Tanner Olson - LP CRE
@CRE_Legends
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Tanner Olson. Managing Partner Utah Office. Partnered with Joe Mills for 2023: 110 leases and 27 sales. Mountain & Desert States. 29x marathon runner, 2:55 PR.
SLC, UT
Joined January 2023
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Took a sign call from a guy with rough English, wanted to open a restaurant in my listing. Wasn't a fit for mine, so I showed him several others spaces. He appreciated the time of day/attention that most other brokers hadn't given. Today were signing on our 12th deal together!
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@MaxFisherCRE
Don’t move to Utah. It’s awful hear. The skiing sucks. The national parks are dangerous! The trails 15 minutes from my house are crawling with rattle snakes.
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Can you please send me verification of your financials and stated cash on hand?
The verification:
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Tell me you’re a residential agent without telling me you’re a residential agent…
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Joe Mills (not a twitter guy, he's a boomer at heart) and I did 110 leases and 27 sales in 2023 😤Not a bad year!
@LegendLLP
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Since my name is on here, figured I might as well put a face to it. And show that I can out kick my coverage dating. I’m a fitness addict, live music junky, and love what I do for a living! Can’t wait to meet more of you IRL as the gen Zs say!
#retwit
#NewProfilePic
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Sold this piece of property to KIC Dev out of Boston as our first transaction when we started Legend Partners Utah Dec 2017. Full circle to now lease the retail space inside of it! Looking for a baller restaurant or bar to fill it. Tallest tower in UT, class A apartments.
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Though I mostly do retail, I have stumbled into being a land guy. 50% of my income in 2023 and 2024 I bet comes from pad deals in the 1-3 acre range. It started just finding sites for gas stations. It evolved into me calling on every available corner in the market. Turns out a
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My ICSC takeaway: If you rep tenants, & want to keep your job, you’re going to need to cold call land, landlords, & ask every broker in town to find availability. Utah market is tight. New construction is too $$$. 2nd gen space & adaptive reuse are crucial. Time 2 hit the phones!
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Bullish on downtown Salt Lake City because this is 15 minutes from the core of the city. Fall trail running in Utah is elite!
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@devinzander
I’m the leasing agent on the retail. The Eat Chow deal died but all of the rest of the spaces are leased. Heirloom is a restaurant group out of Provo, they’ll be doing a pizza concept. Most tenants open in the late fall. Still looking for one great restaurant for the hard corner!
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Fridays are my best day at work. Every hour I spend in the office past noon is an hour that 90% of other brokers in my market aren't working. These hours I often find great success cold calling or chasing big deals! Everyone should spend 10-20% of their week chasing whales!
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@TripleNetTyler
My brother, neighbor and uncle all drove very nice cars and loved what they did for a living. I called every alumni from my fraternity in the industry until one of them let me be their runner. 8 years later, I own the brokerage with him and Mr. NNN Income.
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Just signed deal 13 and 14 with this guy! Follow up on every sign call!
Took a sign call from a guy with rough English, wanted to open a restaurant in my listing. Wasn't a fit for mine, so I showed him several others spaces. He appreciated the time of day/attention that most other brokers hadn't given. Today were signing on our 12th deal together!
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prominent Utah shopping center quoted my tenant $175 psf/year in total rent for a 4k SF space on the inside… national tenant, not a restaurant, very recognizable and complimentary to a lifestyle center. These in-house leasing companies are drunk, hire a local brokerage!
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Breakfast meetings are so under rated. Who’s not in a good mood eating bacon, eggs and sipping a fresh coffee.
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@TaylorWAnderson
@RockyAnderson
Restaurant sales for dinner and bars have been rockin in downtown SLC!
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There's something about repping a first to market concept that gives you a little swagger. Bringing 3 new restaurant/concepts to the Wasatch front over the next year!
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Not every day you bring out 4 retail commercial investments at the same time! "Priced to sell" lol DM for info.
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One of the best tenant rep assignments is working with a concept you genuinely believe in; I’m touring a restaurant this week that I would eat at regularly. This excites me!
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Fun fact, my side gig includes promoting music festivals! Come out to Utah to see some of the hottest artists in country music!
REDWEST hits SLC, UT on 10/4-10/6 with Colter Wall, Ian Munsick, Oliver Anthony, Shane Smith & The Saints, Flatland Cavalry, Luke Grimes, Sam Barber, Dylan Gossett & more at Utah State Fairpark!
Tag 3 friends in 1 tweet below, retweet & follow to be entered to win 4 GA+ tickets!
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The same tenant that tries to exclude all Asian food in their leases now wants to offer burritos... Retail leasing is hard enough, navigating exclusives is a nightmare, this is fuel to the fire.
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Signed 5 leases this week and then heading to Coachella Friday!
5k SF Martial Arts Studio Daybreak
1200 SF Ice Cream Shop Daybreak
1600 SF HotWorx North Salt Lake
600 SF Coffee Shop 900 South/Downtown
1200 SF DTO SBUX West Haven/Ogden
No home runs, but a lot of singles add up!
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I'd take the local Mexican operator at a 6 cap over half these corporate fast casuals trading sub 5 caps. The rent is replaceable 99% of the time, they will never call you with a maintenance issue.
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@stevegarthwaite
The guy quoting Hunter reminds of the people who don't know The Onion articles and Babylon Bee articles aren't real lol
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The greater SLC retail market is interesting, vacancy in the burbs has to be under 2%, with buildings still preleasing before construction starts. Meanwhile downtown has 58 available spaces with a median space size of about 3000 SF.
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NEW LISTING ALERT
9 Wendy’s sale / leasebacks coming to market shortly
• Long term ~50 store operator
• UT, WY & ID
• 20 year absolute net leases
• All newly renovated image activation locations
DM if interested in taking a look at any of these.
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Signed listing to leased in 87 days. Chinatown Supermarket coming to Orem. 37k SF. Had at least a dozen tenants interested in taking half the space. Had a dozen pickleball tenants inquire. Had 2 very competitive offers, As-Is delivery with low TI. Retail is dead right?!
#retwit
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Make a shitload of money, marry a nurse, or healthcare worker. That’s it folks, thanks for listening!
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Won my latest leasing pitch for a big box vacating on the hottest stretch of retail in our market. Told the landlord give me 3 months and if you don’t like my effort then you can fire me. Forces me to grind hard and prove myself. Time to get to work!
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LPs just lining up in my DMs to get in my next deal!
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Bout to get crazy wild tonight and crush at least 10-12 soda waters with a lime! If you want to buy me one, I take two limes and light ice, thanks!
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A lot brokers work solo, hiding their deals from others in the same office. Not Legend! If a broker in my office can make me a deal, I'll ensure they get paid a cut of it. Everyone in our office collaborates with one another. Make the pie bigger, ensure everyone gets a piece!
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Since most of us are self employed, we all pay for health insurance out of pocket and it can often get very expensive! I wanted to write a thread on how to navigate expensive healthcare… 🧵:
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Some corporate tenants are becoming brutal to work with... Great credit, but if the amount of red tape and length of deal making end up killing my hourly work rate, then why bother? I could do 5 restaurant deals with local tenants faster than one of these 1000+ unit operators...
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Toured the first mass timber building in Utah. 5 wood floors over 2 podium concrete parking. 20% more expensive than steel, but the major tenant was also an investor and wanted something extraordinary. You can see cost savings as you approach the max limit of 20 floors.
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We call it the Yellowstone Effect. Every "cowboy" living in NYC, LA or Miami watched 5 seasons of Yellowstone and now thinks they can own their own Dutton Ranch. Prices in Heber/Moab UT have doubled over last few years since Covid . We've chased dirt in MT more expensive than SLC
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I'm an advisor to my undergraduate fraternity. I love being able to mentor to those kids. I always tell them you're the average of your 5 closest friends. And you're only as good as your mentors, which is why I am grateful to have
@nnnincome
as a mentor and my partner Joe Mills!
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We have Sonos speakers around the whole office; whoever gets to the office first gets to choose the music. Today our lovely team gets to experience what Skrillex has to offer!
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I must say this was my best ICSC to date. So many great connections, parties and dinners get better as acquaintances become friends. Ultimately networking is about building trust, can you hand off your client to someone and feel good they’ll get the job done!
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Very grateful for all the things going well for me in CRE right now! Life is good. Now if only my fantasy football team could win...
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Had a pitch with
@chloecypers
@Tesslamotor
. We believe in the listing; think we can find great tenants. We also told the landlord rents wont be as strong as they want, they wont lease fast, and the credit mixed bag. But we set realistic expectations! Under promise, over perform!
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I stopped drinking about 3 years ago and my only regret is that I feel like I really missed the wave on espresso martinis.
#notarealestatetweet
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Why doesn't
@CoStarGroup
offer any incentive for sending comps?
@CompStak
rewards brokers all the time for sending comps. Costar makes brokers pay thousands of dollars a year but wants us to supply data, yet Costar at the same time tells us they are a data supplier…
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Screaming this as loud as I can at city governments across Utah.
Cities: requiring ground-floor retail is a lose-lose for tenants, landlords, and the community.
If you don't have immediately accessible parking, and lots of it, or you don't have lots and lots of foot traffic, you are doing nothing but creating a vacant eyesore for the
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@TaylorWAnderson
LHM president said during his presentation at the NAIOP event that if he chased a stadium/MLB team that he would want it to be downtown.
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I started NHL hockey as a Vegas fan, then my hometown gets the Kraken, now I have a local team. Never been more excited for next season and upcoming playoff hockey!
#NHLinUtah
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I can’t wait to sit on my ass and watch 10 hours of college football tomorrow! Happy first day of September, grab a pumpkin spice latte, enjoy the long weekend! 4 months left in 2023, make it count!
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This industry definitely tests my millennial patience! Had a deal go 21 months that just closed. I’m sure there’s brokers on X with multiple year long contracts, would love to know everyone’s longest to close?
I'm still working on a deal that we started back in August.
3 more months and it'll be a year.
I hope this closes. 😅
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Finishing my day watching Lone Survivor. Did my first Murph today, no vest 35:52. Grateful for a day where we celebrate the memory of the most badass men and women to grace this planet!
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What are the 3 restaurants that if they closed, a small part of you would die? I want the best locals in your town. Tag them if you want.
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You can put out well articulated/amazing content all you want, the early twenties rookie girl broker will still crush your engagement any day of the week lol
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Leased 2 retail spaces this week, both had been vacant for over a decade. Both were C spaces in B shopping centers. 2nd gen space is almost non-existent in Utah market.
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Anyone ever thought to put a QR code on their listing sign that would direct people to their Crexi listing?
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I've got 4900 SF next to
@eatSTK
and across from where the
@utahjazz
play. Homerun first to market site for any tenant looking to enter Utah! If anyone has any ideas or contacts let me know!
@RestaurantWill
@QSRguy
@kevinmoss
@7_Bert
@MalcolmJess
@ddshashy
@FLRetailPro
@Bethazor1
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We're arguing about whether a tenant that sells 7 different types of muffins constitutes a bakery in exclusive language... I wish I was an office broker sometimes!
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Off to a great start!
@powderlandslc
hosting some of the top local Multifamily developers.
@TAG_SLC
@CWUrban1
#retwit
#cre
@NNNIncome
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Created a one pager for new agents in our office, outlines how a commercial retail deal gets done: timing/expectations. Perfect for a tenant doing their first commercial deal. Most sign calls are from someone new to CRE. Beats having to explain it over the phone every time.
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Spent the last two days with our mapping and design team. This crew right here represents everything that looks polished and refined being produced out of our offices in SLC & Denver. 3 GIS certified mappers and 2 Designers. I am confident in stating we hands down have the
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Small business success stories like these are by far my favorite part of this industry. Helping a tenant find a space and watching them print money after they open feels good.
One of our tenants was a startup all-you-can-eat sushi restaurant.
They were a young Korean family with fire in their eyes.
We gave them a chance.
Their sales hit over $500k a month and they bought the building.
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My biggest pet peeve with brokers is when I ask all deal terms, and someone replies with just the rent. I shouldn't have to send 2-3 emails to get the info about your site, just send it all at once, don't be lazy, you cause both of us to do more work. Thanks for letting me vent!
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This was a fun project to work on in Daybreak, South Jordan, UT. Boutique retail wrapped around a high end grocery. Faces a small lake to the south. High end neighborhood. Fully leased before Landlord could deliver to Tenants. Good mix of local tenants and strong credit!
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Should I be nervous that my Uber driver needs an iPad Pro to be able to see the directions…
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The number one website this product will be used for won't be available in the state of Utah. Oddly shares the same name as this Apple twitter profile...
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Great day to make cold calls! Grind never stops! People are always in a good mood at home, tell them there’s never been a better time to sell!
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With all the doom and gloom about the economy, I've never been more excited for 2024! All I hear is that my partners and I are going to find deals. Wealth is created in down markets. Those who bust their ass in the next 12 months will reap the benefits in a few years!
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Return emails and calls in 24hours. Even if the answer is no, still get back to people. It’s that simple. Puts you ahead of 95% of other brokers.
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You know you love your job when you are jacked to go back to work come January 2nd. Hitting the gym before the workday. Back in a routine. Ready to roll into 2024!
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@veefrugalfox
Just be sure to refer them business in the future from family and friends, no better gift!
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When has a food concept sold to a larger parent company and turned for the better? Very few examples. I hate seeing a great local fast casual sell, expand to 10x locations and quality goes downhill. Seems like cutting costs and rapid growth becomes the main concern.
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One time
@NNNIncome
and I signed a Taco Time operator in Ogden. He paid for the construction in cash and was based out of a certain part of California known for being very hospitable to growing green flower. We weren't going to ask questions, but I can assure you we sold it asap!
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I went from being a long distance runner to a Crossfit junky over the last 6 months. In other words, I went from being a part of one annoying cult that talks about themselves too much to another.
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Go look at the last 5 deals you did and see if you can simply replicate them in another city/town/market. Call your last 5 tenant rep deals and ask them where they would consider going next.
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Utah chasing an MLB team and choosing anywhere but downtown SLC is absurd. In an environment where downtown markets are turbulent, adding another sports team would ensure a strong urban economic environment. Minutes from airport, closest to the population density.
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In the next three years, nearly one-quarter of all apartment supply is expected to come online in Salt Lake City. Landlord's need to separate themselves from competition if they want to drive interest. Tenants love to live above the hottest restaurant, coffee, fitness in town!
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My lukewarm take is that the Utah Hockey Club should remain our name long term. Followed by my other lukewarm take that Washington should have remained the Football Team.
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@NNNIncome
@ICSC
That's weird cause I just looked at your schedule and you literally aren't leaving our booth... if this man walks a mile I'll be impressed!
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I’ve stopped asking for referral fees on most deals I hand off to other agents. I’d rather have that client taken care of; I know it’s more motivating for an agent to work hard when they don’t have to kick back 20% to me. I know they’ll return the favor one day!
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ICSC SD was a success, happy to see it move away from LA. I lost control of rep of a gas tenant after Maverik swallowed them but fortunately that experience has now led me to a new direction!
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I’ve leased a few spaces in the last year that had previously sat vacant for 3-5 years. Deal structure that works: low base rent, As Is, no TI, enough free rent for build out time plus a few extra months free for them to get started. Shorter term, annual bumps. Local tenants.
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Restaurant tenants too often look for only 2nd gen restaurant space. Yes it’ll save you money on the build out, but you may be blinded by the savings & take an inferior location. Think long term, cant change location. An existing hood/cooler is a rounding error in the long run…
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Investment brokers going out unpriced on an investment OM drives me nuts... Wasting time on having to call to get a price. Just says you're not confident in your marketing and expectations.
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I feel like throwing in a 2000 SF retail space on the bottom floor of 50 stories of apartments and calling it mixed use is a stretch...
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@moseskagan
We had a guy tear down a historic building in SLC that had been vacant for a while, you'd think he killed someone based upon how much hate he got. It would have been a perfect place for a homeless shelter or support services had the city bought it.
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@TripleNetInvest
Couldn't you say this about any hobby or passion? Some of my favorite Sundays are watching NFL RedZone for 10 hours and researching properties and working in between plays and timeouts. Ends up for a relaxing yet extremely productive day.
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I stopped wearing a Whoop and/Garmin. Why? Because the nights I didn't sleep great, the data just reinforced into my brain that I didn't sleep great and made me stress about it. Do you really need tech to tell you that you're tired?
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Having a fitness stress release might be the single most important part of being in CRE. Whether it’s weights, running, biking, or whatever, I know at the end of a long day, it’s the one thing to get my mind right and ready to go back and grind another day out, again and again!
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I call it a “Full Send” lease when you send it to the Tenant, advise them to consult an attorney to review it with them, and they send it back executed immediately!
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The Soda Shop, a tenant that exists in Utah, regularly does over $1M in volume, and we thought would die out years ago, well before their initial 10 year term. A thread🧵
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Salt Lake Tribune asked readers what they wanted from the Mayor race. Results included "More Affordable Housing" and also "An End To Growth" 🤔
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