All Forum Posts by: Shay Reddy

Those amounts would be private client at Chase or  most banks..and waive all those fees....

Same situation 10.year balloon refi...but it's cashout....so I am thinking it's a good equity play 

In your opinion what is a reasonable developer fee for building a typical 8 unit 15000 square foot strip mall ? I do realize there are a lot of variables I'm just trying to get an idea whether it is 1 1/2 to 2% or 3% or 4% ?

Thank you all for the replies and reach outs!  The advice and conversation was immensely helpful 

Me too !! 

Thanks for the advice! That's exactly what we are in the process of doing. Can you share the Sonic contact info via PM?  We have retail Drive through approved as well!  Would love a ground lease

I have acquired a parcel on a hard corner with a traffic light and some good development around it

We are tentatively approved for a 2.4-acre parcel / 16000 square-foot Strip Center. I am in a chicken and egg situation where we need to spend money to develop the site plan, architecture and get some prospective tenants in place before we can get the loan to develop the property. the corner is also good for a Walgreens or any anchor store.  Google pin https://goo.gl/maps/XxPH7KYwqQ...

We were advised do you use a developer who knows the area who knows the system and ultimately charges 3.5% on the overall project cost which to me did not sound too unreasonable estimates on the project at around $250/sft to bring the project cost 2 around 3.5 - 4 million dollars. We may build and hold or leverage/ refinance  or sale.We are open to ground lease they are open to pretty much any scenario. 

The BiggerPockets Community has been invaluably helpful thanks in anticipation

The ASK

1. I am looking for any and all advice and building my first Strip Center.
2. As this is our first commercial project do you advise using a developer at 3.5% project cost ?
3. Can anyone provide information on a ground lease it seems like a good option as well?
4. Should we be contacting Brokers directly it appears that they want to get into a marriage and exclusively Market the property ?
5. It's a great location for a Starbucks and any other hard corner buildings QSR etc
6. we feel that if we can get a first decent deal it would be able to manage Phase 2 and phase 3 of this project a lot better and with some experience

Any advice is appreciated.

any update on this? I have acquired prime ground and looking for a NNN scenario. I have been advised to use a well-known developer who seems to want to charge 3-5% and wants to plan out 16k sft and hire the right leasing agents and get tenants secure loans etc and execute the project

If you found one please share with me 

I about to embark on a similar journey as Abbas.  In Columbus Ohio  - @abbas would like to speak to you