All Forum Posts by: Jameson Sullivan

Fidelity and all the brands held under them have their own research teams that aggregate data. I imagine a bunch of nerdy guys in a basement doing research for 18 hours a day drinking mountain dew. I'm sure this is not the case, but their lists are generally thorough. You're probably going to spend a lot of wasted dollars on the actual mailers though because title lists generally wont filter for "Motivated Sellers." 

@Kevin Kruse you bet!

@Tim Delaney I'd say most of my Landlord's give pylon signage with the Lease and don't charge extra but since you didn't have the signage when leases were signed I think you're probably not too far off at 75-150/month. Especially if you aren't going to install enough for each Tenant to have one. Regarding façade signage, it's an generally a requirement in our market that Tenants put up facade signage. I'm not sure what kind of center it is that you but but when you require (LL approved) channel lit signage it can really make a difference in street appeal.

Back at it again for a no-nonsese 2 hours of networking. As always the event is very informal and all we ask is that you bring yourself, a friend or two and your desire to further your career/passion/knowledge of Real Estate! Bring some beers to drink and a deal or problem to sell or solve and meet great people who are active in your local market. Feel free to reach out to me directly on BP or you can email me as well (my email should be readily available on BP or through Google). Additionally you can reach out to @Isaac Schaefer with any questions regarding the venue. Looking forward to seeing everone there. 

I pay way too much quarterly to have Bulwark come out and keep traps. It's pretty expensive but it's worth it for me. Especially here in Tacoma where we have rats. 

@Tim Delaney Pylon signs are the tall signs that sit on the street in front of a retail center showing who the Tenants are. Sometimes they show all tenants, but in larger centers they will have 2 or 4 of the larger anchors. Sometimes they are backlit. I'm sure you see them every day without thinking... Façade signage just refers to the signage on the building above the front door. 

@Kevin Kruse it does help with context. I'm not familiar with that market so my recommendation is that you just reach out to a broker to get an opinion. In my market we have Landlords that rent pylon space to tenants of LEASED space for $75/month/side and that's in a non-anchored strip center.... You could likely get more since this franchisee didn't approach you PRIOR to closing on the pad...That said do you have additional pylon space that will other wise sit empty? And do you believe that BK will bring traffic to and create synergy within your center? If your answers are yes to both of these questions, then don't be difficult, lease him space at a fair price and be proud to have that many more people coming to your center every day to patronize your tenant's businesses.

Guarav,

Welcome to BP! We are very active in commercial brokerage in Western WA and I would be happy to take some time to hop on the phone to discuss your requirement and what we might have that fits. 

Best.

Call a local broker. You haven't provided us with enough information to answer your questions and RE is local and you have not told us where you're from or where the property is located. Generally mixed use assets see CAP rates 50 to 75 or even 100 BP higher than the going CAP rate each given asset class alone. That said, without knowing where you are or where the property is, no one can tell you what the going cap rate is for multifamily or retail. Again, call a local broker who knows that they are doing.

Do you mean pylon signage? monument? flags? Façade signage? Please provide a little more detail

I would say it's asset specific. "Triple Net Lease" doesn't give us enough information, it's simply the contract structure. Is this an A class single Tenant building or a C-class strip center? The quality of your tenants and location of you building will dictate what kind of reserves you need moreso than will the lease structure. Your building could sit vacant for 3 to 6 months or longer if one of your tenants leaves. Additionally there is likely going to be substantial costs in re-tenanting the building including commissions and TIA which need to be accounted for. 

I think there's a conversation to be had about a lower fee in this situation... Just remember, you chose this particular agent for a reason. Don't lose a quality agent who gets the job done for you over 50 basis points!