IndefiniteHorizon

Deal guy for fund w/ $2B portfolio. We don’t sell. Sharing things I hear along the way.

[IndefiniteHorizon @LongTermOwner]

Anyone here involved in NNN Walgreens deal? Have a very specific one I’d like to buy and can’t seem to dig up the owners info. Will happily pay you a fee.

Nothing unique about this deal, other than it’s adjacent to a center we own.

[IndefiniteHorizon @LongTermOwner]

Industrial friends: What’s the ICSC / NMHC of your world?

[IndefiniteHorizon @LongTermOwner]

This is the brutal part about strip malls. There are soooooo many brokers.

There are like 5 top tier brokers slinging apartments in Florida that account for 95% of the market.

[StripMallGuy @realEstateTrent]

End of Year Summary:

Brokers Spoken: 2,665
Strip Malls Purchased: 7
Total Dollar Value: $36.2M

Days posted here in a row: 365
Percentage of dollars
deployed as a result of
this account: 82%

[IndefiniteHorizon @LongTermOwner]

2024 Closings

Jan-Nov: 0
Dec: 3 🥵

[IndefiniteHorizon @LongTermOwner]

I am not from the south.

My brother-in-law married a wonderful woman from Birmingham.

His four children (aged 8 thru 14) refer to me as “sir” and my wife as “ma’am.”

Yes, sir….Thank you, ma’am.

Not sure is this is common, but it’s great.

I appreciate the respect.

[IndefiniteHorizon @LongTermOwner]

@seandsweeney Look into the Buffalo Club. Similar concept, though it’s not a warehouse. Pool, firnsss, dining, hotel, health focus, etc.

[IndefiniteHorizon @LongTermOwner]

@realEstateTrent Steady eddy. Doesn’t appreciate like the Smile States, but its consistent. One can pay a tighter cap in the southeast bc of the underlying growth; that exists only in pockets of the midwest.

[IndefiniteHorizon @LongTermOwner]

@shagbark_hick Can’t speak to recent purchases, but historically these have often been owned by Indian immigrants. They live there, work there, hire family and keep costs to a minimum. A friend literally grew up in one; one turned into two; two the three. He’s now grown and owns hotels. Grit.

[IndefiniteHorizon @LongTermOwner]

@resetbasis would love to see how they solve this one to a 18% IRR

[IndefiniteHorizon @LongTermOwner]

@resetbasis “Our interests are aligned!”

[IndefiniteHorizon @LongTermOwner]

All those deals I submitted on last week…they don’t pencil anymore.

[IndefiniteHorizon @LongTermOwner]

@realEstateTrent Good chance Dave just wants an acquisition fee, disposition fee, guarantee fee and 50% over an 8%.

[IndefiniteHorizon @LongTermOwner]

@MichaelHook_CLE The city of Cleveland turned out less than 40%. Dems can’t win with that turnout.

[IndefiniteHorizon @LongTermOwner]

@kylematthewsceo https://t.co/RB5VDReqcj

[IndefiniteHorizon @LongTermOwner]

You can turn off CNN/Fox/ABC. Just look at the 10 year treasury yield. The Trump Trade is back with a fury. Strong dollar, high yields. Get used to this, at least in the short term. #Election2024

[IndefiniteHorizon @LongTermOwner]

You can turn off CNN/Fox/ABC. Just look at the 10 year treasury yield. The Trump Trade is back with a fury. Strong dollar, high yields. Get used to this, at least in the short term. #Election2024

[IndefiniteHorizon @LongTermOwner]

@redwood_ryan_a So change waterfall to multiple hurdle. Time less of a factor.

[IndefiniteHorizon @LongTermOwner]

@investingcre In other words, my spread is too low!

[IndefiniteHorizon @LongTermOwner]

Who are the top investment sales brokers in Texas (Dallas) covering power centers, grocery anchored and neighborhood retail centers?

[IndefiniteHorizon @LongTermOwner]

I’ve bought deals from publicly traded REITs, significant REPE firms, national developers and mom&pops. Deal sizes of $3m to $99 million.

It’s a lot more work to convince the bigger firms to select us. Buyer interviews, sealed bids, multiple bidding rounds. But once the deal is signed, it’s smooth sailing. Populated data rooms and a seller team that is fully engaged and responsive. The IC said sell, and damn they’re going to make sure they don’t do anything to screw that up.

The mom & pops are easier to “convince.” But damn, the process sucks. More emotion; they’re represented by a one man law firm and it’s harder to get info.

Buying a deal from a local mom & pop developer. Built a few years ago. Access agreement signed 2 weeks ago. They’re still trying to find the as built drawings and warranties.

You built it 3 years ago. How did you lose the drawings and warranties?