All Forum Posts by: Mark Robinson

I agree with Joe. There are plenty of agents that specialize in Industrial. They will know exactly what you're talking about. Check out SIOR as Joe mentioned, CCIM, or even a local or regional office of CBRE or Cushman & Wakefield. Find a broker that will help you identify sites both listed and not listed online, you'll be glad you did.

Generally I would agree with Joel and the others. Though I would recommend involving either the developer willing to buy your site or another student housing experienced developer to work with you either on a fee development basis (you keep all equity and developer just takes a fee for going through development process) or determine a market value for your site (via an appraiser or broker) and contribute the site to the development as equity and JV the deal with a developer, so you both see upside.

There are a ton of good student housing developers out there, don't limit yourself by talking to just one or two.

We use it every once in a while and it is hit and miss as to getting a response. It's certainly better than nothing and probably the best database out there of its kind. You can also use ICSC to find contacts for tenants. Once you've done it for a while you end up building your own database of contacts and brokers for retailers. If you don't have that yet it's probably a good start.

Hi Quy, these practices and costs vary geographically in my experience. In the Midwest I underwrite $8 psf for leasing commissions (split between landlord and tenant broker). Capex will vary depending on the age and condition of center. Minimum of $.15 psf to $.35 psf annually but that'd be for a larger center, if the center is smaller I'd go higher psf.

If we can pass management fees on thru cam we always do. Most national and regional tenants have caught on to this and will either not allow it or limit it. I'd say we get about 50% of the management fees paid for by tenants on average. Again, varies on caliber of center and tenants.

Good luck

Barbara, this commission seems a little on the high side for my geography, but the east coast is another animal and I know fees are higher there. They're closer to 3 or 4% of the net rents of the initial term here. My company is selling multiple bank single tenant NNN deals right now ranging from 3.75 to 5% cap rate on NOI depending on remaining lease term and the biggest factor as @Joel Owens wrote is the credit of the bank and total assets.

This broker is representing the bank, and I would suggest either getting a broker involved to represent you, talk to a local appraiser, or an investment sale broker for lease and sale comps for similar deals to make sure you're not leaving anything on the table. After further analysis you might decide this property is best developed as something else or decide to lease to the bank. It's worth looking into your options with an industry expert though.

Good luck!

Very accurate and cool to see. The only thing I'd throw in is the swq of 394/100 is A+ right now, but it tails off quickly. Thanks for sharing!

The location works well for me, but I actually have a recurring meeting on the 2nd Wednesday of each month as it happens.... What are the odds? If people don't like that location, West End is also a close by good spot with parking and more convenient to anyone with downtown Mpls jobs. Rojo there has a nice private room that can be reserved for cheap or free I believe. Worth looking into.

We are seeing the same in the retail segment. Most of the savvy local owners are selling their less attractive properties or shiny new product while it's at it's highest value (like 222). These funds must spend their money because they've promised a specific return and will pay it regardless if the money is placed or not. It's amazing what this has done to pricing and competitive bids on properties. Seems like we are just headed back to trouble at some point...

I work in retail specifically and we charge, depending on rental rates anywhere from $3 to $4 psf on up to 4% of the net rents over the term. Each market varies. Again, highly dependent on net rates and size of space. 4 to 5% of gross revenues as mgmt fees with a minimum of $1,000/mo typically. Hope that helps. Yours rents in CA are probably different than ours here so fees may vary.

sounds like a note to me. A lot of what is on Auction.com is. You should still be able to contact them and confirm this is the case though.