How do I find commercial shopping centers that are not on the market?

Question

I have a few big money investors/buyers who are picking up shopping centers in Southern California, Arizona, New York, etc. They want me to find them more non listed properties with good numbers, solid anchor tenants, and so on....

My question is what would be the best way to find non-listed shopping centers, strip malls, and other income producing commercial properties for my buyers? I was told by someone that I may want to contact some private equity firms and see if they have any inventory available. Is this solid advice, and if so are there any other suggestions or approaches I could take to find more properties? Any feedback or advice would be greatly appreciated as my buyers are picking countless amounts of properties and I would love to send them more assets to add to their portfolio.

Thanks in advance

Account Closed · Answer

I've used this method to find and contact owners of retail properties and shopping centers:

- Identify the APN # of a shopping center using the county assessors page.

- Find the entity (LLC, LP, Trust) that the property is owned under

- use the state entity search to find the managers/partners of the entity

- Google the managers name / or use peoplefinders.com to find a phone number.

- Contact owner/partner and tell them your story...

Technically, this is not a cold call because you have information that pertains to their situation. Not all are interested in hearing what you have to say, yet it's still quite common to find an investor interested in entertaining offers for their properties. I've used this for finding buyers and sellers of  fast food NNN properties and some smaller shopping centers with investment grade tenants.

You have leverage in telling your story, representing investors with deep pockets that can close quick. A property owner wouldn't be wise to pass on hearing what you have to say.

If you or any of your friends or partners have CoStar, I would highly suggest asking them for help in research!

Joshua Dorkin · Answer

I've removed several posts where people offered their services to help find non-listed properties.  To those users and anyone else who might also promote themselves, this is a non-advertising forum.  The poster asked for advice, and wasn't asking people to solicit them.

Any solicitations made on this thread will be removed without notice.

Thank you.

Dion DePaoli · Answer

Doesn't really sound like you have a fantastic client.  They want major MSA's.  They don't want to compete with the market, a.k.a. they want to see if they can't get a discount or its not "their" money.

The irony of any asset listed for sale is it is actually "for sale" opposed to looking for a ghost.

I would go back to your investors and get to the bottom of what they are really up to before you waste your time.  Get details on what they want and look for some added value.  Perhaps if they have some niche it might benefit you to call on some REITs or Funds but if is they just want the a great property in a great market with good cash...get in line, it's a long wait.

Jeremy Cyrier · Answer

Andrew is right. I'd suggest that before you get going, secure a working agreement with your client and ask them for a retainer.

Right now you are free, uncommitted labor to them. They have nothing to lose and everything to gain. You have the opposite. Be careful how you spend your time.

Groups like this grow on trees and if they won't protect you, don't work on their behalf.

Bill Gulley · Answer

I'd say most of the strips in Branson, Mo. could be purchased and they aren't "listed", better deals are motels, I think all but the Hilton can be bought reasonably next week or next year. LOL

Good post Andrew, that's how it's done!

Johnny P. · Answer

You're competing with very sophisticated brokers that do this for a living, its called building a database!  Andrew is an agent... thats why he knows this!  You are'nt going to spend a few hours poking around and find a smoking hot off market deal!  ESPECIALLY a shopping center :).  Don't waste your time

Rob Gillespie · Answer

Moises,
I gotta say, if something is not listed and making a ton of money, the only way the sellers would want out is if they got a ton of coin for it. If you are looking for a low cap rate property, they are easy to find. I would personally look for one with a serious up side and missing an anchor tenant. The job for you is to make the deal better and ad value. Just my 2 cents.

Account Closed · Answer

Wow. Andrew was really helpful! If your buyer will ONLY look at off-market deals you bring them, then they are not good enough to risk your time on because of the amount of work to find those - coupled with the likeliness of closing the deal after due diligence is done. Truth is they will look at anything thats good. You just have to show how you can screen deals well. I can help more if you need it.

Johnny P. · Answer

Non listed properties as in not on loopnet, or not listed by a broker?

If you're going to try finding properties in major cities that arent listed by a broker then GOOD LUCK!  I could go on and on about why thats not going to work.

How do I find commercial shopping centers that are not on the market?

Most Popular Reply