All Forum Posts by: Jake Randolph

Hello All, 

Is anyone on here interested in redevelopment - retail to distribution centers? or retail to multi-family? 

I'd love to start having a discussion and potentially put together a group/project. 

Outside of the STNL sector or grocery shopping centers, the retail investment market and demand has and is  declining. Volatility and risk in the product type coupled with an economic slowdown... investors just aren't and won't be looking to place capital in the retail sector when other areas like multifamily and office remain hot. 

There are a lot properties, cities and ownership have been hoping will bring in new big retailers, but many of these properties will never bounce back. 

This last year I've worked with a company, expanding their entertainment concept into vacant/closed big box retail spaces across the country. During that process, I  looked at over 150 properties. Toys R Us, Office Max, Sports Authorities, etc. 

 One of them was a vacant Kmart property that I presented to a client 1.5 years ago to convert to indoor boat storage (near big vacation lake)... they didn't pursue... last week it was announced U-haul had purchased the property to convert to indoor storage. 

I'm looking to make better connections and explore some opportunities. My sector in retail is changing and will continue to so I'd like to set up to capitalize on new avenues. 

I've been in the Western Coastal markets but those are too high now for the individual investors to compete. Major cities being on the coast and having mountains makes the population huddle closeby rather than fill in rural towns who become small cities. 

 What I saw in the Bay Area the last recession and what I will see in Seattle this recession is that the mega tech companies will keep the job market steady (not as tied to consumer spending) despite the overall performance of the economy. California was one of the first markets to bounce back and there has been a huge ride in value for those who were able to time it right. If your tenant went dark, you'd still have so much value in the property that you'd profit. The constraints of building in coastal markets challenging, which decreases the entry of competitive product. 

I see a lot of institutional investors stick to the coasts CA, NY , MAS, TEX,  FL, WA where population migration has been shifting the job base to for opportunity tech, finance, etc. I am always cautious of getting too involved in sprawl markets like Phoenix, Vegas, Palm Springs which don't have the physical land constraints to stop new projects, better product from filling down the street from you. Being from the west I'm focused on Boise, Spokane, Sacramento, Missoula. I've liked strong suburbs in improving steady growth markets like Tampa, Kansas City, Charlotte, Denver, Nashville. 

Hello, 

Happy to connect with you and discuss further. I've done retail leasing and expansion in SF and Seattle. As a retailer its really driven by the category you're in and your profit margins. If the occupancy costs is too high your margins won't support the ongoing increases. 

Hey @Scott Shelton , 

I haven't sold high end land but have marketed high street luxury retail properties. I now work with a land developer who buys or jv's with owners to create subdivisions/plats and finished lots for vertical construction. 

The first thing I would do is take notice of the the most comprable neighborhood to what would be built on your property. Pull the Development Agreement or the City Council hearing from the City website and start taking notes on specific conditions of approvals. This will give you a basis of what is required in the area for a developer to come in and take the property through an entitlement. 

The next thing I would do is package all the marketing materials together in an electronic folder. I would talk to the seller about doing some update geo-tech testing on the site/hire a preliminary architect to layout some lots on the property to give a potential buyer a look at what the development may look like. 

One other idea is to take note of all of the like kind neighborhoods within the MSA and look up who the developers are. Then take a wider look at 5 neighboring MSA's with similar housing/demographic profiles and begin taking notes on high-end neighborhoods/developers. Since you can't go abroad, start with some of these development groups who are seasoned in the product type. Congratulate them on their outstanding past projects and invite them to replicate their success on your property. 

Depending on the location and number of lots, I may be interested in taking a look. 

Just some ideas for you! 

Thank you @Alina Trigub @Scott Morongell @Henri Meli @Logan Freeman @Jason Hirko

I am blown away by BP and the answers you receive on this platform. 

After being a broker for 10 years in retail specifically, I noticed this week I do not have a hard time getting clients/tenants and helping them expand. I currently represent retailers in multiple territories/states in the West. 

 What I do need to work on is...equity/capital relationships. I've had a lot of deals fall through due to not having the right investors/capital behind the deal. Great ideas but poorly communicated to other individuals on the team.  My goal now is to narrow/focus to send a clear message to investors. Build a more solid program.  I will work this week to get a portfolio online and craft a new email campaign/list. Like you suggested I will get more active with my outreach and start attending meetups and build unique signage/marketing. 

Thanks again for the help!

I've been a retail real estate broker for ten years in the Bay Area. I work with tenants on site selection expansion, development on a West coast basis. I've also finished leases with almost every mainstream NNN retail/restaurant tenant active out there. If you want me to look over the terms of the lease or a question about a location, or location within the market, please reach out. I'm looking to build my network and contribute back to the community.

Hellp BP, I'm looking to connect with some RE attorney's to look over and finalize some contracts/template contracts for the future. I work mainly in Commercial.

Please let me know, thanks!

Hi BP, I have a few land development/deals that I'm looking to target new private investors. Our group works primarily handling Land development for sfh lots / subdivision developments. I have a background in retail real estate and have connections in the NNN so we are also looking at value-add/preferred dev NNN deals.

A lot of the forums are focused on single homes or smaller multifamily properties. I'm looking to expand my network of investors and wondering if anyone has some success stories/resources they have used to link up with new private investors their own projects?