Sean Ward | SoCal Industrial
@seanpatward
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I lease and sell big concrete boxes. Posts and comments are my own opinions.
Joined June 2022
I get to sell and lease these things for a living. Does not suck.
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Highly recommend getting married when you are young and broke. My wife and I got engaged 21 years ago today. We were broke as a joke. She was in school and waiting tables; I was six months out of college and just fired from my first real estate job. I cashed out of a $2,500
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PSA FOR PARENTS OF YOUNG KIDS:. The Goldilocks zone for parenting is when your kids are 5 - 12 years old. This is the age of childlike wonder. This is when you must do your most epic trips, have blow out birthday parties, Disneyland, go all-in on holiday traditions and be
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I wanted financial freedom so I invested in some multi family properties. Now I spend hours every week managing tenants with roof leaks, water intrusion, AC units that need to be replaced, rats in the attic, and trash violation notices from the city. One tenant accidentally.
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Literally do not understand how guys shop for clothes. It’s my least favorite thing ever. I’m a grown man and still have not figured this out. So you’re supposed to go to a mall and just wander around stores, guess at which clothes look good and then try on a bunch of stuff on.
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Tell me you don’t understand the market, the economy, finance or supply/ demand fundamentals without telling me you don’t understand these things. $5 per SF per year tax proposed on commercial spaces that are vacant for longer than six months. Let that sink in….instead of
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In 2020 when Covid hit I thought my business would be crushed. I filed the paperwork for a PPP loan from the government thinking I would need it. Don’t think I even filled it out completely. Never heard back about it. Then a few weeks later $32k just appears in my checking.
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“Wow, I’m shocked. Of all the people I know I really thought you had it all together.”. A buddy said this to me this week. Apologies if I’ve come across as having it all together. Sometimes I’m great! And sometimes I’m a mess. Tons of anxiety. My kids fight a lot. Pretty.
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If you have kids this age you need to stop what you are doing, take the afternoon off and get extremely intentional about your life. I’m dead serious. The early years of having babies / toddlers is tough. Babies are amazing but the impact of sleep deprivation is all
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I take zero supplements. Not even a vitamin. I’m 44, 6’1”, 180 lbs. Work out hard five days a week. Get at least 8,000 steps a day. Eat clean (except when I’m around chocolate chip cookies). Are there any supplements that are absolutely worth taking? Not something you’ve read.
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Today is my 20 year anniversary at CBRE. January 5, 2004. Monday morning. Suited up. Nervous. Probably made 30 calls before lunch…. it was the only thing I knew how to do. I spent the five previous months at a small CRE shop making 100+ calls a day. After five months I made.
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I made a deal with my kids. When they turn 10 I will take them on adventure. Anywhere in the world…two nights only…their choice. My daughter picked Hawaii. We leave in the morning. Credit to Bob Goff and his book Love Does for the idea. Amazing book btw. Wish us luck!
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Saturday morning. Just got breakfast with the family. Driving around and see a bunch of signs for an open house. We are actually in the market for something so we stopped by. Front door’s open…agent walks out. She looks confused and asked if we had an agent with us. “No.
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PUT IT IN WRITING. PUT IT IN WRITING. PUT IT IN WRITING. PUT IT IN WRITING. Have a conversation with someone where terms are proposed, an agreement is made, a direction is chosen?. Follow it up with an email. Casual email like, “Thanks for your time on the phone. To recap,.
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I’d argue CA is the cheapest state to live in based on usable days. Lots of people move to a place with a lower cost of living only to find out you don’t want to be outside 150 days a year. I’ll take my 300 days of perfect weather and February’s that look like this. 😎
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@AlpacaAurelius Fasting…a scam being proliferated by the anti-food lobby so they can profit off of it.
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In my 21 years of industrial real estate I’ve seen the same scenario play out time and time again. A small business owner winds down a 35 year career only to find out his business is worth x and his building is worth 10-20 times x. Almost every time. Similarly I’ve heard.
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I’m probably too serious about money. I feel an obligation to give and to use it wisely, not frivolously. That’s probably why I drive an older, boring car. The most expensive think I ever treated myself to was a Martin acoustic guitar. It was $2,850. But my family has been
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I’ve never worked harder to lease a building than this one. Listed a year ago. Almost made a couple deals, but didn’t get there. Then the market flatlined. Tenants disappeared. Endless cold calling, door knocking, new / creative marketing strategies. No action. 25+ tours
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@SpaceCoastCRE And my ultimate pet peave…people who are short with their servers. Look them in the eye, smile and say thank you. It’s not that hard.
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Something is wrong with youth sports culture and parents with young kids today can feel it. Our culture pushes kids into competitive team sports, has them focus on one sport, starts them as young as possible and plays them all year long. If you have more than one kid you.
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2/3 of the downtown LA office skyline is in default or foreclosure. 👀.
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My two little apartment buildings yielded $58k in positive cash flow in 2023. This is about a 15% cash-on-cash return. In reality, after certain tax benefits this is more like a 40% return. Three years into this experiment here is what I’ve learned:. 1. Owning real estate can
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I’m sitting in a room with the people that control 80% of the western US industrial market. You name them, they are here. I’m blown away with this turn out. Key take away: generally speaking most think the market bottoms out next quarter. (Only half the room fit in this
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@ButterflyFree58 Yes, goes without saying that you need to have the other person there. But when you find them don’t wait.
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I’ve been a #CRE industrial broker for 20 years and I just bought this text book for $200 because an anonymous stranger on the internet said to do it. What a time to be alive. @realEstateTrent #retwit
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In my 20 years of dealmaking there’s one maxim that has proved to be immutable:. Time kills deals. Always painful to watch it happen.
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If someone asks you your opinion on someone else, NEVER EVER EVER say anything bad about that person. Better to not even give a smirk, shrug or some signal that you would love to trash talk them but don’t because you “have manners”. Subconsciously the person asking you the.
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I’m going to be honest. 2023 kicked my ass. It wasn’t all bad…I had some victories. But I had so, so many losses. My wife’s birthday is on Christmas Eve. We went away for a couple days without the kids to celebrate. We ended up going to sleep at 8 PM every night and sleeping
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Spoke to friend today who is manager of a big residential brokerage firm. Sales volume down 1/3 this year. “No buyers because of interest rates?”, I ask. The opposite. No inventory. “We’re scraping the bottom of the barrel. Only death and divorce listings out there.”.
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I wanted financial freedom. So I bought some residential investment property. And now not only do I not have financial freedom…. I don’t have time freedom either. The end.
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Top 10 tightest industrial markets in the US:. 1) Orange County - 0.4% vacancy rate.2) El Paso - 0.6%.3) Charleston - 0.7%.4) Savannah - 0.8%.5) Los Angeles - 0.9%.6) Inland Empire - 1.1%.7) Reno - 1.1%.8) Las Vegas - 1.5%.9) Detroit - 1.8%.1) Salt Lake City - 1.9%. 👀 OC!.
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What’s the safest, long term, 8% return you can get? . I was recently asked by a retiree who needs to hit this return threshold.
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“Dear Mr. Landlord,. I realize we have 7 years left on our lease but we have moved all our machinery out and are surrendering the premises. Enclosed is our late rent payment for April. This will be our last one. Thanks”. Major capex here. This is why tenant credit is scrutinized.
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@shawngorham I self manage too. Small hack, I do all my personal texting on iMessage. I manage all my tenants and rentals on WhatsApp. Downside is when I get a WhatsApp message my stomach drops a little bit.
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Buy real estate, they said. Passive income is great, they said. Small multi family is super easy to manage, they said. Then one day you get a call from the fire department. Then you spend the next six months dealing with contractors, insurance companies and your lender.
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First impressions of Tokyo, after taking 75,000 steps through the city. Sprawling, efficient, clean, architecturally interesting. Closest comp is NYC, except it’s way bigger. You can fit 37 Manhattans inside of Tokyo. 👀. It’s so different; mostly noticeable with the things
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Just cold called the owner of a big company. Set a meeting. Called him "Scott" three times in my follow-up email. He writes back to remind me his first name is Steve. i'M a pRoFeSsIoNaL. 🙃.
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@JulieChangRE I think our country has been conditioned to think they need to drive a nice car. It’s keeping too many people trapped in car debt. I leased my car for three years for $390 a month and then bought it for $17k at the end of the lease. Have had it for eight years. Have not had a.
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Sold an off-market single tenant industrial property to an investor. Was leased at the time but the tenant just vacated. The owner gave the lease listing to a competitor breaking one unspoken (and in this case spoken) rule of real estate. Fast way to a short investing career.
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Quick flight to NYC to meet with a tenant with a large OC warehouse. The lease doesn’t expire for a few years and they don’t need any help right now. Them: “your willing to come all the way here to meet with me?”. Me: “yes, sir”. I can’t think of a time where I’ve hopped on a
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Cold caller: “don’t hang up, I’d love to give you my pitch.”. Me: “go for it, I never hang up on cold callers.”. <<he gives pitch>>. Me: “I appreciate it, but I’m not interested.”. Him: CLICK. Thank you random dude from Forte Capital Advisors for making my blood boil for ten.
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I’m cringing a bit as I post this. I’m legitimately getting some cold feet right now. But…here it goes. I’m launching a podcast in a few days. Not sure why that’s so hard to announce. Maybe it’s imposter syndrome. I actually hate the spotlight. Ironic, I know, as I post a.
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Inland Empire industrial vacancy rate:. Q2 2022 - 0.2%.Q2 2024 - 6.0%. 👀.
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I went into CRE because I wanted to make money. First two years I made 20,000 calls just trying to find deals. I was newly married and was on a salary of $28k per year while my wife was waitressing and finished college. After two years salary I went full commission….
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Grow up in Newport Beach. Go to USC. Work in CRE and move back to Newport Beach. I think I know 100 people who followed this formula. I’m an exception to this rule.
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In my first five months in real estate I made 10,000 cold calls….and then got fired. I managed to get hired at CBRE, but when my senior broker realized he had to pay my salary he let me go. By some miracle the manager let me stay. I bounced around the company for two years….
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Trillion dollar business idea: . A residential GC but one that doesn’t lie.
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She bought all our meals when we were dating. I was at UCLA, she was at community college and waitressing. I was broke. I graduated and got my first real job. But then I got fired. I was a part time janitor at my church when I proposed. She said yes….
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I’m coming into an amazing season in life. I swear I can feel it. But the truth is, I’ve been in a really hard season these last three years. Tons of setbacks….fire, theft, lawsuit, illness, marital stress, loss of home and a lifetime of savings lost. It was a comedy (or.
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“You sign listing agreements. I sign loan documents”. Words spoken to me years ago by an investor client. Great perspective on the difference in risk that we are each taking in the deal.
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I’ve never grilled steak before. Ya, I know. But the only red meat our family ever ate was hamburger. After 40+ years on this earth I finally like steak…and it’s beautiful out…and I want to grill. Need to know what kind of steak to buy and the best / simplest way to grill em.
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I don’t remember a ton about my early childhood, but the few times my dad took me to his office clearly stand out. It blew my mind to see the place where my dad went every day. I’m not ashamed to bring my kids with me to work. I’ve taken them to my office. I’ve taken them
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Broke. Working hard. Getting by. Traveling. Buying a house. Building careers. Have a baby. Another. And another. Coming up on 19 years with the love of my life. We still don’t know what we’re doing but we are figuring it out together. Grateful.
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I'm in a deal as an LP (not sunbelt state MF). There's been a couple hiccups. and capital calls. But things were stabilized and on the right track. So, I'm waiting for my K1. Sponsor needed another week to get it done. This was back in May. Then he disappeared. Won't return.
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CRE brokerage in 2023. It’s fine. I’m fine. Everything is fine.
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Tucker “The Kid” Black just closed his first deal. Been with us for six months. Was at another shop for a year before that. And while he makes it look nice and easy most people are SIMPLY NOT WILLING to do what it requires. He gets in before 5am every day. Always upbeat.
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I’m not a car guy. Not a watch guy. I don’t have or want a boat or vacation home. I don’t care for expensive clothes or meals. I’m practically allergic to luxury brands. I already own one great guitar, camera and bike. I can only play one guitar at a time, use one camera at a.
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Worst feeling in #CRE brokerage: when your client or prospect goes dark on you. It’s never good. And sometimes they leave you in the dark for weeks. After 20 years in this business this move still really bothers me.
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Team closes a lease deal. Awesome. What happens next? . Team operations manager sets up a 15 min call to review our closing checklist, including:. - “Just Leased” marketing announcement . - Removing signs and listing services entry. - Sending comp to all relevant prospects. -.
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Unpopular opinion: being in the office is more efficient and effective for a team over the long term. I know, I know. My commute averages 40 min each way. It’s a pain sometimes. I get it. But I’ve observed a couple things over the last few years of hybrid work:. 1) the.
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The tip, top CRE brokers in the industry will gross $10, $20 even $30M+ a year in their best years. Some here will say I’m crazy but I know this to be true. I will keep saying it…brokers have the best risk adjusted returns in CRE.
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Big deal just died. Not coming back to life this time. This business…SMH. One step forward and two steps back in this market.
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You better have some thick skin and a short memory if you want to work in CRE brokerage. You are going to get burned by clients and other brokers. I've been yelled at. Another broker said I had no integrity. Been told I'm crazy, lazy and don't add value. Been ripped off by.
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When they go around you, cut you out, close the deal and take a seven figure fee. The lows of this business are seriously…. ….low. Licking wounds today, taking ownership of it, moving on.
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Just hung up with a landlord client. We will be bringing their property to market because of another…. wait for it….tenant bankruptcy. This will be the fourth one for us THIS MONTH. These are not small facilities. Holy smokes, hoping this is not the trend. 😬.
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When your talented interior designer wife takes an empty room in your house and turns it into THIS for your home office, you know you are loved. Feeling the WFH Friday vibes.
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Do CRE brokers have huge egos? Yes, it’s an occupational hazard. 😂. But cmon folks, we are just middlemen. A cheat code in brokerage is to let every other broker you deal with be the top dog. Don’t beat your chest. Just be everyone’s friend. It will lower the temperature.
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@LandlordWayne Then wait to put all your signs up with big arrows until you are ready to be open.
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Industrial is probably the least sexy asset class in commercial real estate. The buildings are basically concrete boxes with loading doors. But there is so much to love about it. The simplicity of their design means that tenant improvement costs are very low especially compared.
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Marriage is death. Either your ego will die or your marriage will. Or maybe worse your marriage doesn’t die but your inner light does. Best to let your ego die and enjoy your marriage. I’d argue that ego death is one of the primary functions and benefits of marriage. I say
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Top 10 US industrial markets for YoY rent growth:. 1-Inland Empire - 63.3%.2-LA County - 41.7%.3-Orange County - 37.4%.4-Northern NJ - 35.1%.5-Central NJ - 31.5%.6-Philadelphia- 29.1%.7- El Paso - 28.8%.8-Las Vegas - 28.2%.9-Ventura County - 27.7%.10-Reno - 27.6%. Holy SoCal 👀.
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Younger #CRE brokers, you need to understand the concept of value exchange with senior partners. The exchange of value in your first five years is often lopsided. You likely take WAY more value than you bring….
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Younger CRE brokers, you need to be crystal clear on how you add value. If you are new in the business you do not have deal experience, market knowledge or deep relationships. You do not have a resume or reputation. What you can have (and what you need to bring every single.
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In Orange County we knock down nice office buildings so we can put new warehouses in their place. Why?. Supply and demand. Too much office supply for current demand and too little industrial supply for current demand. Simple as that. This one is going to be a true gem.
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Signed leases on 140k and 165k SF buildings. Hell of a way to start a Monday…and close out 2023. 💪🏻🎉.
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Set me back to zero. But my income continued to grow since then. Honestly, if I had another option I might have taken it. But I didn’t. Moral of the story: hang in there.
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"They are directly speaking to millions and millions of people without any level of oversight or regulation. And that has to stop.". 🚨🚨founding fathers doing backflips in their graves right about now.
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The best #CRE brokers I know just somehow find a way to get in front of a lot of deals. Their tentacles are all over the market. They really broker information and that info is extremely valuable.
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Seven days ago my marriage coach says to me: "Dude, it's not possible for one person to manage everything you are managing right now. You need to hire a personal assistant.". I objected because the thought of figuring out how to hire one was unbearable. I couldn't add one more.
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Our 1st grader is trying to convince us he should do a “bonus year” (redo first grade) so he can be in the same grade as his kindergarten crush. “What about your buddies?”. “Oh, I’ll still see them on the playground.”. We’re in trouble with this one.
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This is depressing. Were bare ankles and white sole shoes just a fad in CRE brokerage? . I won’t do it. I’m not wearing these leather sole torture devices again.
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Guaranteed way to land a job as #CRE broker: . 1) Ask someone in the industry for a coffee meeting. Ask for 15 mins and stick to it. Tell them you are just getting started and ask for the opportunity to make a brief intro. (Never ask to pick someone’s brain).
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First closed deal in 2024. This one started three years ago. Design, construction, marketing, open house, endless tours, leasing short term for a seasonal holiday requirement and then finally getting a seven year tenant. Lots of ups and downs but a done deal and great outcome
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No one, in the history of 1031 exchanges, has ever covered the market more than this guy in OC named Doug. Doug has two weeks left to identify, $12mm and prefers OC multi tenant industrial. I’ve received seven calls from people (brokers, principals, friends of Doug) all.
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If the moment in this photo didn’t happen, I would not exist. This is a photo of my Dad giving his phone number to my Mom after meeting her for the first time. They were both camping with friends on the beach in Montauk, NY. Their sites were near each other. If it were any
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SoCal industrial cap rates for class A product now at 5.75 - 6.25%. At market peak two years ago this was 300 bps lower. Capital markets frozen as debt markets are frozen. All eyes on geopolitical events.
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I’ll stop being bullish on SoCal industrial when we stop having the best weather in the country. Not kidding. The weather brings people and we have 24M of them. That population base needs to be serviced. This is the basic thesis for SoCal industrial.
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An industrial landlord in the Inland Empire is advertising 12 months free rent on a five year deal for a brand new 200k SF building. Another landlord completed their 150k SF building just over a year ago and has not had a single tenant tour. These are the largest and most.
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Wife: “We should put a tree in front.” . 😬 😅
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I just spent three days with the top producers in the Americas with CBRE. This was a recognition event for full commission producers from all different product lines. Office tenant rep, institutional investment sales, industrial leasing, life sciences, debt and structured
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“What are the barriers to entry for new development in OC?”. Well, the mountains and ocean for starters.
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