Shopping Centers

3 Replies

Hi

I am looking for a principal buyer for a shopping center that is $24M+.  Do you have any recommendations on where to find such buyer?

Thank you

Hi Anne,

Your post is unclear.

A few questions:

Are you the owner of the shopping center that is 24M+??

If not the owner are you a commercial real estate broker or agent that has the listing??

If you are not a broker/agent do you have this property under contract and are trying to assign it for a fee?

Is the property listed on the market or off market??

What role are you playing if not any of the above in the disposition ( sale ) of this property??

Once you have answered these questions I can help more.

Hello

I am not a broker/agent.  I am trying to assign it for a fee. This is an off-market deal. My partner and I deal directly with the seller. 

Thank  you

Is your partner a broker / agent??

I have some buyers in that area but I would need to know details of the property.

Do you have an offering memorandum with pictures, sq ft size, tenant histories, lease rolls, asking cap rate at the 24 million price, last T12 (trailing) months of occupancy.

Are these all smaller tenants or is there an anchor?? How many years if an anchor is left on primary lease term?? At stated NOI income after expenses are lease rates pre-recession or post-recession??

Example cap rate could be at 8 cap with current numbers. Leases coming due in 2 years. 5 years ago lease rates were 20 sq ft and now are 16. If that's the case cap could drop upon renewal. If rates are now 24 sq ft and leases are at 20 then there is room for existing cap to improve as leases roll in the next few years.

Thanks 

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