https://lnkd.in/djSF_HaA SALE HIGHLIGHTS 🏠 Address: 245 Bannock St., Denver, CO 80223 💰 Sale Price: $3,665,000 📅 Closed Date: October 26, 2023 📐 Property Size: 11,019 SF ($332/SF) 🏢 Total Units: 15 ($244,333/Unit) 📈 Cap Rate: 6.22% 🏠 Property Type: Multifamily #sale #sold #closing #realestate #northpeak #northpeakcre #multifamily #property #denver #denverrealestate

This is exactly what we are seeing in our property tax appeals. We have had significant success helping our clients reduce their property taxes. We believe that there is more decline to come. Yes - ugely!! #officedistress #propertytaxappeals #Paramount

Property is like any other asset, and the asset valuations are only assumptions and scientific predictions done by experts of what the potential buyers would like to pay for it. However, in the real world the only valuation that matters is the best offer of the potential buyer. This applies to all things in life.

CLOSED! NorthPeak Commercial Advisors is pleased to announce the sale of 4101-4115 E Martin Luther King Blvd, Denver, CO, 80207. Hunter Schaefer and Jack Sherman of NorthPeak Commercial Advisors represented the buyer and seller in this transaction. "This deal quickly sold off market to a buyer that was able to justify an aggressive price with their business plan to partywall the units and sell them off individually," stated Schaefer. "We were pleased to deliver an experienced buyer that was able to perform on an all cash, 30 day close in an environment where many Buyers are having financing trouble. In this challenging market, it was more important than ever to leverage a formal listing agreement, NorthPeak's marketing platform, and key relationships of our in-house brokerage team." For more information on this investment or current market conditions, please contact Hunter Schaefer at 925-989-8930 or [email protected]. READ PRESS RELEASE: https://lnkd.in/gjsw2895 SALE HIGHLIGHTS 🏠 Address: 4101-4115 E Martin Luther King Blvd, Denver, CO, 80207. 💰 Sale Price: $1,600,000 📅 Closed Date: July 31, 2023 📐 Property Size: 6,176 SF ($259/SF) 🏢 Units: 7 ($228,571/Unit) 📈 Cap Rate: 5.6% 🏠 Property Type: Multifamily #sale #sold #closing #realestate #northpeak #northpeakcre #multifamily #property #denver #denverrealestate