Commercial Real Estate Development

We Are Involved in Every Step of the Process

Finding and understanding what makes a site work for a specific need can be difficult. We are constantly searching and performing diligence on land that fits our investment strategy. In most cases we develop ground up, but in some we will purchase buildings that can be renovated and repositioned to a different user profile.

To ensure we reach our investment objectives, we control and make sure every step of this process is meticulously handled.

  • Market Analysis
  • Site Analysis
  • Entitlements
  • Annexation
  • Civil Engineering
  • Platting
  • Utility Development
  • Site Development
  • Vertical Development
  • Finish-out General Contracting
  • Asset Management

Commercial Property Underwriting & Analysis

All properties are unique. There value is based on many factors including…

  • Type
  • Location
  • Size
  • Tenant(s)
  • Quality
  • Competition/Supply
  • Tenant Demand
  • Operating costs
  • Capital Markets & Financing
  • Local, Regional, National and Global markets factors
  • Buyer/Investor/User Demand – Local, 1031, Private Equity, Owner/Operator, Family Office or Institutional Investor

The challenge many owners and brokers face is the analysis and packaging of these factors to tell a professional-compelling story to ideal targeted buyers/investors that ensures deals made.

We help property owners understand the value of their property to the market by providing Valuation Analysis Packages that include the following helping our clients think through scenarios based on their objectives.

  1. Property diligence
  • Property description
  • Operating, improvement and maintenance history that details
  • Location characteristic differentiators and discounting factors
  • Property characteristic differentiators and discounting factors
  1. Rent roll analysis
  • Tenant mix, lease term analysis and re-tenanting exposure
  • Tenant operating, financial strength and securitization underwriting analysis
  • Tenant to property/location dependencies and risks
  1. Financial analysis
  • P&L analysis and cashflow scenarios based on improvements, lease adjustments, and operating cost changes
  • Yield analysis based on the ideal buyers and how these map to their waterfall objectives
  • Financing analysis to identify and analyze lenders and their rates
  1. Market competition analysis
  • Existing & planned competitive inventory supply
  • Market rental rates, concessions and expenses
  • Tenant demand for the product (absorption)
  1. Capital market analysis:
  • Who are the ideal buyers for a property and why
  • Who are not ideal buyers for the a property and why

Commercial Real Estate Financing

There are many ways to structure the financing of real estate. We understand each scenario through side-by-side analysis modeling. This approach puts every deal through our underwriting analysis lens to help find the right financing solution and source of financing or equity.

Typically our underwriting analysis models are designed to show multiple scenarios over a 10-year time period. This approach helps us understand and think through the following for our investments:

  • Capital/Operating Partners
  • Debt scenarios
  • Investment
  • Interest rates
  • Terms
  • Debt Service
  • Capital Reserves
  • Cash-on-Cash Returns
  • Non-Leveraged and Leveraged Yields
  • Net Profits
  • IRR