Jan. 14, 2026
The Out-of-State Absolute NNN Strategy More Investors Need to Know
If you’re a commercial real estate investor deciding whether to stay in multifamily or shift into absolute NNN investments — especially out of state — this episode helps you make that decision with clarity, strategy, and confidence.
In this episode of Commercial Real Estate Secrets, I sit down with Alex Rodriguez, CCIM, founder of The Alexander Group (Los Angeles), to break down why more long-time real estate owners are moving away from management-heavy properties and into absolute net leased investments across the country.
You’ll Learn:
- Why many experienced investors are exiting multifamily and choosing absolute NNN for predictability and simplicity
- How out-of-state ownership can actually give you more control through systems and inspections
- Which tenant types tend to perform best in long-term absolute triple-net strategies
- How shifting from compressed cap rate markets to stronger yield markets can materially improve returns
Guest:
Alex Rodriguez, CCIM
Founder & President, The Alexander Group (TAG CRE)
If you’re making commercial real estate decisions in 2026, follow this show.
And save this episode — you’ll want it when you’re evaluating your next acquisition strategy.
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This week on Commercial Real
Estate Secrets, we have Alex
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Rodriguez.
Alex is the founder and
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president of The Alexander
Group, a retail based commercial
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real estate firm out of Los
Angeles.
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Alex, thank you for being on the
show today.
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Thanks so much for having me
Aviva, really appreciate it.
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Yeah, I want to talk about how
do you help owners buy absolute
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net lease properties across the
country?
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How do you find a property on
the other side of the country
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and become comfortable with it?
You know, that's the first thing
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that someone who's only owned
property in one state, that's
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their Macy's, you know, you got
your old school investor who's,
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you know, has been doing this a
long time and they're very savvy
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and they, and they know their
product and they know what it's
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like to run something locally.
But they feel if they can't see
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something, if they can't touch
it, if they can't drive to it
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within the next 1520 minutes or
an hour, then they're not going
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to have any control.
And what I found is that that's,
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it's kind of a myth at this
little irony involved, because
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what I found is the farther away
you have a property, the more
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control you end up having over
it.
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And, and the reason is the
example I use is, you know, you
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live at point A, you work at
point B and you happen to own a
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property, you know, here.
So you drive 2 from, you see it
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twice a day, you drive by it, it
looks fine.
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There's no graffiti outside,
there's no trash, there's no
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vagrants.
It looks good.
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But when was the last time you
went on to the property?
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OK.
And if you did go to the recent,
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when's the last time you went?
If you have owned multi family,
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when's the last time you went
into each unit or when's the
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last time you went on the roof?
When's the last time you had the
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mechanical inspector?
When's the last time you had the
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plumbing inspector?
When's the last time you had
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electrical inspector?
Probably years, you know, but it
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looks OK.
So you have this false sense of
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security that it's fine.
But if you own something out of
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state 1002 thousand miles away
that you can't drive to, that
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you're not going to visit every
three months, not even every
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year.
Maybe you're forced to put some
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procedures in place.
And I help my clients do that.
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And typically all you need is 1
yearly inspection, which can run
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you anywhere from 800 to $1500
depending where it is.
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And you get that report and you
know, it's like a 50 page
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report.
The 1st 7 pages are executive
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summary.
It's got pictures, it's got
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details.
I mean, everything gets
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inspected from soup to nuts.
You get that back.
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You take that report to the real
estate manager, give that to
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them, have them address all the
issues within a couple of
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months, right?
They sent it back to you.
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And you can do that on a yearly
basis.
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And you have complete control
over a property that's thousands
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of miles away, much better than
the one that's in your backyard
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that you've you never check out
because it looks fine.
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It looks like it's OK, you know,
so that's, that's the irony of
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it.
You always, as long as you do
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this, as long as you have an
inspection once a year, once
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every two years, you have more
control over that property
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that's out of state than you do
the one that's in your backyard.
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Wow, that's interesting.
Yeah.
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But what if you don't know the
the town right?
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How do you overcome that
objection?
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Like not not the property
itself, but understanding the
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location in and of itself.
Yeah, You know, usually it's not
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a bad idea to visit the property
once, you know, they get boots
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on the ground once initially.
That's never a bad idea.
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You don't have to, but it's
never a bad idea.
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I mean, there's, there's a lot
of there's a lot of tools
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available now that weren't
available, you know, back in the
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day.
You got Google, you can get a
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pretty good sense of what the
street looks like.
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You can pull demographics
reports, but there's no real
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substitute for actually getting
there.
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And if you're serious about the
property, you're going to spend
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a million, two million, 345
whatever to buy this property.
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One visit initially is not bad
just to get a lay of the land,
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you know what I mean?
And, and at the same time, you
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know, you can think that a city
is OK or a part of town is OK.
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But I mean, in any town, there's
going to be nice parts and
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there's going to be not so nice
parts.
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And you can drive 2 miles or
three miles in the same town.
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It's a completely different
trade area.
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And you want to keep those
things in mind.
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And you can pull reports and you
can, you know, inquire about
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crime in the area, local Police
Department.
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There's there's a lot of things
that can be done to get a better
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idea of what you're getting
into.
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It's interesting.
It's I come from a commercial
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real estate family and our
strategy is we only buy in
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Colorado.
So it's funny because you're
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talking about the person we are
that group and and as the
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generations, you know, for, for
our family, it's different
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because I'm very involved and we
don't need to buy or sell to
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ease operations, although one
day we very well could.
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But you're saying exactly like
what a family who maybe they're
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passing on the next the property
to the next generation and the
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next generation has no idea how
to run a property.
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The absolute net lease tenant is
a fantastic way to have mailbox
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money.
So I want to know if you had to
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choose three absolute net
tenants, which three would they
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be?
OK, I'm a big Dollar General
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fan.
Last time I checked they were
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the largest national retailer by
store counts above above 20,000
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stores nationwide investment
grade, you know, credit triple B
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minus or better.
That would be my top.
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That's the kind of a bread and
butter type thing Next, you
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know, there's a lot there.
There's, I did a, a deal not too
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long ago for a client in Arby's
in Grand Rapids, MI and that was
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an absolute triple net deal.
And those are, you got to be
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careful with those because some
of them are franchised.
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That was a corporate store.
So you want a corporate
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signature, you know, so any of
these QS, Rs that when you've
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grown up with Arby's, Wendy's,
McDonald's, you know,
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Jack-in-the-box, as long as it's
a corporate store, that's a
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great way to go.
The third one, like banks too.
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Some people might be afraid of
banks.
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They might say that, well,
everything's moving to, you
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know, online.
So I don't know, maybe, maybe
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not, I don't know.
But you can't beat that credit
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either.
Usually they're in the, you
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know, they're in the A's, you
know, for the right one, you
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don't want, you don't want
anything that's not.
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So I, I like those three.
I would have said Family Dollar
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while back ago, but this, that's
a whole other ball game.
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You know, there's, there's not
many pharmacies left in the game
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anymore because Walgreens and
Family Dollar got sold to
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private equity.
And that's always, you know, can
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be a little touchy.
They don't have the credit and
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you wonder what, what they're
going to do.
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How are things going to look
down the line?
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And so I I tend to stay away
from those at this point.
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Interesting.
OK, so recently on the news it
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comes out Starbucks is closing
500 stores and and this like I'm
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a true industrial like mom and
pop credit broker.
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My daughter's very unhappy about
that.
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They're closing two of her
favorite Starbucks.
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Well, where are we going to go
for Starbee's dads?
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You're like.
Make it at home.
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Right.
But OK, so I would assume
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Starbucks lease is ironclad.
Yeah, yeah, it is, you know, but
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you know, I don't, I forget how
many stores they have, but in
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any given year there's always a
lease that's expiring here and
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there.
You know, they're closing a few
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thousand stores, but they've got
a lot more stores than that.
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So any given year, any retailer
has a couple 100 stores at least
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that their lease is going to
expire between six months and a
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year or two years.
And you know, now you're looking
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at the option period or whether
they're going to extend that
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option.
So, you know, they they decided
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that they're making a change and
I read somewhere that they're
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going back to a larger format
and making more of a community
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thing and have people, you know,
park there and just kind of camp
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for a while.
You know, that's their
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prerogative.
But they have an IO clad lease.
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Let to your point, if they said
they were going to be there for
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10 years, you know, they are on
the hook for 10 years.
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They can't just leave, you know,
I'm sure.
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So yeah.
OK.
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OK.
So they're not bailing out in
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the middle of the lease and no.
No, no, no, they can't do.
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That OK, well, that's good.
So it's so funny and you'll
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understand this.
Yesterday I had Rich Voller on
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the podcast.
Love.
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Rich Rich is another great
Massimo client, coaching any
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he's in our group.
And when I asked him what his
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three top absolute net tenants
were, Dollar General was #1 so
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that's fun.
And I learned something new this
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week.
What's that?
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I thought these dollar stores
were going out of business.
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I, I, you know, I.
You know what happened was on
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the West Coast you had $0.99
only.
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You know, they're, they're more
regional player.
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They they're in a few states,
but more towards like Texas this
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way.
They're gone now, but they're a
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regional.
Dollar Tree is strong.
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They bought Family Dollar years
ago for $9 billion, and now they
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unloaded it Family Dollar for a
billion.
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So they took a huge haircut on
that, right?
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But aside from that, dollar
stores should be, in theory,
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pretty resistant to recession,
pretty resistant to Amazon.
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You know, Jeff Bezos isn't in
the business of selling, you
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know, things for, you know, a
dollar and mailing them, you
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know, for twice as much the
thing, right?
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So you would think you'd be a
little more resistant that way.
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But I think a lot of those,
what's happened with those
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business and a few others that
have gone BK in the last few
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years is it seems to me it's all
related to interest rates.
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You know, everyone took on a lot
of debt back when money was
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super cheap and then interest
rates kept rising.
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And you know, those loans,
eventually you can get a loan
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for your house for, you know, 20
year, 30 year fixed.
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But you can't do that in the
commercial world.
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That doesn't exist.
You can amortize it over 20
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years, but you're not going to
get a 20 year commercial loan
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there.
That doesn't exist.
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So it's typically what, three
years, five years, seven years,
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something like that.
That time tends to go by pretty
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fast.
And if they were, you know,
200
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basing their, their finances,
their figures on a monthly nut
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that was calculated at 3% and
now they're looking at 6678
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00:11:13,840 --> 00:11:15,840
percent, that doesn't pencil
anymore.
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And they can only do that for so
long.
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So that's what happened to think
places like $0.99 only.
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And some of the other ones that
have gone BK, Rite Aid, all
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those, they just had too much
debt loaded up and they, they
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couldn't, they can do it
anymore.
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00:11:26,600 --> 00:11:30,040
They're a way for rates to come
down so they can refinance, but
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that never happened.
And they can only do it so long.
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But yeah, dollar stores,
especially Dollar General,
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they're just, they're a beast.
Wow.
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Yeah, All right.
Dollar General, Call us.
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Just kidding.
Well, no.
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It's cool.
It's fascinating.
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And, and I, I'm kind of like you
in the sense that my family's
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00:11:51,440 --> 00:11:53,760
has been, you know, in the
commercial real estate business
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00:11:53,760 --> 00:11:56,800
firm for a little bit now.
We started in the grocery
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00:11:56,800 --> 00:11:58,440
business.
I was basically born into the
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grocery business.
My father, my grandfather had a
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00:12:00,680 --> 00:12:03,400
couple of grocery stores.
That was 1976.
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We sold the business in 2006.
And after that, you know, Pop
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and the old man had acquired
some real estate over the years.
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So that's when I had to
transition to, to doing that.
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And we own quite a bit of three
apartment buildings in the LA
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area.
And I remember telling the old
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00:12:17,640 --> 00:12:20,920
man about 2/6/2016, I was like,
you know, Pop, we should
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00:12:20,920 --> 00:12:24,280
consider buying something out of
state into what you're saying
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00:12:24,280 --> 00:12:25,920
before.
You know, he was like Alex.
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00:12:25,920 --> 00:12:28,320
So you he has an accent, Alex.
So you crazy.
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00:12:28,320 --> 00:12:31,480
Well, how can we we can't have a
property 3000 miles away.
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We not be able to control it.
No, no, no, no, no.
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But OK, Pop OK.
And a few months later, I showed
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him something else.
You know, look at this property.
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00:12:40,240 --> 00:12:45,160
7 1/2 cap.
A cap no, it's interesting to
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and finally he said OK.
And we we bought our first
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property in in Dalton, GA just
on on the other side of
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Tennessee.
We flew into Chattanooga.
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00:12:54,800 --> 00:12:59,000
Let's take a look at it and we
bought that property.
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00:12:59,560 --> 00:13:02,880
It was a little a little risky.
It was a Rite Aid at the time
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00:13:03,400 --> 00:13:06,640
later became a Walgreens.
We got sold to Walgreens was a
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00:13:06,640 --> 00:13:10,960
Rite Aid at with 4 1/2 years of
term left on there.
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Not something I would suggest a
client to do, but we, we looked
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at it, we understood what we're
getting at.
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00:13:16,960 --> 00:13:20,120
We're getting out of apartment
buildings that we were getting
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literally about.
We're making about 3 1/2 cap, 4
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00:13:25,000 --> 00:13:26,560
cap at the most on those
properties.
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00:13:27,000 --> 00:13:29,280
You know, they were free and
clear.
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00:13:29,280 --> 00:13:31,640
But when you do the math, you
know, so if you have something
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free and clear, you don't have
to worry about, you know what's
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00:13:33,800 --> 00:13:36,440
coming in 'cause this you know,
every, everything is profit.
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00:13:36,840 --> 00:13:40,600
But when you take into account,
some people take into account
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00:13:40,600 --> 00:13:42,520
what they bought the property
for and do the math, well, you
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00:13:42,520 --> 00:13:43,640
can't do that.
You got to do what the
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00:13:43,640 --> 00:13:46,840
property's worth today and make
an Apple Steps comparison.
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00:13:46,840 --> 00:13:48,800
What could you have today with
that valuation?
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00:13:49,520 --> 00:13:54,200
And when we looked at this
property in Dalton, the cap rate
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was 9 1/2.
So that's almost 1010 cap.
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00:13:58,600 --> 00:14:02,600
Anybody tells you they got a 10
cap for you, you got to ask 2
259
00:14:02,600 --> 00:14:05,080
questions.
Number one, what's the risk?
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00:14:05,400 --> 00:14:08,480
Or #2 it's a Ponzi scheme.
There's no, there's no such
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00:14:08,480 --> 00:14:10,680
thing as 10% guaranteed for any,
you know.
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00:14:11,040 --> 00:14:14,000
And the risk here was that the,
it only had 4 1/2 years of term
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00:14:14,000 --> 00:14:17,120
left on there.
So our strategy was, OK, we're
264
00:14:17,120 --> 00:14:18,320
getting in a nine and a half
cap.
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00:14:18,680 --> 00:14:21,360
It's a good location.
It's a saw location.
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00:14:21,640 --> 00:14:22,520
They're going to want to be
there.
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00:14:22,520 --> 00:14:24,040
If not someone else is going to
want to be there.
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00:14:24,040 --> 00:14:26,200
We'll backfill it.
But I said, I thought to myself,
269
00:14:26,200 --> 00:14:29,240
worst case scenario, they're
going to come back in 4 1/2
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00:14:29,240 --> 00:14:32,240
years and say, you know, we like
the place, but we don't know the
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00:14:32,240 --> 00:14:34,480
numbers aren't this, that we're
going to need a haircut.
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00:14:35,400 --> 00:14:37,760
And I said the most they could
ask for 50%.
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00:14:39,560 --> 00:14:42,200
And it ended up working out that
way.
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00:14:42,200 --> 00:14:46,440
And, and, and if we did do the
50%, all that would happen is we
275
00:14:46,440 --> 00:14:50,080
would have been back to what we
were getting with the apartment
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00:14:50,080 --> 00:14:52,600
buildings at the four cap, 4 1/2
cap.
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00:14:53,280 --> 00:14:56,200
And in the interim, we got all
that difference for 4 1/2 years,
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00:14:56,400 --> 00:14:58,960
all that revenue.
And now we're back here.
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00:14:59,080 --> 00:15:01,400
But we're still in a better
position because it's an
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00:15:01,400 --> 00:15:05,640
absolute triple net lease, the
tenants responsible for all the
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00:15:05,640 --> 00:15:08,360
repairs, all the maintenance,
the property insurance, the
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00:15:08,360 --> 00:15:11,840
taxes, 0 land responsibility.
So we're still in a better
283
00:15:11,840 --> 00:15:15,400
position.
But when they came back, they
284
00:15:15,400 --> 00:15:17,720
wanted they, they, I, I hit it
on right on the head.
285
00:15:17,720 --> 00:15:23,600
They wanted the 50%.
Yeah, but we, we negotiated and
286
00:15:23,680 --> 00:15:25,640
we actually didn't give them any
reduction.
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00:15:26,480 --> 00:15:30,200
And then the option, the pre
negotiation option kicked in.
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00:15:30,520 --> 00:15:33,720
So they started paying 2% more
than what they were paying in
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00:15:33,720 --> 00:15:37,600
the previous option.
So that's been since 2016 almost
290
00:15:37,600 --> 00:15:44,240
10 years, almost a 10 cap return
on that property is can't
291
00:15:44,240 --> 00:15:46,240
complain.
That's a good day when you hit
292
00:15:46,240 --> 00:15:48,040
double digits.
It's funny you say that.
293
00:15:48,960 --> 00:15:51,680
That's what we look for too.
But you're right, like if it
294
00:15:51,680 --> 00:15:54,480
comes on the market, something
we found in Colorado over the
295
00:15:54,480 --> 00:15:58,120
last five years, if it was a 8
cap or a nine cap, it was a
296
00:15:58,120 --> 00:16:01,480
cannabis property.
And that's a whole can of worms
297
00:16:01,480 --> 00:16:04,040
in and of itself.
And so it's funny you say when
298
00:16:04,040 --> 00:16:07,560
it, you know, when we start to
creep up in the cap rate.
299
00:16:07,840 --> 00:16:10,120
Yeah, be careful.
Right.
300
00:16:10,240 --> 00:16:13,000
What's the story?
So you also, so you help
301
00:16:13,000 --> 00:16:16,520
families sell multifamily?
Yeah.
302
00:16:17,000 --> 00:16:20,800
And then move over into absolute
net leases.
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00:16:21,080 --> 00:16:23,080
Yes.
Do you find that you're
304
00:16:23,080 --> 00:16:27,680
generally working with
generation number one or are you
305
00:16:27,800 --> 00:16:31,400
finding that it's generally the
second or third generation with
306
00:16:31,400 --> 00:16:33,880
that property with that
multifamily complex?
307
00:16:34,080 --> 00:16:37,000
I'm seeing them working together
on that.
308
00:16:37,320 --> 00:16:41,560
It's like a transition where,
where the old man is like he's
309
00:16:41,560 --> 00:16:45,200
tired of it and, and the next
generation.
310
00:16:45,200 --> 00:16:47,120
And I'm, I'm included in that as
well.
311
00:16:47,120 --> 00:16:49,640
I, I did not want to own and
manage apartment buildings.
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00:16:49,720 --> 00:16:53,280
That's not just the work, but
you don't have the surety of
313
00:16:53,280 --> 00:16:55,760
what's going to be happening
next week, next month, next
314
00:16:55,760 --> 00:16:57,680
year, because you don't know,
you can't, you can't plan
315
00:16:57,680 --> 00:16:59,760
accordingly.
You have an absolute triple then
316
00:16:59,800 --> 00:17:01,360
lease.
You know exactly how much is
317
00:17:01,360 --> 00:17:04,160
coming in this year, next year,
the one for the next 10-15
318
00:17:04,160 --> 00:17:05,680
years.
If you just bought the property,
319
00:17:05,680 --> 00:17:08,680
it's just got branded lease on
it, but in an apartment
320
00:17:08,680 --> 00:17:10,760
building, it's not that way.
You gotta say, well, what am I
321
00:17:10,760 --> 00:17:14,880
gonna have to swap out, you
know, half of the plumbing next
322
00:17:14,880 --> 00:17:17,160
year, you know, 'cause the
galvanized plan out to swap it
323
00:17:17,160 --> 00:17:19,720
out for copper.
Am I gonna need a roof, you
324
00:17:19,720 --> 00:17:22,400
know, the next time a new roof,
next time it rains because we
325
00:17:22,400 --> 00:17:25,040
saw this leak and that leak and
we had somebody go up there and
326
00:17:25,440 --> 00:17:27,240
mechanic.
You just, you can't, you can't
327
00:17:27,240 --> 00:17:32,520
budget that way, you know.
So I'm seeing that in the
328
00:17:32,520 --> 00:17:35,880
transition from in that
generation to this generation,
329
00:17:36,320 --> 00:17:38,520
they're opening their eyes.
And the new generation really
330
00:17:38,520 --> 00:17:42,760
likes the idea of an absolute
and not just because of of, you
331
00:17:42,760 --> 00:17:44,280
know, zero landlord
responsibilities.
332
00:17:44,280 --> 00:17:49,360
But especially if you're selling
in an area where cap rates are
333
00:17:49,360 --> 00:17:53,160
compressed, like Los Angeles,
you know, you're gonna find that
334
00:17:53,160 --> 00:17:56,600
you go into other States and
without breaking a sweat, you're
335
00:17:56,600 --> 00:18:00,520
gonna have a 200 point bump in
basis.
336
00:18:00,560 --> 00:18:03,800
You know, you're going from A5
cap to A7 cap without breaking a
337
00:18:03,800 --> 00:18:05,600
sweat.
And if you're talking like a
338
00:18:05,600 --> 00:18:09,800
four cap to a six cap, you just
added 50% to your NOY.
339
00:18:10,080 --> 00:18:12,200
You just added 50% to your
bottom line.
340
00:18:12,200 --> 00:18:14,400
That's massive.
That's huge, right?
341
00:18:15,240 --> 00:18:17,200
I'm so, yeah.
Once they're able to wrap their
342
00:18:17,800 --> 00:18:20,640
minds around the idea of owning
something out of state and
343
00:18:20,640 --> 00:18:25,160
realize that you actually do
have more control over it, then
344
00:18:25,160 --> 00:18:26,960
they start to understand a
little more.
345
00:18:26,960 --> 00:18:28,320
And that's what I helped them
do, you know?
346
00:18:28,560 --> 00:18:33,000
It's so interesting.
I also think just like obviously
347
00:18:33,560 --> 00:18:37,040
multi ownership in multifamily
is sort of the gateway to
348
00:18:37,040 --> 00:18:39,960
ownership in commercial real
estate and it's where a lot of
349
00:18:39,960 --> 00:18:41,560
folks start.
Absolutely.
350
00:18:42,320 --> 00:18:47,880
And I genuinely believe like pre
Internet, when there was no
351
00:18:47,880 --> 00:18:51,800
information about this readily
available to the general public,
352
00:18:52,200 --> 00:18:57,280
how would they have ever even
known that you could buy, you
353
00:18:57,280 --> 00:19:03,160
know, an Arby's or a Dollar
General in Georgia and get the
354
00:19:03,160 --> 00:19:08,080
check every month and not have
to worry about your roof, your,
355
00:19:08,200 --> 00:19:10,000
like you said, your pipes,
etcetera.
356
00:19:10,000 --> 00:19:14,320
It's just the game of commercial
real estate's becoming really
357
00:19:14,320 --> 00:19:18,520
interesting as we're adding
accessibility and leveling the
358
00:19:18,520 --> 00:19:22,920
playing field to the general
public to learn about these
359
00:19:22,920 --> 00:19:28,360
concepts of absolute net, right?
But how would the general public
360
00:19:28,360 --> 00:19:32,520
ever even have known about that?
They wouldn't, but we do because
361
00:19:32,520 --> 00:19:34,480
we're in the field everyday
staring at it.
362
00:19:35,640 --> 00:19:37,840
So and.
It's the kind of thing where you
363
00:19:37,840 --> 00:19:41,000
can have these, you know, these
sophisticated, savvy investors
364
00:19:41,000 --> 00:19:44,080
that have been doing, owning and
managing their asset class for a
365
00:19:44,080 --> 00:19:47,680
long time, apartment buildings.
But you, you talk to them about
366
00:19:47,920 --> 00:19:50,920
a retail property and it's like
you're speaking another
367
00:19:50,920 --> 00:19:52,320
language.
And, and rightly so.
368
00:19:52,320 --> 00:19:54,960
I mean, it's, it's, it's like,
you know, if you take a lawyer,
369
00:19:55,320 --> 00:19:58,440
you're not going to have a real
estate lawyer do a criminal
370
00:19:58,440 --> 00:19:59,600
defense thing.
You're not going to have a
371
00:19:59,600 --> 00:20:02,960
criminal defense lawyer.
Do you know, a, a, a real estate
372
00:20:02,960 --> 00:20:05,040
transaction, You know, so it's
the same thing.
373
00:20:05,040 --> 00:20:07,800
So that you got a lot of savvy
investors who have a lot of
374
00:20:07,800 --> 00:20:10,960
experience, but they've just
never been introduced to this
375
00:20:10,960 --> 00:20:16,280
other opportunity that is a lot
easier to own and manage and is
376
00:20:16,280 --> 00:20:19,200
more lucrative.
But once they do get introduced
377
00:20:19,200 --> 00:20:21,640
to it and they can talk to
someone, they can trust it just
378
00:20:21,640 --> 00:20:24,280
it's, it's a game changer, just
an absolute game changer.
379
00:20:24,280 --> 00:20:27,520
They never go back.
My own man will never buy
380
00:20:27,520 --> 00:20:32,360
another property in California.
You know, he just won't do it.
381
00:20:33,040 --> 00:20:35,120
He won't do it does.
That scare you?
382
00:20:36,840 --> 00:20:38,160
Why?
OK.
383
00:20:38,200 --> 00:20:39,000
OK.
That's great.
384
00:20:41,040 --> 00:20:45,960
I mean, California's got a lot
of problems, but you know, yeah,
385
00:20:45,960 --> 00:20:48,160
we, we love owning property out
of state Now.
386
00:20:48,160 --> 00:20:52,480
It's just, it's just such a game
changer when all the clients you
387
00:20:52,480 --> 00:20:54,280
have it, just you know, they
never look back.
388
00:20:55,480 --> 00:20:58,640
So interesting.
Well, I, I, I know that I know
389
00:20:58,640 --> 00:21:03,880
and believe that to be true.
My family was in hospitality
390
00:21:03,880 --> 00:21:08,320
like hotels, motels, multifamily
and then did the transition to,
391
00:21:08,920 --> 00:21:13,160
you know, over a few generations
to industrial and now it's the
392
00:21:13,160 --> 00:21:16,960
same thing like we would never
buy multi family so.
393
00:21:16,960 --> 00:21:19,880
Industrial has become super sexy
in the last few years.
394
00:21:20,480 --> 00:21:24,640
I mean, and, and it's also got,
you know, that, that it feels
395
00:21:24,640 --> 00:21:27,520
like it has that, that retail
component now 'cause you'll get,
396
00:21:27,520 --> 00:21:31,600
you know, these large buildings
with single tenant in them and
397
00:21:31,800 --> 00:21:34,800
is absolute triple net deals
popular on the, on the
398
00:21:34,800 --> 00:21:38,120
industrial side.
Sure, yeah.
399
00:21:38,440 --> 00:21:41,200
Is it that common or?
Less so.
400
00:21:41,560 --> 00:21:42,520
Less so, yeah.
Right.
401
00:21:42,640 --> 00:21:46,320
Like, I mean, look, every deal's
different, every building's
402
00:21:46,320 --> 00:21:51,400
different.
And my husband asked me this
403
00:21:51,400 --> 00:21:53,880
question the other day.
He said, are we going to see
404
00:21:53,880 --> 00:21:57,440
less and less like landlord
responsibility or tenant
405
00:21:57,440 --> 00:21:59,640
responsibility for the roof and
the wall?
406
00:21:59,640 --> 00:22:02,240
You know?
And it's like, I don't know the
407
00:22:02,240 --> 00:22:06,360
answer to that question, but I
still see companies belling up
408
00:22:06,360 --> 00:22:08,840
to the bar and taking the
responsibility.
409
00:22:10,240 --> 00:22:13,400
I, I just sold two buildings in
August.
410
00:22:14,560 --> 00:22:19,480
The tenant is Bay Systems BAE.
It was ball aerospace.
411
00:22:20,960 --> 00:22:23,520
They had just paved we're we're
doing due diligence.
412
00:22:23,720 --> 00:22:28,320
Ball had just paved both
properties on their dollar.
413
00:22:28,840 --> 00:22:31,080
They're responsible for
everything except for the roof.
414
00:22:32,120 --> 00:22:36,920
So it's like, what a what a
ridiculous secret to have.
415
00:22:36,920 --> 00:22:40,640
Like these aerospace companies,
Colorado's big with aerospace,
416
00:22:40,640 --> 00:22:45,520
these aerospace companies where
they have billions in federal
417
00:22:45,520 --> 00:22:47,920
funding.
I mean, come on, who doesn't
418
00:22:47,920 --> 00:22:52,600
want that?
And like, and you could go from,
419
00:22:53,040 --> 00:22:58,080
you know, 20-30 tenants in AC
class to Ball Aerospace and
420
00:22:58,080 --> 00:23:00,280
like, and they're paving for
you.
421
00:23:00,280 --> 00:23:06,000
It's like absolutely nuts.
And if one person listens to
422
00:23:06,000 --> 00:23:12,120
this podcast and thinks to
themselves, huh, then this will
423
00:23:12,120 --> 00:23:14,840
be worth all of our time.
But I think more than one is
424
00:23:14,840 --> 00:23:15,960
going to do that.
So.
425
00:23:15,960 --> 00:23:17,040
Oh.
I'm sure they will.
426
00:23:17,880 --> 00:23:20,880
So, Alex, what is your
commercial real estate secret?
427
00:23:21,720 --> 00:23:24,120
You know, I, I think, I think I
gave it up already.
428
00:23:24,240 --> 00:23:27,440
You know, that it's, it's what
we talked about with regard to
429
00:23:28,840 --> 00:23:32,080
the secret is that you, you
actually have more control of a
430
00:23:32,080 --> 00:23:35,120
property that you own out of
state than the one that you do
431
00:23:35,120 --> 00:23:37,440
in your backyard.
You know, it's counter
432
00:23:37,440 --> 00:23:43,120
intuitive, but it's, it's true.
I've, I've proved it many times
433
00:23:44,000 --> 00:23:46,520
to and not only in our family,
but to my clients.
434
00:23:46,920 --> 00:23:49,120
And it's you would just never
think of it.
435
00:23:49,120 --> 00:23:53,160
And that's probably the one
biggest impediment that it would
436
00:23:53,160 --> 00:23:56,760
be for an investor who's
considering owning something
437
00:23:56,760 --> 00:23:59,000
outside of their state that they
think they can't control it.
438
00:23:59,920 --> 00:24:03,280
And I show them how it's done
and how they can have more
439
00:24:03,280 --> 00:24:05,400
control.
And yeah, that that's the
440
00:24:05,400 --> 00:24:06,400
secret.
Don't tell them.
441
00:24:07,120 --> 00:24:09,880
Don't tell anybody.
That's why we leave the secret
442
00:24:09,880 --> 00:24:13,440
at the end.
So it's only the steady eddies
443
00:24:13,440 --> 00:24:17,320
get get the good stuff.
But Alex, I really appreciate
444
00:24:17,320 --> 00:24:21,120
your time for all the listeners.
Where can they find you?
445
00:24:21,120 --> 00:24:26,160
Follow you contact you to find
their next Dollar General and or
446
00:24:26,160 --> 00:24:30,640
absolute net lease property.
Check out my my website at
447
00:24:30,640 --> 00:24:36,920
www.tagcre.com.
I I should have my my IG handle
448
00:24:36,920 --> 00:24:38,720
and my LinkedIn handle.
I don't maybe we can put that
449
00:24:38,720 --> 00:24:40,880
somewhere in the in the comments
below in the video or something
450
00:24:40,880 --> 00:24:42,400
like that.
But yeah, the website
451
00:24:42,400 --> 00:24:46,520
www.tagcre.com be able to find
all my contact info.
452
00:24:47,280 --> 00:24:51,880
Tagcre.com We'll put your
information in the show notes.
453
00:24:52,400 --> 00:24:55,120
Thank you for your time today.
Thank you so much.
454
00:24:55,160 --> 00:24:57,480
We really appreciate it.
Yeah, and for everybody
455
00:24:57,480 --> 00:24:59,560
listening, we'll see you next
week.
456
00:25:02,120 --> 00:25:05,920
That's a wrap for this week on
commercial real estate secrets.
457
00:25:06,440 --> 00:25:10,440
If you found value, do us a
favor and subscribe, leave a
458
00:25:10,440 --> 00:25:14,080
review and share it with a
fellow commercial real estate
459
00:25:14,080 --> 00:25:16,600
lover.
For brokerage services or to
460
00:25:16,600 --> 00:25:19,040
connect, visit
warehousehotline.com.
461
00:25:19,760 --> 00:25:21,960
I'm Aviva.
We'll see you next week.
00:00:03,040 --> 00:00:06,520
This week on Commercial Real
Estate Secrets, we have Alex
2
00:00:06,520 --> 00:00:09,040
Rodriguez.
Alex is the founder and
3
00:00:09,040 --> 00:00:13,440
president of The Alexander
Group, a retail based commercial
4
00:00:13,440 --> 00:00:15,360
real estate firm out of Los
Angeles.
5
00:00:15,360 --> 00:00:17,560
Alex, thank you for being on the
show today.
6
00:00:17,880 --> 00:00:19,960
Thanks so much for having me
Aviva, really appreciate it.
7
00:00:20,200 --> 00:00:24,760
Yeah, I want to talk about how
do you help owners buy absolute
8
00:00:24,760 --> 00:00:27,080
net lease properties across the
country?
9
00:00:27,480 --> 00:00:32,360
How do you find a property on
the other side of the country
10
00:00:32,400 --> 00:00:37,760
and become comfortable with it?
You know, that's the first thing
11
00:00:37,760 --> 00:00:41,360
that someone who's only owned
property in one state, that's
12
00:00:41,360 --> 00:00:45,360
their Macy's, you know, you got
your old school investor who's,
13
00:00:45,360 --> 00:00:47,960
you know, has been doing this a
long time and they're very savvy
14
00:00:47,960 --> 00:00:50,600
and they, and they know their
product and they know what it's
15
00:00:50,600 --> 00:00:54,120
like to run something locally.
But they feel if they can't see
16
00:00:54,120 --> 00:00:56,520
something, if they can't touch
it, if they can't drive to it
17
00:00:56,520 --> 00:00:59,720
within the next 1520 minutes or
an hour, then they're not going
18
00:00:59,720 --> 00:01:03,960
to have any control.
And what I found is that that's,
19
00:01:04,280 --> 00:01:07,320
it's kind of a myth at this
little irony involved, because
20
00:01:07,360 --> 00:01:12,320
what I found is the farther away
you have a property, the more
21
00:01:12,320 --> 00:01:13,720
control you end up having over
it.
22
00:01:15,520 --> 00:01:20,400
And, and the reason is the
example I use is, you know, you
23
00:01:20,720 --> 00:01:24,400
live at point A, you work at
point B and you happen to own a
24
00:01:24,400 --> 00:01:28,640
property, you know, here.
So you drive 2 from, you see it
25
00:01:28,640 --> 00:01:30,840
twice a day, you drive by it, it
looks fine.
26
00:01:30,840 --> 00:01:33,920
There's no graffiti outside,
there's no trash, there's no
27
00:01:33,920 --> 00:01:35,920
vagrants.
It looks good.
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00:01:36,480 --> 00:01:38,920
But when was the last time you
went on to the property?
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00:01:40,920 --> 00:01:42,480
OK.
And if you did go to the recent,
30
00:01:42,480 --> 00:01:45,080
when's the last time you went?
If you have owned multi family,
31
00:01:45,080 --> 00:01:48,080
when's the last time you went
into each unit or when's the
32
00:01:48,080 --> 00:01:50,560
last time you went on the roof?
When's the last time you had the
33
00:01:50,560 --> 00:01:52,280
mechanical inspector?
When's the last time you had the
34
00:01:52,280 --> 00:01:54,000
plumbing inspector?
When's the last time you had
35
00:01:54,160 --> 00:01:57,880
electrical inspector?
Probably years, you know, but it
36
00:01:57,880 --> 00:01:59,960
looks OK.
So you have this false sense of
37
00:01:59,960 --> 00:02:02,480
security that it's fine.
But if you own something out of
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00:02:02,480 --> 00:02:05,560
state 1002 thousand miles away
that you can't drive to, that
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00:02:05,560 --> 00:02:08,520
you're not going to visit every
three months, not even every
40
00:02:08,520 --> 00:02:10,600
year.
Maybe you're forced to put some
41
00:02:10,600 --> 00:02:13,440
procedures in place.
And I help my clients do that.
42
00:02:13,440 --> 00:02:18,840
And typically all you need is 1
yearly inspection, which can run
43
00:02:18,840 --> 00:02:21,840
you anywhere from 800 to $1500
depending where it is.
44
00:02:21,840 --> 00:02:27,400
And you get that report and you
know, it's like a 50 page
45
00:02:27,400 --> 00:02:30,880
report.
The 1st 7 pages are executive
46
00:02:30,880 --> 00:02:33,000
summary.
It's got pictures, it's got
47
00:02:33,000 --> 00:02:35,120
details.
I mean, everything gets
48
00:02:35,120 --> 00:02:38,240
inspected from soup to nuts.
You get that back.
49
00:02:38,880 --> 00:02:43,840
You take that report to the real
estate manager, give that to
50
00:02:43,840 --> 00:02:47,880
them, have them address all the
issues within a couple of
51
00:02:47,880 --> 00:02:50,600
months, right?
They sent it back to you.
52
00:02:50,600 --> 00:02:53,400
And you can do that on a yearly
basis.
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00:02:53,720 --> 00:02:56,640
And you have complete control
over a property that's thousands
54
00:02:56,640 --> 00:03:00,120
of miles away, much better than
the one that's in your backyard
55
00:03:00,120 --> 00:03:02,200
that you've you never check out
because it looks fine.
56
00:03:02,200 --> 00:03:05,880
It looks like it's OK, you know,
so that's, that's the irony of
57
00:03:05,880 --> 00:03:08,520
it.
You always, as long as you do
58
00:03:08,520 --> 00:03:10,440
this, as long as you have an
inspection once a year, once
59
00:03:10,440 --> 00:03:13,000
every two years, you have more
control over that property
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00:03:13,000 --> 00:03:15,160
that's out of state than you do
the one that's in your backyard.
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00:03:15,640 --> 00:03:18,680
Wow, that's interesting.
Yeah.
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00:03:19,600 --> 00:03:23,480
But what if you don't know the
the town right?
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00:03:23,600 --> 00:03:25,680
How do you overcome that
objection?
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00:03:26,120 --> 00:03:28,960
Like not not the property
itself, but understanding the
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00:03:28,960 --> 00:03:32,960
location in and of itself.
Yeah, You know, usually it's not
66
00:03:32,960 --> 00:03:36,760
a bad idea to visit the property
once, you know, they get boots
67
00:03:36,760 --> 00:03:39,280
on the ground once initially.
That's never a bad idea.
68
00:03:39,280 --> 00:03:41,360
You don't have to, but it's
never a bad idea.
69
00:03:41,360 --> 00:03:43,720
I mean, there's, there's a lot
of there's a lot of tools
70
00:03:43,720 --> 00:03:45,880
available now that weren't
available, you know, back in the
71
00:03:45,880 --> 00:03:47,200
day.
You got Google, you can get a
72
00:03:47,200 --> 00:03:49,400
pretty good sense of what the
street looks like.
73
00:03:49,400 --> 00:03:52,840
You can pull demographics
reports, but there's no real
74
00:03:53,560 --> 00:03:55,440
substitute for actually getting
there.
75
00:03:55,600 --> 00:03:57,480
And if you're serious about the
property, you're going to spend
76
00:03:57,480 --> 00:04:00,920
a million, two million, 345
whatever to buy this property.
77
00:04:02,240 --> 00:04:06,000
One visit initially is not bad
just to get a lay of the land,
78
00:04:06,400 --> 00:04:09,920
you know what I mean?
And, and at the same time, you
79
00:04:09,920 --> 00:04:15,280
know, you can think that a city
is OK or a part of town is OK.
80
00:04:15,280 --> 00:04:20,399
But I mean, in any town, there's
going to be nice parts and
81
00:04:20,399 --> 00:04:22,079
there's going to be not so nice
parts.
82
00:04:22,079 --> 00:04:25,080
And you can drive 2 miles or
three miles in the same town.
83
00:04:25,080 --> 00:04:27,200
It's a completely different
trade area.
84
00:04:27,640 --> 00:04:29,520
And you want to keep those
things in mind.
85
00:04:29,520 --> 00:04:32,120
And you can pull reports and you
can, you know, inquire about
86
00:04:32,120 --> 00:04:34,680
crime in the area, local Police
Department.
87
00:04:34,680 --> 00:04:37,080
There's there's a lot of things
that can be done to get a better
88
00:04:37,080 --> 00:04:38,800
idea of what you're getting
into.
89
00:04:40,600 --> 00:04:44,640
It's interesting.
It's I come from a commercial
90
00:04:44,640 --> 00:04:49,680
real estate family and our
strategy is we only buy in
91
00:04:49,680 --> 00:04:52,200
Colorado.
So it's funny because you're
92
00:04:52,200 --> 00:04:57,520
talking about the person we are
that group and and as the
93
00:04:57,520 --> 00:05:00,480
generations, you know, for, for
our family, it's different
94
00:05:00,480 --> 00:05:06,480
because I'm very involved and we
don't need to buy or sell to
95
00:05:06,520 --> 00:05:10,000
ease operations, although one
day we very well could.
96
00:05:10,440 --> 00:05:15,720
But you're saying exactly like
what a family who maybe they're
97
00:05:15,720 --> 00:05:18,560
passing on the next the property
to the next generation and the
98
00:05:18,560 --> 00:05:22,600
next generation has no idea how
to run a property.
99
00:05:23,000 --> 00:05:29,320
The absolute net lease tenant is
a fantastic way to have mailbox
100
00:05:29,320 --> 00:05:31,760
money.
So I want to know if you had to
101
00:05:31,760 --> 00:05:36,960
choose three absolute net
tenants, which three would they
102
00:05:36,960 --> 00:05:41,600
be?
OK, I'm a big Dollar General
103
00:05:41,600 --> 00:05:44,000
fan.
Last time I checked they were
104
00:05:44,280 --> 00:05:50,280
the largest national retailer by
store counts above above 20,000
105
00:05:50,280 --> 00:05:57,720
stores nationwide investment
grade, you know, credit triple B
106
00:05:57,720 --> 00:06:00,000
minus or better.
That would be my top.
107
00:06:00,640 --> 00:06:04,320
That's the kind of a bread and
butter type thing Next, you
108
00:06:04,320 --> 00:06:08,360
know, there's a lot there.
There's, I did a, a deal not too
109
00:06:08,360 --> 00:06:15,720
long ago for a client in Arby's
in Grand Rapids, MI and that was
110
00:06:15,880 --> 00:06:18,880
an absolute triple net deal.
And those are, you got to be
111
00:06:18,880 --> 00:06:21,760
careful with those because some
of them are franchised.
112
00:06:22,160 --> 00:06:23,920
That was a corporate store.
So you want a corporate
113
00:06:23,920 --> 00:06:29,080
signature, you know, so any of
these QS, Rs that when you've
114
00:06:29,080 --> 00:06:33,120
grown up with Arby's, Wendy's,
McDonald's, you know,
115
00:06:33,120 --> 00:06:36,880
Jack-in-the-box, as long as it's
a corporate store, that's a
116
00:06:36,880 --> 00:06:40,560
great way to go.
The third one, like banks too.
117
00:06:40,680 --> 00:06:42,120
Some people might be afraid of
banks.
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00:06:42,120 --> 00:06:44,440
They might say that, well,
everything's moving to, you
119
00:06:44,440 --> 00:06:47,200
know, online.
So I don't know, maybe, maybe
120
00:06:47,200 --> 00:06:49,680
not, I don't know.
But you can't beat that credit
121
00:06:49,680 --> 00:06:50,600
either.
Usually they're in the, you
122
00:06:50,600 --> 00:06:53,640
know, they're in the A's, you
know, for the right one, you
123
00:06:53,640 --> 00:06:55,120
don't want, you don't want
anything that's not.
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00:06:55,680 --> 00:06:59,160
So I, I like those three.
I would have said Family Dollar
125
00:06:59,160 --> 00:07:02,200
while back ago, but this, that's
a whole other ball game.
126
00:07:02,440 --> 00:07:05,120
You know, there's, there's not
many pharmacies left in the game
127
00:07:05,120 --> 00:07:08,840
anymore because Walgreens and
Family Dollar got sold to
128
00:07:08,840 --> 00:07:12,120
private equity.
And that's always, you know, can
129
00:07:12,120 --> 00:07:14,040
be a little touchy.
They don't have the credit and
130
00:07:14,040 --> 00:07:15,920
you wonder what, what they're
going to do.
131
00:07:16,920 --> 00:07:18,600
How are things going to look
down the line?
132
00:07:18,680 --> 00:07:21,600
And so I I tend to stay away
from those at this point.
133
00:07:22,160 --> 00:07:26,520
Interesting.
OK, so recently on the news it
134
00:07:26,520 --> 00:07:31,560
comes out Starbucks is closing
500 stores and and this like I'm
135
00:07:31,560 --> 00:07:36,680
a true industrial like mom and
pop credit broker.
136
00:07:36,680 --> 00:07:38,360
My daughter's very unhappy about
that.
137
00:07:38,360 --> 00:07:40,280
They're closing two of her
favorite Starbucks.
138
00:07:40,400 --> 00:07:42,360
Well, where are we going to go
for Starbee's dads?
139
00:07:43,440 --> 00:07:45,040
You're like.
Make it at home.
140
00:07:46,000 --> 00:07:49,120
Right.
But OK, so I would assume
141
00:07:49,440 --> 00:07:53,880
Starbucks lease is ironclad.
Yeah, yeah, it is, you know, but
142
00:07:54,880 --> 00:07:57,520
you know, I don't, I forget how
many stores they have, but in
143
00:07:57,520 --> 00:08:02,040
any given year there's always a
lease that's expiring here and
144
00:08:02,040 --> 00:08:03,400
there.
You know, they're closing a few
145
00:08:03,400 --> 00:08:05,920
thousand stores, but they've got
a lot more stores than that.
146
00:08:05,920 --> 00:08:11,600
So any given year, any retailer
has a couple 100 stores at least
147
00:08:11,880 --> 00:08:16,040
that their lease is going to
expire between six months and a
148
00:08:16,040 --> 00:08:18,120
year or two years.
And you know, now you're looking
149
00:08:18,120 --> 00:08:20,080
at the option period or whether
they're going to extend that
150
00:08:20,160 --> 00:08:22,160
option.
So, you know, they they decided
151
00:08:22,160 --> 00:08:24,840
that they're making a change and
I read somewhere that they're
152
00:08:24,840 --> 00:08:27,480
going back to a larger format
and making more of a community
153
00:08:27,480 --> 00:08:30,000
thing and have people, you know,
park there and just kind of camp
154
00:08:30,000 --> 00:08:32,960
for a while.
You know, that's their
155
00:08:32,960 --> 00:08:35,600
prerogative.
But they have an IO clad lease.
156
00:08:35,600 --> 00:08:38,880
Let to your point, if they said
they were going to be there for
157
00:08:38,880 --> 00:08:42,039
10 years, you know, they are on
the hook for 10 years.
158
00:08:42,039 --> 00:08:44,039
They can't just leave, you know,
I'm sure.
159
00:08:44,159 --> 00:08:46,040
So yeah.
OK.
160
00:08:46,040 --> 00:08:47,640
OK.
So they're not bailing out in
161
00:08:47,640 --> 00:08:50,240
the middle of the lease and no.
No, no, no, they can't do.
162
00:08:50,600 --> 00:08:56,480
That OK, well, that's good.
So it's so funny and you'll
163
00:08:57,160 --> 00:09:01,480
understand this.
Yesterday I had Rich Voller on
164
00:09:01,480 --> 00:09:02,480
the podcast.
Love.
165
00:09:03,320 --> 00:09:08,560
Rich Rich is another great
Massimo client, coaching any
166
00:09:09,360 --> 00:09:12,480
he's in our group.
And when I asked him what his
167
00:09:12,480 --> 00:09:17,360
three top absolute net tenants
were, Dollar General was #1 so
168
00:09:17,880 --> 00:09:21,200
that's fun.
And I learned something new this
169
00:09:21,200 --> 00:09:22,320
week.
What's that?
170
00:09:23,120 --> 00:09:26,600
I thought these dollar stores
were going out of business.
171
00:09:26,800 --> 00:09:31,360
I, I, you know, I.
You know what happened was on
172
00:09:31,360 --> 00:09:33,720
the West Coast you had $0.99
only.
173
00:09:34,320 --> 00:09:36,040
You know, they're, they're more
regional player.
174
00:09:36,040 --> 00:09:39,080
They they're in a few states,
but more towards like Texas this
175
00:09:39,080 --> 00:09:42,360
way.
They're gone now, but they're a
176
00:09:42,360 --> 00:09:46,120
regional.
Dollar Tree is strong.
177
00:09:46,320 --> 00:09:53,960
They bought Family Dollar years
ago for $9 billion, and now they
178
00:09:53,960 --> 00:09:56,320
unloaded it Family Dollar for a
billion.
179
00:09:57,280 --> 00:10:00,040
So they took a huge haircut on
that, right?
180
00:10:00,800 --> 00:10:06,000
But aside from that, dollar
stores should be, in theory,
181
00:10:06,040 --> 00:10:11,680
pretty resistant to recession,
pretty resistant to Amazon.
182
00:10:11,680 --> 00:10:14,240
You know, Jeff Bezos isn't in
the business of selling, you
183
00:10:14,240 --> 00:10:16,640
know, things for, you know, a
dollar and mailing them, you
184
00:10:16,640 --> 00:10:18,880
know, for twice as much the
thing, right?
185
00:10:18,880 --> 00:10:20,880
So you would think you'd be a
little more resistant that way.
186
00:10:21,600 --> 00:10:24,960
But I think a lot of those,
what's happened with those
187
00:10:24,960 --> 00:10:27,640
business and a few others that
have gone BK in the last few
188
00:10:27,640 --> 00:10:30,200
years is it seems to me it's all
related to interest rates.
189
00:10:30,920 --> 00:10:33,680
You know, everyone took on a lot
of debt back when money was
190
00:10:33,680 --> 00:10:36,840
super cheap and then interest
rates kept rising.
191
00:10:38,000 --> 00:10:42,200
And you know, those loans,
eventually you can get a loan
192
00:10:42,200 --> 00:10:45,280
for your house for, you know, 20
year, 30 year fixed.
193
00:10:45,800 --> 00:10:47,240
But you can't do that in the
commercial world.
194
00:10:47,240 --> 00:10:49,800
That doesn't exist.
You can amortize it over 20
195
00:10:49,800 --> 00:10:52,400
years, but you're not going to
get a 20 year commercial loan
196
00:10:52,400 --> 00:10:53,480
there.
That doesn't exist.
197
00:10:53,880 --> 00:10:56,680
So it's typically what, three
years, five years, seven years,
198
00:10:56,680 --> 00:11:00,000
something like that.
That time tends to go by pretty
199
00:11:00,000 --> 00:11:02,800
fast.
And if they were, you know,
200
00:11:02,840 --> 00:11:07,960
basing their, their finances,
their figures on a monthly nut
201
00:11:07,960 --> 00:11:13,840
that was calculated at 3% and
now they're looking at 6678
202
00:11:13,840 --> 00:11:15,840
percent, that doesn't pencil
anymore.
203
00:11:16,240 --> 00:11:17,720
And they can only do that for so
long.
204
00:11:17,720 --> 00:11:20,760
So that's what happened to think
places like $0.99 only.
205
00:11:20,760 --> 00:11:22,960
And some of the other ones that
have gone BK, Rite Aid, all
206
00:11:22,960 --> 00:11:24,920
those, they just had too much
debt loaded up and they, they
207
00:11:24,920 --> 00:11:26,480
couldn't, they can do it
anymore.
208
00:11:26,600 --> 00:11:30,040
They're a way for rates to come
down so they can refinance, but
209
00:11:30,040 --> 00:11:32,160
that never happened.
And they can only do it so long.
210
00:11:33,320 --> 00:11:36,960
But yeah, dollar stores,
especially Dollar General,
211
00:11:36,960 --> 00:11:39,040
they're just, they're a beast.
Wow.
212
00:11:40,320 --> 00:11:43,600
Yeah, All right.
Dollar General, Call us.
213
00:11:44,440 --> 00:11:46,640
Just kidding.
Well, no.
214
00:11:46,640 --> 00:11:48,280
It's cool.
It's fascinating.
215
00:11:48,960 --> 00:11:51,440
And, and I, I'm kind of like you
in the sense that my family's
216
00:11:51,440 --> 00:11:53,760
has been, you know, in the
commercial real estate business
217
00:11:53,760 --> 00:11:56,800
firm for a little bit now.
We started in the grocery
218
00:11:56,800 --> 00:11:58,440
business.
I was basically born into the
219
00:11:58,440 --> 00:12:00,680
grocery business.
My father, my grandfather had a
220
00:12:00,680 --> 00:12:03,400
couple of grocery stores.
That was 1976.
221
00:12:04,120 --> 00:12:07,440
We sold the business in 2006.
And after that, you know, Pop
222
00:12:07,440 --> 00:12:09,600
and the old man had acquired
some real estate over the years.
223
00:12:09,600 --> 00:12:12,400
So that's when I had to
transition to, to doing that.
224
00:12:12,920 --> 00:12:16,160
And we own quite a bit of three
apartment buildings in the LA
225
00:12:16,160 --> 00:12:17,640
area.
And I remember telling the old
226
00:12:17,640 --> 00:12:20,920
man about 2/6/2016, I was like,
you know, Pop, we should
227
00:12:20,920 --> 00:12:24,280
consider buying something out of
state into what you're saying
228
00:12:24,280 --> 00:12:25,920
before.
You know, he was like Alex.
229
00:12:25,920 --> 00:12:28,320
So you he has an accent, Alex.
So you crazy.
230
00:12:28,320 --> 00:12:31,480
Well, how can we we can't have a
property 3000 miles away.
231
00:12:31,480 --> 00:12:33,720
We not be able to control it.
No, no, no, no, no.
232
00:12:34,360 --> 00:12:37,440
But OK, Pop OK.
And a few months later, I showed
233
00:12:37,440 --> 00:12:39,280
him something else.
You know, look at this property.
234
00:12:40,240 --> 00:12:45,160
7 1/2 cap.
A cap no, it's interesting to
235
00:12:45,640 --> 00:12:49,600
and finally he said OK.
And we we bought our first
236
00:12:49,600 --> 00:12:52,840
property in in Dalton, GA just
on on the other side of
237
00:12:52,840 --> 00:12:54,800
Tennessee.
We flew into Chattanooga.
238
00:12:54,800 --> 00:12:59,000
Let's take a look at it and we
bought that property.
239
00:12:59,560 --> 00:13:02,880
It was a little a little risky.
It was a Rite Aid at the time
240
00:13:03,400 --> 00:13:06,640
later became a Walgreens.
We got sold to Walgreens was a
241
00:13:06,640 --> 00:13:10,960
Rite Aid at with 4 1/2 years of
term left on there.
242
00:13:11,480 --> 00:13:15,480
Not something I would suggest a
client to do, but we, we looked
243
00:13:15,480 --> 00:13:16,960
at it, we understood what we're
getting at.
244
00:13:16,960 --> 00:13:20,120
We're getting out of apartment
buildings that we were getting
245
00:13:20,160 --> 00:13:25,000
literally about.
We're making about 3 1/2 cap, 4
246
00:13:25,000 --> 00:13:26,560
cap at the most on those
properties.
247
00:13:27,000 --> 00:13:29,280
You know, they were free and
clear.
248
00:13:29,280 --> 00:13:31,640
But when you do the math, you
know, so if you have something
249
00:13:31,640 --> 00:13:33,800
free and clear, you don't have
to worry about, you know what's
250
00:13:33,800 --> 00:13:36,440
coming in 'cause this you know,
every, everything is profit.
251
00:13:36,840 --> 00:13:40,600
But when you take into account,
some people take into account
252
00:13:40,600 --> 00:13:42,520
what they bought the property
for and do the math, well, you
253
00:13:42,520 --> 00:13:43,640
can't do that.
You got to do what the
254
00:13:43,640 --> 00:13:46,840
property's worth today and make
an Apple Steps comparison.
255
00:13:46,840 --> 00:13:48,800
What could you have today with
that valuation?
256
00:13:49,520 --> 00:13:54,200
And when we looked at this
property in Dalton, the cap rate
257
00:13:54,200 --> 00:13:58,480
was 9 1/2.
So that's almost 1010 cap.
258
00:13:58,600 --> 00:14:02,600
Anybody tells you they got a 10
cap for you, you got to ask 2
259
00:14:02,600 --> 00:14:05,080
questions.
Number one, what's the risk?
260
00:14:05,400 --> 00:14:08,480
Or #2 it's a Ponzi scheme.
There's no, there's no such
261
00:14:08,480 --> 00:14:10,680
thing as 10% guaranteed for any,
you know.
262
00:14:11,040 --> 00:14:14,000
And the risk here was that the,
it only had 4 1/2 years of term
263
00:14:14,000 --> 00:14:17,120
left on there.
So our strategy was, OK, we're
264
00:14:17,120 --> 00:14:18,320
getting in a nine and a half
cap.
265
00:14:18,680 --> 00:14:21,360
It's a good location.
It's a saw location.
266
00:14:21,640 --> 00:14:22,520
They're going to want to be
there.
267
00:14:22,520 --> 00:14:24,040
If not someone else is going to
want to be there.
268
00:14:24,040 --> 00:14:26,200
We'll backfill it.
But I said, I thought to myself,
269
00:14:26,200 --> 00:14:29,240
worst case scenario, they're
going to come back in 4 1/2
270
00:14:29,240 --> 00:14:32,240
years and say, you know, we like
the place, but we don't know the
271
00:14:32,240 --> 00:14:34,480
numbers aren't this, that we're
going to need a haircut.
272
00:14:35,400 --> 00:14:37,760
And I said the most they could
ask for 50%.
273
00:14:39,560 --> 00:14:42,200
And it ended up working out that
way.
274
00:14:42,200 --> 00:14:46,440
And, and, and if we did do the
50%, all that would happen is we
275
00:14:46,440 --> 00:14:50,080
would have been back to what we
were getting with the apartment
276
00:14:50,080 --> 00:14:52,600
buildings at the four cap, 4 1/2
cap.
277
00:14:53,280 --> 00:14:56,200
And in the interim, we got all
that difference for 4 1/2 years,
278
00:14:56,400 --> 00:14:58,960
all that revenue.
And now we're back here.
279
00:14:59,080 --> 00:15:01,400
But we're still in a better
position because it's an
280
00:15:01,400 --> 00:15:05,640
absolute triple net lease, the
tenants responsible for all the
281
00:15:05,640 --> 00:15:08,360
repairs, all the maintenance,
the property insurance, the
282
00:15:08,360 --> 00:15:11,840
taxes, 0 land responsibility.
So we're still in a better
283
00:15:11,840 --> 00:15:15,400
position.
But when they came back, they
284
00:15:15,400 --> 00:15:17,720
wanted they, they, I, I hit it
on right on the head.
285
00:15:17,720 --> 00:15:23,600
They wanted the 50%.
Yeah, but we, we negotiated and
286
00:15:23,680 --> 00:15:25,640
we actually didn't give them any
reduction.
287
00:15:26,480 --> 00:15:30,200
And then the option, the pre
negotiation option kicked in.
288
00:15:30,520 --> 00:15:33,720
So they started paying 2% more
than what they were paying in
289
00:15:33,720 --> 00:15:37,600
the previous option.
So that's been since 2016 almost
290
00:15:37,600 --> 00:15:44,240
10 years, almost a 10 cap return
on that property is can't
291
00:15:44,240 --> 00:15:46,240
complain.
That's a good day when you hit
292
00:15:46,240 --> 00:15:48,040
double digits.
It's funny you say that.
293
00:15:48,960 --> 00:15:51,680
That's what we look for too.
But you're right, like if it
294
00:15:51,680 --> 00:15:54,480
comes on the market, something
we found in Colorado over the
295
00:15:54,480 --> 00:15:58,120
last five years, if it was a 8
cap or a nine cap, it was a
296
00:15:58,120 --> 00:16:01,480
cannabis property.
And that's a whole can of worms
297
00:16:01,480 --> 00:16:04,040
in and of itself.
And so it's funny you say when
298
00:16:04,040 --> 00:16:07,560
it, you know, when we start to
creep up in the cap rate.
299
00:16:07,840 --> 00:16:10,120
Yeah, be careful.
Right.
300
00:16:10,240 --> 00:16:13,000
What's the story?
So you also, so you help
301
00:16:13,000 --> 00:16:16,520
families sell multifamily?
Yeah.
302
00:16:17,000 --> 00:16:20,800
And then move over into absolute
net leases.
303
00:16:21,080 --> 00:16:23,080
Yes.
Do you find that you're
304
00:16:23,080 --> 00:16:27,680
generally working with
generation number one or are you
305
00:16:27,800 --> 00:16:31,400
finding that it's generally the
second or third generation with
306
00:16:31,400 --> 00:16:33,880
that property with that
multifamily complex?
307
00:16:34,080 --> 00:16:37,000
I'm seeing them working together
on that.
308
00:16:37,320 --> 00:16:41,560
It's like a transition where,
where the old man is like he's
309
00:16:41,560 --> 00:16:45,200
tired of it and, and the next
generation.
310
00:16:45,200 --> 00:16:47,120
And I'm, I'm included in that as
well.
311
00:16:47,120 --> 00:16:49,640
I, I did not want to own and
manage apartment buildings.
312
00:16:49,720 --> 00:16:53,280
That's not just the work, but
you don't have the surety of
313
00:16:53,280 --> 00:16:55,760
what's going to be happening
next week, next month, next
314
00:16:55,760 --> 00:16:57,680
year, because you don't know,
you can't, you can't plan
315
00:16:57,680 --> 00:16:59,760
accordingly.
You have an absolute triple then
316
00:16:59,800 --> 00:17:01,360
lease.
You know exactly how much is
317
00:17:01,360 --> 00:17:04,160
coming in this year, next year,
the one for the next 10-15
318
00:17:04,160 --> 00:17:05,680
years.
If you just bought the property,
319
00:17:05,680 --> 00:17:08,680
it's just got branded lease on
it, but in an apartment
320
00:17:08,680 --> 00:17:10,760
building, it's not that way.
You gotta say, well, what am I
321
00:17:10,760 --> 00:17:14,880
gonna have to swap out, you
know, half of the plumbing next
322
00:17:14,880 --> 00:17:17,160
year, you know, 'cause the
galvanized plan out to swap it
323
00:17:17,160 --> 00:17:19,720
out for copper.
Am I gonna need a roof, you
324
00:17:19,720 --> 00:17:22,400
know, the next time a new roof,
next time it rains because we
325
00:17:22,400 --> 00:17:25,040
saw this leak and that leak and
we had somebody go up there and
326
00:17:25,440 --> 00:17:27,240
mechanic.
You just, you can't, you can't
327
00:17:27,240 --> 00:17:32,520
budget that way, you know.
So I'm seeing that in the
328
00:17:32,520 --> 00:17:35,880
transition from in that
generation to this generation,
329
00:17:36,320 --> 00:17:38,520
they're opening their eyes.
And the new generation really
330
00:17:38,520 --> 00:17:42,760
likes the idea of an absolute
and not just because of of, you
331
00:17:42,760 --> 00:17:44,280
know, zero landlord
responsibilities.
332
00:17:44,280 --> 00:17:49,360
But especially if you're selling
in an area where cap rates are
333
00:17:49,360 --> 00:17:53,160
compressed, like Los Angeles,
you know, you're gonna find that
334
00:17:53,160 --> 00:17:56,600
you go into other States and
without breaking a sweat, you're
335
00:17:56,600 --> 00:18:00,520
gonna have a 200 point bump in
basis.
336
00:18:00,560 --> 00:18:03,800
You know, you're going from A5
cap to A7 cap without breaking a
337
00:18:03,800 --> 00:18:05,600
sweat.
And if you're talking like a
338
00:18:05,600 --> 00:18:09,800
four cap to a six cap, you just
added 50% to your NOY.
339
00:18:10,080 --> 00:18:12,200
You just added 50% to your
bottom line.
340
00:18:12,200 --> 00:18:14,400
That's massive.
That's huge, right?
341
00:18:15,240 --> 00:18:17,200
I'm so, yeah.
Once they're able to wrap their
342
00:18:17,800 --> 00:18:20,640
minds around the idea of owning
something out of state and
343
00:18:20,640 --> 00:18:25,160
realize that you actually do
have more control over it, then
344
00:18:25,160 --> 00:18:26,960
they start to understand a
little more.
345
00:18:26,960 --> 00:18:28,320
And that's what I helped them
do, you know?
346
00:18:28,560 --> 00:18:33,000
It's so interesting.
I also think just like obviously
347
00:18:33,560 --> 00:18:37,040
multi ownership in multifamily
is sort of the gateway to
348
00:18:37,040 --> 00:18:39,960
ownership in commercial real
estate and it's where a lot of
349
00:18:39,960 --> 00:18:41,560
folks start.
Absolutely.
350
00:18:42,320 --> 00:18:47,880
And I genuinely believe like pre
Internet, when there was no
351
00:18:47,880 --> 00:18:51,800
information about this readily
available to the general public,
352
00:18:52,200 --> 00:18:57,280
how would they have ever even
known that you could buy, you
353
00:18:57,280 --> 00:19:03,160
know, an Arby's or a Dollar
General in Georgia and get the
354
00:19:03,160 --> 00:19:08,080
check every month and not have
to worry about your roof, your,
355
00:19:08,200 --> 00:19:10,000
like you said, your pipes,
etcetera.
356
00:19:10,000 --> 00:19:14,320
It's just the game of commercial
real estate's becoming really
357
00:19:14,320 --> 00:19:18,520
interesting as we're adding
accessibility and leveling the
358
00:19:18,520 --> 00:19:22,920
playing field to the general
public to learn about these
359
00:19:22,920 --> 00:19:28,360
concepts of absolute net, right?
But how would the general public
360
00:19:28,360 --> 00:19:32,520
ever even have known about that?
They wouldn't, but we do because
361
00:19:32,520 --> 00:19:34,480
we're in the field everyday
staring at it.
362
00:19:35,640 --> 00:19:37,840
So and.
It's the kind of thing where you
363
00:19:37,840 --> 00:19:41,000
can have these, you know, these
sophisticated, savvy investors
364
00:19:41,000 --> 00:19:44,080
that have been doing, owning and
managing their asset class for a
365
00:19:44,080 --> 00:19:47,680
long time, apartment buildings.
But you, you talk to them about
366
00:19:47,920 --> 00:19:50,920
a retail property and it's like
you're speaking another
367
00:19:50,920 --> 00:19:52,320
language.
And, and rightly so.
368
00:19:52,320 --> 00:19:54,960
I mean, it's, it's, it's like,
you know, if you take a lawyer,
369
00:19:55,320 --> 00:19:58,440
you're not going to have a real
estate lawyer do a criminal
370
00:19:58,440 --> 00:19:59,600
defense thing.
You're not going to have a
371
00:19:59,600 --> 00:20:02,960
criminal defense lawyer.
Do you know, a, a, a real estate
372
00:20:02,960 --> 00:20:05,040
transaction, You know, so it's
the same thing.
373
00:20:05,040 --> 00:20:07,800
So that you got a lot of savvy
investors who have a lot of
374
00:20:07,800 --> 00:20:10,960
experience, but they've just
never been introduced to this
375
00:20:10,960 --> 00:20:16,280
other opportunity that is a lot
easier to own and manage and is
376
00:20:16,280 --> 00:20:19,200
more lucrative.
But once they do get introduced
377
00:20:19,200 --> 00:20:21,640
to it and they can talk to
someone, they can trust it just
378
00:20:21,640 --> 00:20:24,280
it's, it's a game changer, just
an absolute game changer.
379
00:20:24,280 --> 00:20:27,520
They never go back.
My own man will never buy
380
00:20:27,520 --> 00:20:32,360
another property in California.
You know, he just won't do it.
381
00:20:33,040 --> 00:20:35,120
He won't do it does.
That scare you?
382
00:20:36,840 --> 00:20:38,160
Why?
OK.
383
00:20:38,200 --> 00:20:39,000
OK.
That's great.
384
00:20:41,040 --> 00:20:45,960
I mean, California's got a lot
of problems, but you know, yeah,
385
00:20:45,960 --> 00:20:48,160
we, we love owning property out
of state Now.
386
00:20:48,160 --> 00:20:52,480
It's just, it's just such a game
changer when all the clients you
387
00:20:52,480 --> 00:20:54,280
have it, just you know, they
never look back.
388
00:20:55,480 --> 00:20:58,640
So interesting.
Well, I, I, I know that I know
389
00:20:58,640 --> 00:21:03,880
and believe that to be true.
My family was in hospitality
390
00:21:03,880 --> 00:21:08,320
like hotels, motels, multifamily
and then did the transition to,
391
00:21:08,920 --> 00:21:13,160
you know, over a few generations
to industrial and now it's the
392
00:21:13,160 --> 00:21:16,960
same thing like we would never
buy multi family so.
393
00:21:16,960 --> 00:21:19,880
Industrial has become super sexy
in the last few years.
394
00:21:20,480 --> 00:21:24,640
I mean, and, and it's also got,
you know, that, that it feels
395
00:21:24,640 --> 00:21:27,520
like it has that, that retail
component now 'cause you'll get,
396
00:21:27,520 --> 00:21:31,600
you know, these large buildings
with single tenant in them and
397
00:21:31,800 --> 00:21:34,800
is absolute triple net deals
popular on the, on the
398
00:21:34,800 --> 00:21:38,120
industrial side.
Sure, yeah.
399
00:21:38,440 --> 00:21:41,200
Is it that common or?
Less so.
400
00:21:41,560 --> 00:21:42,520
Less so, yeah.
Right.
401
00:21:42,640 --> 00:21:46,320
Like, I mean, look, every deal's
different, every building's
402
00:21:46,320 --> 00:21:51,400
different.
And my husband asked me this
403
00:21:51,400 --> 00:21:53,880
question the other day.
He said, are we going to see
404
00:21:53,880 --> 00:21:57,440
less and less like landlord
responsibility or tenant
405
00:21:57,440 --> 00:21:59,640
responsibility for the roof and
the wall?
406
00:21:59,640 --> 00:22:02,240
You know?
And it's like, I don't know the
407
00:22:02,240 --> 00:22:06,360
answer to that question, but I
still see companies belling up
408
00:22:06,360 --> 00:22:08,840
to the bar and taking the
responsibility.
409
00:22:10,240 --> 00:22:13,400
I, I just sold two buildings in
August.
410
00:22:14,560 --> 00:22:19,480
The tenant is Bay Systems BAE.
It was ball aerospace.
411
00:22:20,960 --> 00:22:23,520
They had just paved we're we're
doing due diligence.
412
00:22:23,720 --> 00:22:28,320
Ball had just paved both
properties on their dollar.
413
00:22:28,840 --> 00:22:31,080
They're responsible for
everything except for the roof.
414
00:22:32,120 --> 00:22:36,920
So it's like, what a what a
ridiculous secret to have.
415
00:22:36,920 --> 00:22:40,640
Like these aerospace companies,
Colorado's big with aerospace,
416
00:22:40,640 --> 00:22:45,520
these aerospace companies where
they have billions in federal
417
00:22:45,520 --> 00:22:47,920
funding.
I mean, come on, who doesn't
418
00:22:47,920 --> 00:22:52,600
want that?
And like, and you could go from,
419
00:22:53,040 --> 00:22:58,080
you know, 20-30 tenants in AC
class to Ball Aerospace and
420
00:22:58,080 --> 00:23:00,280
like, and they're paving for
you.
421
00:23:00,280 --> 00:23:06,000
It's like absolutely nuts.
And if one person listens to
422
00:23:06,000 --> 00:23:12,120
this podcast and thinks to
themselves, huh, then this will
423
00:23:12,120 --> 00:23:14,840
be worth all of our time.
But I think more than one is
424
00:23:14,840 --> 00:23:15,960
going to do that.
So.
425
00:23:15,960 --> 00:23:17,040
Oh.
I'm sure they will.
426
00:23:17,880 --> 00:23:20,880
So, Alex, what is your
commercial real estate secret?
427
00:23:21,720 --> 00:23:24,120
You know, I, I think, I think I
gave it up already.
428
00:23:24,240 --> 00:23:27,440
You know, that it's, it's what
we talked about with regard to
429
00:23:28,840 --> 00:23:32,080
the secret is that you, you
actually have more control of a
430
00:23:32,080 --> 00:23:35,120
property that you own out of
state than the one that you do
431
00:23:35,120 --> 00:23:37,440
in your backyard.
You know, it's counter
432
00:23:37,440 --> 00:23:43,120
intuitive, but it's, it's true.
I've, I've proved it many times
433
00:23:44,000 --> 00:23:46,520
to and not only in our family,
but to my clients.
434
00:23:46,920 --> 00:23:49,120
And it's you would just never
think of it.
435
00:23:49,120 --> 00:23:53,160
And that's probably the one
biggest impediment that it would
436
00:23:53,160 --> 00:23:56,760
be for an investor who's
considering owning something
437
00:23:56,760 --> 00:23:59,000
outside of their state that they
think they can't control it.
438
00:23:59,920 --> 00:24:03,280
And I show them how it's done
and how they can have more
439
00:24:03,280 --> 00:24:05,400
control.
And yeah, that that's the
440
00:24:05,400 --> 00:24:06,400
secret.
Don't tell them.
441
00:24:07,120 --> 00:24:09,880
Don't tell anybody.
That's why we leave the secret
442
00:24:09,880 --> 00:24:13,440
at the end.
So it's only the steady eddies
443
00:24:13,440 --> 00:24:17,320
get get the good stuff.
But Alex, I really appreciate
444
00:24:17,320 --> 00:24:21,120
your time for all the listeners.
Where can they find you?
445
00:24:21,120 --> 00:24:26,160
Follow you contact you to find
their next Dollar General and or
446
00:24:26,160 --> 00:24:30,640
absolute net lease property.
Check out my my website at
447
00:24:30,640 --> 00:24:36,920
www.tagcre.com.
I I should have my my IG handle
448
00:24:36,920 --> 00:24:38,720
and my LinkedIn handle.
I don't maybe we can put that
449
00:24:38,720 --> 00:24:40,880
somewhere in the in the comments
below in the video or something
450
00:24:40,880 --> 00:24:42,400
like that.
But yeah, the website
451
00:24:42,400 --> 00:24:46,520
www.tagcre.com be able to find
all my contact info.
452
00:24:47,280 --> 00:24:51,880
Tagcre.com We'll put your
information in the show notes.
453
00:24:52,400 --> 00:24:55,120
Thank you for your time today.
Thank you so much.
454
00:24:55,160 --> 00:24:57,480
We really appreciate it.
Yeah, and for everybody
455
00:24:57,480 --> 00:24:59,560
listening, we'll see you next
week.
456
00:25:02,120 --> 00:25:05,920
That's a wrap for this week on
commercial real estate secrets.
457
00:25:06,440 --> 00:25:10,440
If you found value, do us a
favor and subscribe, leave a
458
00:25:10,440 --> 00:25:14,080
review and share it with a
fellow commercial real estate
459
00:25:14,080 --> 00:25:16,600
lover.
For brokerage services or to
460
00:25:16,600 --> 00:25:19,040
connect, visit
warehousehotline.com.
461
00:25:19,760 --> 00:25:21,960
I'm Aviva.
We'll see you next week.
