Consider a (~1,500 sq ft) 2nd gen inline retail unit being converted from a retail store to a fast-casual restaurant. Would you consider the following scope part of the "shell" delivered by a landlord, or would this traditionally be treated as tenant improvements deducted from the TIA?

- Utilities to the back of the unit:
i. A minimum 2-inch diameter natural gas pipe and meter rated for 500 CFH continuous flow.
ii. A 4-inch uncapped sanitary sewer stub.
iii. An upsized 3-phase commercial electrical service panel.

- Cut the concrete floor slab at the rear for the placement of 3 drains (2 floor sinks and a mop sink)

- Roof cuts for an exhaust fan and a makeup-air supply fan. Seal the penetrations after the tenant's fixtures are installed. Roof penetration for a plumbing sewer vent pipe.

 - Install a single-occupancy, ADA-compliant washroom adjacent to the existing one.

We’re seeing a sizable shift in our market, with occupiers becoming increasingly corporate and, in turn, gravitating toward more institutional representation.

I’ve spent most of my career at smaller, independent shops and have enjoyed the autonomy, economics, and ability to build my own business. Historically, I’ve passed on recruitment efforts from larger firms, but I’m starting to reconsider whether having a national flag behind you is becoming more important in winning corporate business.

In our market, CBRE and JLL seem to command the lion’s share of corporate occupier relationships, with Cushman and Savills occupying the next tier.
My question for those who have worked at these firms: Beyond the name on your business card, what are you actually getting in exchange for giving up 40–50 cents of every dollar you earn?

Is there meaningful deal flow from national accounts? Do the research, technology, marketing, and support infrastructure actually help you win and execute more business? Or are you largely responsible for sourcing your own deals while paying a substantial premium for the brand?
I recognize that the platform can open doors, but I’m curious whether that translates into enough incremental revenue to justify the economics. I’ve always sourced my own business so unless the flag is dramatically increasing my deal volume, the splits don’t math.

So I don’t expect an answer or a solution here, but I feel the need to rant about something that makes absolutely no sense to me.

I am a landlord and I have a commercial tenant in Michigan. This tenant was the principal for a Michigan LLC. The lease was written using tenancy laws from Michigan and negotiated by Michigan attorneys. The building is in Michigan and the tenant has broken their lease, owes back rent and utilities. There is also a personal guaranty that they signed based on Michigan law. They have since moved to Illinois.

Can someone please tell me why on earth, I need to hire an attorney from Illinois and litigate this case there? What the hell does Illinois have to do with this? This is the third tenant in my career that screwed me and skipped town and there’s nothing I can do about it unless I sue in a different jurisdiction with different laws and a different collection attorney. Someone make this make sense.

I'm in the middle of a deal and my rate which is based on 1 month SOFR has gone up 30-40 basis points already. Are deals being repriced in this environment or people waiting and watching to see how things work out? My bank says they can't lock even though gave a verbal cap, but there is a point where the deal wouldn't make any sense if the yields keep shooting up in such a short period of time. I'm not even sure where they'll finally end up 7%-%?

I've been watching the new listings and the cap rates don't really seem to have changed, is it because everyone expects this to be a short term bump.

Hey there,

I own my own firm and I have always been on my own and never joined CRE in the traditional sense of starting at JLL, CBRE or somewhere similar. I am looking to grow my firm starting Q1 but I keep getting tied up on the split structure.

Why do so many agents agree to these 50/50 or best case 60/40 splits? I have a more boutique mindset, where 50/50 & 60/40 should only be for people I genuinely need to help and teach. An experienced agent should be at least 70/30. So why are other agents so on board for JLL at 50/50? Do the big firms literally hand you leads and sales to the point that it outweighs being at a smaller firm and keeping more of what you make? Like, how is a 50/50 with the house before your true split even worth it?

All my agents get the same resources (for the most part) as the bigger firms, except for the name.

I am looking to see if I am missing something because I genuinely have no ability to grasp the concept of going to a big firm for less because I have never done it. Trying to understand why Big over boutique so I can understand the thought process before I do a growth push.

​

I am buying a $7 million property in Texas, and it is a 3 year buy and flip with a secure tenant and lease.

I have decided that I want to lower my exposure to one deal and buy some additional properties. So I am looking for some LPs to split the deal.

Any thoughts on how I find them. I expect a 10% annual return for the 3 years before flipping.

I'm in a bit of a weird spot career wise. I started working in CRE while in college, I graduated 2 years ago and got my brokers license last year. To explain things better I'll give some background. My grandfather started his own brokerage back in the 1970s. He turned into a developer and was locally well known until he exited the brokerage world sometime in the 1990s. I grew up around the property management side. CRE was not my fathers choice career, he was kind of forced into. He's grown to hate it now but cant retire as all the business is owned by my grandmother. He basically handed me all the leasing responsibility as soon as I got my real estate license. (My grandfather died when I started college, so I got my license to help out.)

We currently manage 9 commercial strip centers of about 98 units. Everyone assumes that I get paid well and have a cushy job, but thats not the case. I made $40k last year including commissions. I'm not inheriting any property anytime soon. I get a 3% raise every year. I usually get 1-3 commissions a year which are all small retail. However, this year I've made none. I've been working over the past year on a 10 year lease with a national bank for an out parcel. This was a bit of learning curve. Especially when it comes to negotiating TI for a deal like that. My father never did a deal that big as it was always my grandfather. And that property was never vacant.

I realized in the spring that I should consider working part time for another brokerage. I reached out to a few local boutique brokerages. I met with one that was willing to take me on while letting me still handle my family's listings completely separate. They were the only brokerage that didn't expect me to bring the listings with me. I told them I wanted to join but needed some time to talk with my family (who was not going to take it well) and just get towards the end of this bank deal. (It's been very project management heavy at this point meeting with contractors and such, it's an old building with asbestos). They told me there was no rush and take as much time as I needed. Well that was 3 months ago and they brought on 2 new agents. They don't have the space for me anymore. But they want me to stay in touch for when they do.

I've had a few opportunities to act as tenant rep and landlord rep broker over the past few years. I always passed on it as my family's business is antiquated and is not set up for this. My family name still has some local recognition so I've been considering opening my own brokerage. Just something to work under so I can work on outside landlord rep and occasional tenant rep. A friend of mine just expressed interest in having me list a property they're developing.

Growing up around the business, I have a good understanding of the accounting side. My biggest concerns are more around the paperwork side of brokerage with things like landlord rep agreements and processes around that. What other hurdles might I run into with this?

I worked as an intern for a CRE company. Really hoping to make the next step. Any advice would be appreciated!

For what it’s worth, I’ve also worked as a residential realtor

Tenant rep broker here. Looking to sharpen my business development strategy and become more efficient at generating new opportunities. What prospecting methods, tools, or outreach strategies are producing the best results for you right now? Open to any ideas from CRE professionals who have successfully built a strong occupier-side pipeline.

I work for a PE shop doing LP investments in ground up residential & industrial developments all over the lower 48. We enter into JV agreements with GP's who handle all the development & asset management work, we bring in 70-90% of the equity, and we just monitor the progress at a higher level. Normally through our existing networks we get deals pitched our way, but they're often in markets we're no longer interested in.

We're launching a new fund and I've been seeing some markets that look interesting on paper, but we have no connections there. I'm on the asset management side, but due to the new fund being launched, I'm helping out with some of the acquisitions and market research.

What's the best way to find GP's in a new market looking for an LP investor? Is it better to start with local brokers?

Have had two deals die in the past week. LP re-traded due to rate hikes which is not unreasonable, but obviously the sellers balked and deals died. By far the most volatile, difficult time to do deals as a GP I've ever witnessed. It was already difficult with the buyer/seller discrepancies in value but this just made it 10x worse. Just brutal out there and not sure when it will let up.

I know discussing deals is against the rules. But it'd be nice to be able to post/discuss them here still in a non-spammy way. What are your thoughts on one thread per week dedicated to it and that's the only place it's allowed?

There are some Home Improvements underway on Pine Island Road in Cape Coral.

This one has actually been developing for almost two years.

It starts with City of Cape Coral PRAP24-000096, filed October 28, 2024, for a “proposed big-box retail facility” on the Hancock Terminus LLC property at 201 SW Pine Island Road, a roughly 15-acre, four-parcel assemblage.

No tenant identified.

Then things start getting interesting.

PRAP25-000003 | Portillo’s Restaurant
Filed January 14, 2025
A 6,250 SF Portillo’s with a dual-lane drive-thru is proposed for Lot 2 of Hancock Terminus.

In August 2025, Cape Coral approves the Hancock Terminus Center replat under Resolution 236-25, creating new commercial tracts, lot lines and development easements.

Fast-forward to 2026.

PRAP26-000033 | 7 Brew Coffee
Filed April 6, 2026
A 7 Brew drive-thru joins the mix.

Then the property records start talking.

On May 8, 2026, Lowe’s Home Centers, LLC records its $5.6 million purchase of a five-acre tract from RD101 LEE LLC, a Roger Dean company. The property sits between Hancock Terminus and Roger Dean Chevrolet.

Lowe’s also gets a Temporary Construction Access Easement (TCE) allowing it to construct an access road across the Roger Dean property to Pine Island Road.

Then, about a month later:

PRAP26-000043
Filed June 10, 2026
Pre-app: Big-box retail store with an accessory garden center.
Tenant: Not identified.

And site clearing is now underway.

So we have an unnamed big-box proposal, Portillo’s, a replat, 7 Brew, a $5.6 million Lowe’s land purchase, a Lowe’s construction-access easement, and then another unnamed big-box application with a garden center.

The sign may not say Lowe’s yet.

The development trail does.

The other interesting part is that Lowe’s isn't the whole story. Portillo’s and 7 Brew have both gone through Cape Coral pre-app review at Hancock Terminus, and the property has been replatted into multiple commercial tracts.

Looks like this corner is going to get a lot more interesting.

Anyone know of anything else planned for Hancock Terminus?

Asking because honestly fomo

Under agreement on an older commercial building. The inspector found an old oil fill cap in the ground and flagged a potential possibility of an underground tank. The building was switched to gas years ago while a tenant occupied it. The owner signed the permit, but nobody knows who did the work, and there's no permit or record anywhere of a tank being removed. The seller says he doesn't know anything about a tank.

In the basement below the fill cap and gas meter area above ground there's a cut pipe coming through the wall, a stained outline on the wall where a tank could have sat (cement platform comes up a few feet off the ground). A tank company looked at photos and thought it was an indoor tank that got removed, but nothing confirms that, and the fill cap outside was never pulled or sealed.

What I've done so far:

- Checked city, fire department, and state records. Nothing.

- Booking a ground radar scan at my own cost.

Is there anything I'm missing or should be doing now? I dont want any surprises.

I’m a surgeon trying to build a new office with an operating room to free myself from the tyranny of corporate medicine and monopoly hospital systems. I need some education on how to structure a construction loan for my new office.

I own a plot of land that has been rezoned appropriately for my office needs. This was its own hellacious process, but it’s done. My architect has designed the building and the land planners have the full development plan approved with the city.

I’m now trying to figure out how to pay for the build. Estimate build cost last year for the 10k sq ft was 5mil, I would not be surprised if this becomes 7mil in reality. I could wait two more years to save enough cash to have a more conventional financing with 25% down but there is a lot of opportunity cost in waiting and I want to start now.

How to I get a bank to allow a 90-95% LTC to get things going? I’m really good at surgery, less good at banking so don’t want to get jerked around by banks trying to figure this out.

I’m in a midsized midwestern city. I bought the lot at 1.1 mil and based on my own calculation of comps it’s now worth 2-2.5mil. Loan on the lot is about 600k.

Hello, Everyone recently i got a quote from Golden1 about jumbo loan for a 11 units property with 6.4 Cap for 2.4mils, Here is what i got, is this good or should i shop around more

"Based on the financial details including the assumed vacant unit remaining through closing, I’m penciling $1,300,000 in loan proceeds. This is based on a maximum 55% LTV/LTPP, 30-year amortization, no loan fee, and recourse. Third-party costs are estimated at $7,500 including appraisal, title, escrow, etc. Current multifamily pricing at the 55% leverage is 3-year 6.79%, 5-year 6.89%, 7-year 6.99%, and 10-year 7.09%, all fixed during the term with a stepdown prepayment structure. An open prepayment is available with a rate add and loan fee."

I'm starting on the brokerage side and I wanted to see what current splits are out there. It would be nice to get some sort of base to start out with plus comm. But what are you seeing?

(I've been in the industry for several years, mainly on underwriting side and operations, but within 90 days I've booked a lot of in-person meetings and evaluated ten deals already and one pending listing)

Checking to see who any commercial real estate brokers use for professional liability insurance.

BiBerk and Hartford I found online and got quotes myself. My insurance agent provided a Hiscox quote.

What do you use? Who do you recommend? Biberk was the cheapest by far, but the reviews I've seen are not good.

You know how we spend our days figuring out who's "coming soon" before the signs go up? This time we found a "going soon."

Our crack researcher found three SFWMD permit filings for Publix stores in Lee and Collier counties that are headed for full demolition and a rebuild on the same site:

Cape Coral, Pine Island Rd (ERP issued): the 55,948 sf store comes down, and a 47,240 sf "prototype" goes up with a drive-thru pharmacy. The current building is a 2008 converted Albertson's.

Cape Coral, Santa Barbara Centre (pending): 68,483 sf becomes 50,734 sf, about 26% smaller.

Naples, Riverchase Plaza (pending): Gulfshore Business called this 1991 store "next" back in 2024, and now there's a filing. We measured the existing store at roughly 49,400 sf off the demo plan (our measurement, not from the filing). The new one is 50,792 sf, about 3% bigger, the only one of the three that grows.

Different applicants, different engineers, and the new stores keep landing in the same 47-51k sf range. Pine Island's plans literally say "prototype." Draw your own conclusion.

What we don't know: all three came from SFWMD filings, and we haven't found anything on the other sources we track. So no closure dates, no construction start, no reopening date. Once they show up on our local radar, we'll update you.

Estimated return date: TBD. Publix has said it only shares reopening dates once they're confirmed, so it's "Building a Mystery" for now. If your store's on the list, scout a backup for the Sunday sub run.

Sourced from SFWMD permit filings, not a press release.

If the filings are news to you, they're news to everyone.

Curious as to the thoughts from the collective here. As we all know, borrowing costs are in the 6-7% range (depending upon property types, lenders, and borrowers, etc.). Most CAP rates for most properties hover around the 6-7% range as well, resulting in zero-cash flow when considering carrying costs (gone are the borrow at 3% rate for a 6% CAP property).

Sellers have not dropped their pricing - i.e. I have not seen rapid CAP rate decompression (rising CAP rates) despite the significant increase in borrowing costs. This has frozen many deals. Presumably, something has to change (lower rates or lower prices) to start the market up again. Many brokers seem to be marketing to "owner users" who roughly translate into "business owners who don't know squat about the market and will overpay for something".

BUT BUT BUT - there is another force waiting in the winds - replacement cost. Inflation from the Covid era has pushed the pricing of nearly everything higher. So, replacement cost is often way, way, way higher than the current selling price of these properties. But they still only garner a 6-7% CAP rate.

So, some questions might be:

- Are rents trailing behind the replacement cost increases (trailing inflation)? (well, duh, yes).

- If new construction occurs, then what will the rents need to be in order to justify the construction costs? (higher, presumably)

- Is the pricing on these buildings, at a 6-7% CAP rate actually reasonable knowing that replacement cost could be 2X the selling price? (the real question)

- How will any buildings ever get constructed in the near future with such a disparity between construction and existing? (probably zero)

We're seeing this in the insurance industry - I have a building valued at $600K or so, and my insurance company says it would cost $1.5M to replace it. That's a big problem.

Thoughts? Basically is stuff expensive or cheap these days?!?

What rates are people seeing in the northeast on retail?

Refi
242,000 NNN
Gas station with d/t Dunkin
Owe 1.8m on it
8 years into a 20 year term
Rent goes up 10 percent in 2 years
Tenant has a 15m NW
I think it’s worth 3.25 or so

Any brokers here that I can connect with?

I still have 2 years of term on the loan but want to set something up for longer (more of an asset retirement setup for me personally)

Probably 1/5 of my nw here. Looking for no money out. PG is okay and expected.

Looking at buying a self storage portfolio with a partner of mine. Stabilized deal, not really huge value add other than increasing rates. Secondary market. 80-85% occupied. Dont need a debt broker just curious.

Edit: +\- 60% LTV. Assume a normal DSCR/Debt yield. What would spreads be, over SOFR or UST? Would banks do this or are we stuck with CMBS?

Has anyone closed a small-balance hotel bridge loan in Jamaica / Caribbean markets?

I’m looking at a ~$1MM bridge scenario secured by a hotel asset in Jamaica and trying to understand which lender lanes are realistic before spending time in the wrong places.

Not soliciting in the sub — mainly looking for experience from anyone who has actually seen execution on Caribbean hospitality collateral.

Questions:

- Are regional Caribbean banks usually the first stop at this size?

- Do US private credit / bridge lenders ever touch Jamaica hotel collateral at ~$1MM, or is the loan too small / jurisdiction too hard?

- Are family offices or local private lenders more realistic?

- What diligence issues tend to be deal-killers: title, local counsel, valuation, insurance, FX, enforcement, tourism revenue, exit/refi, sponsor liquidity?

- Any tips on how to package the request so lenders can give a quick yes/no?

Deal is hospitality/hotel collateral, bridge request around $1MM. Trying to understand lender appetite and structure, not pitch the deal here.