How to find retail tenants

5 Replies

Hi everyone, currently I’m forming a leasehold syndication to master lease a retail building and I’m wondering what you think is the best way to go around prospecting for potential tenants, rather than just marketing it.

Prospecting for tenants is marketing.  Generally, signage, especially large and prominent, works to get some tenants.  Retail leasing is too complicated to really discuss in this post.  If you are going for non-credit, local tenants, then you can canvass local business, market a few different ways, plus signage.

Tenant rep broker. I have tried on my own before and it is almost a full time job working with tenants. I let others do that part of it. Just make sure you allow for leasing commissions from tenant rep brokers in your syndication model.

@Storm Silva Rich Dad 101. Grow your team and pay your brokers well. If your deal can't afford broker commissions it ain't a deal! :)

Originally posted by @Storm Silva :

Hi everyone, currently I’m forming a leasehold syndication to master lease a retail building and I’m wondering what you think is the best way to go around prospecting for potential tenants, rather than just marketing it.

 Tenant rep brokers

I'd hope that in most markets, there are some landlord rep firms that are very active in networking, e.g. go to (and hit hard at) all the local and national ICSC conferences, other associations, etc..  I'd say if you can get a hungry/motivated and in-the-network landlord rep, that can help. Not just someone who slaps a big sign up. Also, if the firm has a lot of signs up on competitors all over town and the region, they're going to get a lot of collateral call volume that can spill-over your way on deals that don't work for your competitors. Plus your LL rep for a monthly meeting to report on all their tenant and/or tenant rep outreach efforts and ask them to bcc you on all tenant communications. However, obviously you've got to push them hard to get you project leased up. 

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