For anyone who works for a fund or larger owner/operator, how is asset management for the long WALT industrial stuff? I know it should be mostly hands off but are there constant issues you don't think about that come up constantly?
Curious how people here view the role of unsecured or lightly structured debt within a broader capital stack.
Recently came across a model where lenders are willing to finance up to full project cost, but place heavy emphasis on independent feasibility and risk analysis upfront, along with strong underwriting of the sponsor and project economics.
Minimum deal sizes were in the $3M+ range, and the approach seemed more focused on risk pricing and validation rather than traditional collateral-heavy structures.
From a CRE perspective, does this type of capital ever make sense as part of the financing mix, or is it generally too far outside typical risk parameters?
Title explains it all. I’m at a boutique firm and most I ever grossed was $800k. Just curious what the ceiling looks like at big firms and what is considered a top producer.
16% more CRE loan originations projected this year than last.
But treasuries shot up last week (5-year at 4.27%)
How are you underwriting deals in today’s market?
What’s changed since the start of ‘26?
Will the momentum continue?
Or are we facing significant headwinds?
This hasn't been discussed at length before. I have bought some (more than two) properties at the various auction sites, and I've bought other assets (cars, etc.) at other auctions many times. So, I'm familiar with how they work, many (not all) of the pitfalls, and a lot of general knowledge regarding them.
I'm curious to see what others here think of these sites - I'll give my thoughts and opinions afterwards in order to not "pollute" the thought pool? Thx
Exactly as the title says. Office, Industrial, Multi-Family, etc.
San Francisco, Detroit, Miami, ...
For a stabilized 75-100k office with multi tenant, what is a general spot check for acquisitions on a cap rate basis? I’m hearing a few fund shop buddies who are surprisingly shifting or doing some of these deals from the simple perspective of multi acquisitions is low cap, industrial is relatively tight and a coupon so with stabilized office it’s buying a good basis and often 50%+ discount to replacement and a higher cap that gives them some chance at some yield.
Problem I’m running into is that the capex, ti, brokerage fees and expense leakage eats so much into cash that I don’t see how these deals actually generate more yield and therefore am having a difficult time understanding what the appeal is.
I own a multi-tenant commercial building; it is a mix of office and retail. There are 14 units across three stories. Since we leased up in 2023 we've been fortunate to not have a lengthy vacancy. We currently have one office space vacant since Oct 2025 and this is the longest vacancy we've ever had. We also recently had our agent "retire" to stay home with her child so the agency has assigned us a new agent. This is the first time we've worked through a lease cycle with the new agent.
I don't really have much faith in realtors to do anything other than answer the phone and this is exactly what I perceive him to be doing. After the unit was listed, the only showings we have had are from prospects who clicked and contacted our agent. We have not done any social media posts, email blasts, cold calls, open house etc.
I know the economy is tough and office is soft, but am I wrong to think we should at least try to be proactive?
Need some comps on ground-up construction of a retail center. We’re currently evaluating a roughly 5,000–6,000 SF grey box delivery.
If you’ve worked on a similar project within the last 6–12 months, I’d appreciate hearing what your all-in ground-up development costs were on a per-square-foot basis, excluding land.
Thanks.
Multifamily, industrial, retail, office, these are institutionally know, will stand the test of time and spending years or decades perfecting your knowledge in one could be rewarding and allow you to maybe do your own thing, or make a lot of money in corporate.
Although data centers seem to be the hot new thing, if AI is truly a bubble, or technology changes where these centers can be much much more efficient, or energy production changes, will these things still be relevant? The requirements are also so tough that I feel like at some point you just really can't build more of them so if you have an acquisitions role, will you hit a ceiling?
Mainly focused on whether this is a niche that has suitable long term trajectory or if it's safer to stick to the major food groups.
Private equity investment in U.S. data centers surged to a five-year high in 2025, with firms deploying approximately $45.7 billion — representing nearly 72% of the sector’s total deal value — as AI-driven demand accelerates the race for digital infrastructure. The boom highlights how institutional investors are increasingly treating data centers as a core infrastructure asset class, fueled by explosive growth in cloud computing, AI workloads, and long-term demand for power and connectivity.
Working on a mixed-use development project (ground floor detail with rental units on floors 2-27) and building out the dev pro forma and operating pro forma.
What are standard terms for construction to perm debt financing?
I recognize this is a vague question since deals aren’t black and white but generally speaking, if we’re looking at LifeCo for instance, what can we expect for financing assumptions? Would like to get a rough idea as this sits with our lenders for review.
Thank you.
A First Watch NNN deal landed in my inbox. Jacksonville, FL. Bay Meadows Road corridor. $2.424M ask, 3,600 SF built 2021, corporate guarantee, 4.9% cap rate. $33/SF in base rent.
The financing math doesn't pencil.
Single-tenant investment grade debt right now is somewhere around 5.25%. You're buying at a 4.9% cap. Your cost of capital exceeds your yield from day one. So are you buying all-cash?
The rent bumps don't help much either. 10% every 5 years sounds okay until you do the math: that's roughly 2% per year non-compounded. If inflation holds above 2%, you're losing purchasing power on the rent in real terms the entire hold period. I'd want 15% every 5 years. I know retailers push back, but if they want the option to renew, the asymmetry is already in their favor.
On the occupancy health side, the numbers actually work. True occupancy cost is probably closer to $150K when you add taxes, insurance, and CAM. At an 8% health ratio, this location needs to do about $1.9M to break even on occupancy. First Watch averages $2.3M systemwide. So as long as this store performs at least average, they can afford the rent.
A few other things I'd push back on from the OM:
Broker is claiming $42.56/SF as market rent for restaurant in the area, saying current rent is 29% below market. I'm skeptical. No drive-thru on a 3,600 SF box. I don't think you're getting $42 for that in Jacksonville without one.
"Limited competition" while also listing Panera and Starbucks as nearby co-tenants. Pick a narrative.
Three 5-year options remaining at preset rents. Asymmetrical to the tenant. If market rents drop, they renegotiate. If market rents spike, they exercise and you're locked at $136K. That's three more decades of optionality in their favor.
Location itself is solid. 49K VPD on Bay Meadows, full access, half mile to I-95, Spring Hill Suites and Embassy Suites as literal neighbors, 80K residents in 3 miles at $102K avg HHI. The daytime employment - Deerwood office corridor is right there.
For people that buy these STNL, how are you looking at them? Are you using debt?
Have an offer in big tech on the real estate side, how frowned upon would it be to put together my own investment deals on the side (including raising money from HNW/small funds) keeping a low profile? Wouldn't be a w2, just own investments etc. but have a side work email etc. I know they don't want you to have a second "job", but any thoughts? Don't really want to give up the entrepreneurial side but also a great opportunity with a solid paycheck.
Turned 50 this year. This will be my last ICSC in Vegas. I know this...but nobody else does. The industry has been good to me...not rich off it, but its paid the bills. Met a lot of kick-ass people-industry is full of them. To all the newbies--hang in there, there's a lot of different career paths here - one for everyone I'd imagine. Via Con Dias CRE.
Hey Everyone,
I am 24 years old working as an investment sales broker specializing in retail, in a “smaller” Midwest market – Not Chicago…
I have been grinding two years and have had decent success with my first-year netting over $60,000 as a first-year broker. This year has been a different story and haven’t seen a check since January and our/my pipeline is dry and won’t see another check until August at the earliest.
I am not loving the senior I am working with and feel that I am being limited in my growth with this said broker and have informed them that I don’t want to continue working for them, and my MD understands where I'm coming from.
With that, I have an opportunity to join another team, MF asset class. I feel as if I’d be starting over from scratch and building my book of business.
So – with how the market is and that I’ve been hemorrhaging cash for the past 5 months, I am deciding whether or not to stick it out, try this other team (high-risk), jump to another firm within my market and hope for change, or pivot out of brokerage into either sales, or acquisitions, development, etc.. With where the market is and having to go another 4 months at least without seeing a check, the latter is sounding more appealing.
Nothing a lot of you haven't heard before but I don't know if the brokerage route is what I'm truly looking for.
Any advice would be greatly appreciated.
Anyone has experience owning or working on these apartments?
I am looking at a few properties for sale, I can review the broker's OM but would like a real experience, for example: brick buildings, 6-flats, early 1900s construction etc.
Would like to know what expense allotted for annual maintenance.
What about tax, how drastic property tax hike that you experience once acquired?
Thanks!