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Reviewing an OM for a single tenant triple net deal. I'm not sure I've ever seen tenant and landlord responsibilities more plainly stated.

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New Year's Eve in Times Square has officially begun. And it is a nightmare. ​These people are sprinting to secure a spot on the concrete for an event that doesn't happen for another several hours. ​The Reality is no public bathrooms. Once you're in, you can't leave. Many of these people are wearing adult diapers just to survive the wait. ​Imagine waiting 18 hours in the cold, unable to pee, just to see a ball drop for 60 seconds. Humans continue to remain a mystery to some of us.

I’d like to pitch a reality show. A fire inspector, code enforcer and a city planner have to complete a development project while following their own arbitrary rules they have enforced over their careers. Goal: Get it open before running out of money and declaring bankruptcy. Bonus round: lease the first floor retail they forced apartment developers to build.

Happy 30th anniversary to one of the best films ever made.

I feel bad for all the travel ball parents that have to buy a torpedo bat for their kid that platoons in LF with a .174 Avg

Buy properties based on price per foot and sell based on cap rate

Buyers of commercial real estate should not assume just because they are “far off” from the asking price they shouldn’t write an offer. Sellers are capitulating more now than they have at any point over the past 30 months of this CRE value recession. I think the higher for longer reality is really starting to sink in with owners, it doesn’t take very long to underwrite a property and make a qualified offer, and some of the newer AI agent models are making the underwriting faster and more efficient. Take the time, underwrite the offering, submit the offer. Do this a couple of dozen times, and you will likely find yourself with a attractive buying opportunity you wouldn’t have had if you “pre-qualified” the deal based on the asking price being too aggressive. Don’t be lazy. Take my advice, I’ve been doing this for a little while now. I know a thing or two.

Overall industrial space averages 7.8 mo on market to fill, the Range Light targeted tenant size of under 100K SF take ~half that according to CoStar. 4 mo for 50K spaces and 3.6 mo for 10K SF. More proof our value add strategy services the strongest part of the overall market.

Institutional and Wall Street $ spent the last 5yrs building huge Class A bombers and catering to large tenants, smaller users looking for Class B space have been ignored. Our investment thesis is based on serving this extremely tight market as evidenced per Costar February 2024

Investing when interest rates are going up is an incredible time to invest, contrary to popular belief. Here’s why: Commercial real estate is valued on income. It's an investment, it’s not like a house. You're buying so you can get paid a return on that investment. But if the income on a property hasn't changed, why are prices going down? Higher interest rates make it harder for people to get money to invest. It's a simple supply and demand problem. There are less buyers, so the properties have to drop in price to entice those buyers to come buy them. This is also why we see transactions just fall off a cliff. People stop selling because they can't get those prices. But not everybody can wait and hold onto their properties. A lot of people have to sell, and that is because interest rates changed. Maybe they can't afford it at the new interest rate. Maybe they need to refi, or maybe they have to sell because a contract is up and their investors want money out of it. So they're entering into the market with far less buyers to sell to. They have to lower the price for those buyers. That lower price means the income that they're receiving is giving them a higher return. That's why it's a great time to start investing when interest rates are up.

Congratulations to Rookie Tackle 6th Grade Football Bronze 1 Champions St. Raphael Raiders who won against St. Jude Jaguars 28-21. 🏈

Self-storage was a bubble because there was no additional demand that was unlocked for SS units. When a lot of additional supply was created, be it from renovating or expanding existing facilities or building new ones, there was no additional demand. This is not the case in industrial. There is much more demand for B class than there was 10 years ago due to additional manufacturing, onshoring/nearshoring and economic growth.

We buy STNL industrial class B buildings but are not focused on the in-place cap rate. We are far more focused on (i) acquisition basis/SF as compared to replacement cost and vacant building value and (ii) market fundamentals and building lease-ability to determine a market rent/SF. Buy at an attractive basis and identify value creation opportunities (rent growth, lease up potential, unmet tenant needs, etc.). Ultimately aiming for a target stabilized yield on cost.

If you ever dreamed about visiting every remote bumfuck town in your state raise a kid that plays sports.

“Rich Men North of Richmond” is the most listened to track in the world in the past 24 hours. This American working-man’s protest song has millions & millions of plays. Sung by an off-the-grid farmer in the countryside with his dogs. Follow Oliver Anthony at: @AintGottaDollar

#Browns are scheduled to pull out the 75th anniversary jerseys for Sunday Night Football this week in Baltimore. (📸: @Browns)

This fourth grade QB has a bright future 🤯 (via @NxtLevelAtx)

As a guy who watched Parkey kick for the Browns last year: same.