Build-to-Suit Burt
@BuildtoSuitBurt
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Gen II Principal of a ground up development group in FL. Building America’s favorite retail brands across the SE.
Joined January 2024
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Last Seen Profiles
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With
@ICSC
right around the corner and 1000 followers, I want to introduce Burt!
Don't let the mustache fool you, I can't grow one. I am 30 years old and am a second generation retail developer based in Florida.
When I joined our small group 4 years ago, we were finishing
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This is my grandfather’s 1970’s Datejust. I never met him, it’s the only thing I’ve ever touched that he has too. My dad gave it to me when he was done wearing it, one day my son will wear it.
At ICSC one year, a real estate manager decided it had something to do with one of
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List of who we are currently developing for:
Chase Bank
Valvoline
Firestone
McDonald’s
Starbucks
Wawa
Advance Auto
Space Coast Credit Union
Discount Tire
McAlister’s
Heartland Dental
Mavis Tire
Arby’s
Another Broken Egg
And a few more in the works…
We are looking for
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Me: Hi I’d like to speak to John please
John’s Assistant: I am the closest you’re going to get to him, what can I help you with?
Me: I’d like to make an him offer on his property, he doesn’t want to meet me?
John’s assistant: is there a for sale sign on the property?
Me: No
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This is my canvas. Still work to be done before we can start painting, but getting closer.
Nearby Grocer: Publix
Zoning: PUD
Traffic Counts: 37,000
Median Age: 39
Average HH Income: $102,000
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SBUX reserves the right to audit…
I’ve heard from a few developers that SBUX can audit their build, and if it turns out that the developer did the job for more than 6.5% return on cost, a reduced rent is automatically triggered.
Sounds like a lease dealbreaker for me.
These
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Chipotle wants a “pick up lane” (chipotlane)
SBUX wants high volume stacking…
I’m inclined to just build Chipotle a drive thru so if they ever leave, there is a real drive thru endcap available.
Thoughts?
This Chipotlane looks kind of strange. No room for order board, no
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Great adaptive reuse of a Rite Aid I saw driving in Mauldin (Greenville, SC) today.
Had to grab a google image, missed the picture.
- Bohemian Bull
- AT&T
- Cryo
- Sully Steamer's (personal favorite)
Drive thru was converted to patio seating, awesome!
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@realEstateTrent
One of your best tweets from a while ago. Guys spends years “playing the game”. Makes it to the top…
What does he miss most? The game!
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Confirmed - this app is wild.
Good Morning to you too,
@DutchBros
@aaronharrisDB
"Let's Dance!"
Hey
@aaronharrisDB
- I heard South Carolina needs some
@DutchBros
in their life.
Does 28 cars stacking work? 40,000 VPD intersection across from Publix?
There's a few things I don't like about this layout, but maybe we can share thoughts together!
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Traditionally, all of our STNL developments were funded by 2-3 partners and a local credit union or bank. Not exactly feasible at the moment, so we pivoted.
Here's a look under the hood on how we are funding a few of our deals with an equity shop right now.
20% annualized IRR
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What
@NNNIncome
is describing is nationwide. Here’s 3 different SBUX deals we’ve signed up over the past 15 months in FL :
1. Stand alone, $228,000
2. Stand alone, $215,000
3. End cap, $183,000
None of these will hurt us but are they time and capital best spent? Not
Just throwing this out there. 60 days later and this math still doesn’t come close to penciling.
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Grandpa sold about 90-95% of all STNL assets he developed.
I’m trying to sell about 75%, maybe that changes down the road - who knows.
Joe cool here just told me he can’t wait to sell the other 25% the first chance he gets…
We had a quick discussion on delayed
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Allow me to apologize and translate on behalf of my father...
Auto Discount = Advance Auto
California Pizza Chicken = California Pizza Kitchen
Sherman = Sherwin Williams
Chipoltee = Chipotle
O'Reilly ≠ O'Charley's
"I don't want to develop for them again" = Starbucks
Dollar
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Retail Ground Lease Numbers we have talked about on opportunities or been party to discussions on recently:
$375,000 Sit down
$350,000 Bank
$325,000 Bank
$250,000 QSR
$245,000 QSR
$170,000 Auto
I was previously shocked when I saw some of these numbers in Central FL, but they
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Retail developer problems...
Have not built for a tenant in a couple of years, so we ask their construction team what the building cost is running these days. $1.4 million is what we hear on the high end.
$1.45 goes into our budget. Mistake. However, the tenant at the time
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Would you rather…
Develop a credit, STNL asset at a 7% return on cost?
Develop a credit, 2-3 tenant asset at a 8.5% return on cost?
Build-to-Suits only…
Why?
[cool renderings are not mine]
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One of my favorite quotes from
@ICSC
:
Real Estate Manager:
"If our lease is signed and you get a call from me...have a tequila before you call me back. It's almost never good."
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$300,000 rent on a BTS tire store. That’s what it would take to hit 200 basis points on a $4 million project cost.
Even if the tenant does want to pay that rent…
Can you sell a top credit tire store for a 5.5 cap today? $5.5 million tire store?! I don’t think that’s one I
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Starting to feel the buzz in the air with
@ICSC
Vegas approaching!
We can’t wait to work on deals and celebrate with everyone helping to build our retail success story.
Southeast Tenant rep brokers, we want to meet you! Land brokers, we’ve got tenants to develop for!
DM’s
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"My property is worth the same as the grocery anchored pads across the street."
The grocery developer spent millions to get:
- Utilities to the property
- Access roads built
- Retention built
- Off site turn lanes built
- The site properly graded
"Sir, your property does
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Monday, June 10th 2024 in the life of a 2nd gen retail developer:
- read and markup GL LOI for property in SC
- tell a tenant why their lease stinks and that we need better terms
- comb through contractor bids for a development breaking ground Q3/Q4
- piss off a RE manager
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4 years ago and beyond we were working almost exclusively with
@Walgreens
and
@Bridgestone
. Over and over again.
Find outparcel, develop, sell, next.
We knew what we were getting with those two tenants:
- Great credit
- Form lease
- Same project team
- Awesome Brokers &
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National Brand: “Show us your pro forma exit cap rate”
Me: “Sure, show us your sales prediction model”
*Beautiful awkward silence*
Open book is great but it’s gotta be reciprocal!
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Developer finds a site for a tenant and makes the pitch. Success, he has a deal.
Developer sweats over it for well over a year to make it work. Not a good deal, but good tenant.
He struggles through and prevails.
Broker posts on LinkedIn after...
"My _____ deal is finally
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Hey
@aaronharrisDB
- I heard South Carolina needs some
@DutchBros
in their life.
Does 28 cars stacking work? 40,000 VPD intersection across from Publix?
There's a few things I don't like about this layout, but maybe we can share thoughts together!
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Early morning in Columbia, SC. Starting to see some pads take shape!
Can’t wait to welcome:
Spinx ⛽️
Valvoline 🚙
Guthrie’s 🍗
Achara 🐶
#retwit
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Our
@Wawa
site work is underway!
Lots of action at this intersection in Sumter County, FL.
I spy a pretty fancy looking
@PandaExpress
building too...
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If we had the ability to be more patient than we currently are, we would make a lot more 15-20 year GL deals. Starting the work below without the 75% LTC construction loan we got wasn’t exactly feasible for us either.
The fact of matter is, when we take down a large tract like
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We had a group interested in this space - great credit, by far highest and best (3,200SF) use for the market - would love to have made a deal with them.
Here's how it fell apart...
LOI comes through with 5 year termination clause on a "10 year lease". We say that isn't going
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Single Tenant Buildings...
#retwit
which single tenant retailers have the best looking prototype?
Lot's of curb appeal out there!
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85% of the commercial we have in permitting or coming out of the ground was off market.
Truly off market.
Phone call to the vacant land owner or a broker friend knows someone ready to sell.
Also, there’s this thing called a permit period. We have them in our contracts.
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@marketswithmay
Did the deal at 7% of cost and we are friendly to this day! He called and said he may have been a bit out of line…
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Entrepreneurs, Athletes, My CRE bubble…
How do you “turn it off” before you get home and see your spouse and kids? Some days are harder to disconnect and greet your biggest supporters with a smile.
I sit in the car in the driveway for a few minutes, deep breaths and take my
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Has anyone visited KRATE just outside Tampa in Wesley Chapel?
- 94 shipping containers
- 29 restaurants
- 17 retail shops
- 1 (I think) outparcel???
Interested to hear what sort of success this development has had…
@tyleralley24
would love your take!
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We work in places we want to spend time in.
Sunrise in NC this morning.
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I can attest to all of these - great thread.
Below is my
#1
...fee fatigue.
CITY FEES
Many of our cities have had big growth. To add new parks, sewer & water lines for the next couple of subdivisions all came at a cost for the city.
Most costs pass back disproportionately to CRE.
Not uncommon to pay $150,000+ in fees to build a 950 SF Dutch Bros.
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Hot topic of discussion / common question I got at
@ICSC
2024:
“So where do y’all get your equity / debt from these days?”
1. Small but mighty equity shop right down the road from us - and they are very nimble. They love retail.
2. Local credit unions. Can’t say enough good
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This is the ideal retail developer uniform. You might not like it, but this is what peak performance looks like.
No this is not me. Yes this is one of our principals.
Looks like he’s wearing a Turkish rug 😂
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We are closing a $7.5 million construction loan and buying $3 million of land on Tuesday.
I was in lala land when I wrote out the timelines in these contracts.
Bless the lender, equity partner, all counsels and our team for the work.
Happy Memorial Day weekend, retail
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@josherau
Thanks! Had no clue… didn’t know this was called a “tapestry” dial either. This has been fun and helpful
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Starting to see some high profile retail deals get stale with Sellers and land owners.
I’m talking Portillos, CFA, Miller’s Ale House, Outback, Wawa, First Watch etc… really quality sites in the SE.
Sellers are holding out for the last dollar they can - only to end up with
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Best way to meet retail RE managers and tenant rep brokers?
Have a site to show them with:
- thousands and thousands of cars that pass by daily
- a strong traffic driver in the general vicinity (Publix, Costco, HEB, Trader Joe’s)
- at minimum 3/4 access (preferably full)
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Brokers -
Send me a note if you have a requirement in FL or the SE - retail assets only…
$4.3 million range and $5.3 million
Would love to make our first deal from X!
Finishing up two really nice builds in great markets.
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@CoyDavidsonCRE
I don’t think I would buy one…but this one is special. Topical with ICSC coming up!
This is my grandfather’s 1970’s Datejust. I never met him, it’s the only thing I’ve ever touched that he has too. My dad gave it to me when he was done wearing it, one day my son will wear it.
At ICSC one year, a real estate manager decided it had something to do with one of
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Connected through
@DallasLoveField
on Saturday.
Looking out the window during our descent, I saw this…
Everywhere, for miles - it’s amazing.
@RELurker
@tyleralley24
@bethanyjbabcock
Have you guys done anything in San Marcos or New Braunfels? I remember when we were moving
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Imagine being under contract on a property and approaching a tenant rep broker to put the site infront of their tenant…
Then the tenant rep broker goes right to the Seller and seller’s broker (who happened to be my friend) to try and make a deal and bring it to another
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I am strongly opposed to negative leverage retail developments.
You cannot bank on selling quickly right now. We try to develop everything as if we are going to have to own it long term (even though most times we do not want to be long term owners).
We will break this rule
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Anyone else notice that the Ace building in their commercials lately looks awfully similar to a former Walgreens in Oviedo, FL?
😂
At least put a flagship or prototype in the commercial!
#retwit
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I’ve been hit up by 3 lemonade stands today - love our neighborhood.
“Sorry guys, I don’t have my wallet” will not work by the way…
They all take Venmo…
and they can’t wait to overcome your first objection with that!
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#retwit
community -
Are you pairing
@ChipotleTweets
&
@Starbucks
with other good credit tenants in a two tenant building or still shooting for stand alone?
How are you measuring lower cap rate for stand alone vs economies of scale in a two tenant?
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#retwit
How is a
@Starbucks
earnings drop going to affect the deals for sale on the market currently?
Asking for a friend…
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I love when we get sent a deal in a market we are already developing in.
It’s easier to scale and budget when we know what to expect:
- how planning and zoning / new development operate
- local DOT guidelines
- utility fees, impact fees, permit fees
- local construction
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Sport coat? Suit? Company polo?
What are you wearing on the
@ICSC
floor this year? Why?
Saw a lot of sneakers and polos last year!
Monday we dressed up - Tuesday we went with company polos.
Dressed up for dinners and happy hours.
PS - don’t ask a Texan if their feet hurt
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We were developing a big time, high profile intersection for Walgreens several years back. Naturally, city council and staff were very protective of this site - and notoriously difficult to deal with.
Council: "We want the Walgreens to look really nice, compliment the
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My son one day when he finds out there’s a bunch of retail access roads named after him…
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Today starts my journey to eventually end up at
@ICSC
Meeting in Clermont —> Naples this evening
Naples —> NYC Saturday morning
NYC —> VGS Sunday morning
Back home Tuesday. I have a problem saying no…
Unless it’s a tenant that wants an early termination clause. Easy no.
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Brokers in our markets will come to me and offer to “birddog sites” for us if we can share some pins or specific sites we like. So I do. What comes next?
🦗🦗🦗🦗
4/5 times I never hear anything back. Really only one or two guys I trust to do this - and they always come away
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A real estate manager asked recently if we would have any interest in picking up their preferred development platform in one of their western territories.
Very familiar with the platform and developers working it…
So I asked, “What happened to _____ & _____? Are they no
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CHEERS!
Finally got my
@DutchBros
Nitro cold brew with hazelnut in FLORIDA.
Let’s go!
@aaronharrisDB
@TripleNetTyler
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Is institutional money more interested in smaller retail deals as of late?
Traditionally our deals have been too small, but hearing from a couple of guys they want to quote equity or debt…
Not sure if it will be competitive or not, would love to hear from anyone who has
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I have had terrible listing agreement experiences lately.
My partner and I bring the deals with the retailers to the table because our listing brokers are busy or too lazy…
Tenant rep brokers fight with our brokers and tell us they need 4% on the full term and threaten the
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Delays hurt.
You see where that blue dumpster is sitting? That’s supposed to be an auto parts store.
It was to be permitted on the same time schedule as the Starbucks and Tire store you can see in the background.
It’s 3 months behind because:
1. Different building and
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Worked on a deal with a RE manager and Director of RE…
Signed a lease in February…
Inviting both to a happy hour in Vegas only to find out they are both no longer with the group!
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Currently adding up the total permit fees for a Starbucks, Heartland Dental, Chipotle, Firestone, McDonalds…
$225,000+
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Made myself a nice little list of properties to call on in a suburb of ATL for a retail client.
First call I make:
“Hey man, just wanted to let you know there’s a development moratorium in this city…”
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@typjohns
I can hear the young sales rep telling me why I’m screwed if I don’t purchase LTC and arguing that his permanent life insurance product can beat my real estate returns…
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Been waiting to share this one with you
#retwit
:
We needed an extension on a property and in short, the listing broker was demanding we wire the money directly to his “firm” and not the escrow agent…and told us not to speak to the Seller.
His “firm” was unregistered for a
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@3NDeveloper
No, it’s ridiculous. We were looking at a deal that we brought to the retailer (new market, didn’t know who the broker was).
Broker asked for 4% on 15 years of a 375k deal where we are giving a building allowance. Give me a break.
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After
25 months
2 different assistant growth management directors
3 different growth management directors
4 different senior planners
1 entirely new utilities division
1 city council member DUI
2 planning and zoning hearings
3 city council meetings
and probably more...
We have
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Ditto.
@jakeelurie
@kylematthewsceo
there is something different in the juice at
@Matthews_REIS
I don’t know what they did to me but I love when Matthews brokers call me.
One of the funnest people I have gotten closer with over the last year on X / LinkedIn and in real life is
@kylematthewsceo
I used to dread getting a cold call from some newbie broker that has been in the biz for 3 weeks and is cold calling me to buy a random retail net lease
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It’s a good feeling when we get a lease draft that has been
“Prepared according to conforming lease for the two parties in xxxxxxx, FL.”
Draft leases are great as long as you make your first a good one!
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I just had drinks with the CFO of a $Billion+ REIT.
Pure gold:
“I’m more worried about natural stupidity than artificial intelligence.”
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Our Construction Manager is always the first guy in the office...
He went to visit one of our SBUX under construction yesterday.
Me: How was the site visit, are we still tracking?
CM: I read the GC the riot act yesterday
Wonderful. Let's see if these guys can make up some
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Tupperware on the airplane.
My wife insists on bringing anything from leftovers to full on meals on the plane…
I can’t do it.
I’d eat terrible airplane snacks before lugging a Tupperware of lasagna through security just to watch TSA pull our bag aside and open the lasagna.
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Stamped and sealed with a few milk curdles and some slobber.
@DiscountTire
your preliminary site plan is LL team approved…
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It's 1957, Bill Harrah purchases 141 acres of ranch land in Reno, NV.
The plan was never to sell, but to create the perfect estate to raise a family and host dignitaries.
2014, Bill's son John decides to sell the club to be redeveloped into one of the most thoughtful planned
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We requested addresses for multi pad ground up developments on two different properties in different municipalities of FL:
One took 2 days ✔️
One took 3 months. 🤬
Power company will not fulfill work orders without addresses…
Big delay!
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@rofarrell12
@DallasLoveField
@RELurker
@tyleralley24
@bethanyjbabcock
Texas
#retwit
team assembled! Guys stay in touch with Robert!
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#retwit
Outside of my favorite,
@HeartlandDental
…
what other retailers are busy looking for spaces in 2-3 tenant builds with
@Starbucks
and
@ChipotleTweets
?
@CrumblCookies
popping up in a lot of these too…
Who am I missing?
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Gonna be a lot of this today. Happy derby day to the degenerates.
This is how I feel listing a 10 year SBUX right now.
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@realEstateTrent
your lawn was a bit dreary this evening… still, never been to a wedding with a view like this. Probably once in a lifetime.
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From the CFO of a $Billion+ REIT:
“We thrive in tough markets. We can’t wait for tough markets.
We don’t necessarily love it when there’s a party going on in the real estate world.”
#retwit
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@realEstateTrent
We had one recently where the city wanted us to include all contractors and subs on our building permit submittal…
Seems totally backwards!
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@YOCspread
@ClarenceWongCRE
@RojasTrg
@tyleralley24
You guys provided me great in-flight entertainment on my short flight from ATL to MCO.
Feel the need to tell you I’ve landed.
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