Aaron Kraft
@aaronk7
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I help companies transact on CRE. Broker provides no warranty regarding the information contained herein.
Bellevue, WA
Joined May 2009
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Do you feel smarter when you say 50 basis points instead of half a percent?
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This is City Center Plaza in downtown Bellevue
Microsoft is vacating the entire building (569,636 SF)
Was told today that it’s owned debt free
Owner has no choice but to figure it out
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Do you feel smarter when you say 50 basis points instead of half a percent?
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Do you feel smarter when you say 50 basis points instead of half a percent?
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Explain to me like I’m 5 why residential MLS’s still exist now that we have Zillow and Redfin
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Residential agents for $500k house:
“Check out this video with drone footage and professional editing!”
Commercial agents for $30M building:
“See attached one page flyer with floor plan.”
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Do you feel smarter when you say 50 basis points instead of half a percent?
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Residential agents for $500k house:
“Check out this video with drone footage and professional editing!”
Commercial agents for $30M building:
“See attached one page flyer with floor plan.”
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In 2013 a dentist and his wife sold the Las Margaritas site in downtown Bellevue for $31M. The buyer was a Chinese syndication that planned on building a 450 foot office tower.
The deal included $7M down with $24M seller financed and owed over a 24 month term.
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People love trashing realtors but imagine the shit show we’d be in if people were buying homes off Zillow like it was Cyber Monday on Amazon
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@FrankRundatz
Yeah, but do you get an entitled sense of superiority as it rolls off your tongue?
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@altyeahright1
We set up a separate group chat with Mike’s boss Slim Thug and his partner Paul Wall
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Developer: “We’d like to build more housing, which in turn, will make housing more affordable”
City: “Great, we’ll make the process as difficult as possible and much more expensive”
Developer: “wut…?”
City: “We need more affordable housing”
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I witnessed the worst cold call in history…
I was sitting next to a new broker calling on tenants
He dials...
Broker: "Hi, is William there?"
Receptionist: "William, who?"
Broker: "William.... uhh Gates"
Receptionist: "Are you calling for Bill Gates?"
Broker: "Yes"
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@TheWolfofREI
Microsoft is vacating 3 more buildings in downtown Bellevue (~2M sf total), 3 on I90 in Bellevue (~750k sf), and ~7 in Redmond (~800k sf). Their move back to their campus is a massive one.
*numbers off the top of my head
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Residential Broker: “Sure, I can meet you there at 7:00 pm on Christmas Eve!”
Commercial Broker: “I’m available from 1:00 to 1:15 on Tuesday the 21st”
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Go ahead and hire an agent for 1%…
Fix your car with duct tape…
Sneak candy into the movie theater…
Skip that cup of coffee…
What’s stopping you?
US Realtor fees could be slashed from 3% to 1%.
Millions will quit.
These are fat juicy fees. On a 1 million house, seller can often pay about 60 grand in fees alone.
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I screwed up…
I leased a flex space to a company that mixes spices a few years ago
The tenant moved out a couple of months back
We’ve done all we can but it still REEKS of cumin
What would you do?
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You all are going to be crying when she gets a $250k/year marketing job because of this video
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@TripleNetInvest
My wife started shopping there again so that probably accounts for half the gain
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From this app, I’ve learned that:
1) love is overrated
2) if you don’t have $10M by 30 you’re basically broke
3) marriage is for suckers
So glad I got on here. I had no idea.
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*this was poorly written but it was done with a 2 year old climbing on my head
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In 2013 a dentist and his wife sold the Las Margaritas site in downtown Bellevue for $31M. The buyer was a Chinese syndication that planned on building a 450 foot office tower.
The deal included $7M down with $24M seller financed and owed over a 24 month term.
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In short, the Seller walked away with ~$49M on two sales of a property that was worth $24M close of the transaction and probably cash flowed $200k/year
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Something I never expected I’d have to do as HOA President:
Teach adults how to make friends
Homeowner (HO): I’d like to propose we use HOA funds to host parties so we can meet more neighbors
Me: That’s not what HOA dues are for, but I support having more events that are paid
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@AmitMDproactive
Need to get creative nowadays. How’s your credit? Might need a LOC from SVB to close the deal.
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@kempton_timothy
Don’t wait to live your life the way you want to. You never know what tomorrow holds. The future never comes. It’s just a lot more of todays.
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@moseskagan
I’ve done that a number of times and then following up with “oh… sorry for your loss….”
Then a very awkward silence
Then… “who handles their real estate decisions now?”
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This Chevy dealership used to be an old business park that was owned by a local family for ~40 years
The owners decided to sell in 2014 when a buyer approached them with a $10M offer
The buyer then assigned the contract to GM
Sale closed in 2015 for $22M
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@thetradingbro
If the MLS did this, agents would post directly on Zillow without thinking twice about it
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I sold Comcast door to door before CRE
First day on the job I had a guy interested
I kept talking, telling him about all the benefits
He stopped me and said "you've already made the sale, now shut up and process it"
I wish I could thank that guy today
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@ThinkAppraiser
I don’t know but I thought about picking up smoking cigarettes to cover up the smell
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Commercial Broker: “Here’s a thorough overview of the market, along with a breakdown of every space that will work for you”
Residential Broker: “Did you see anything you like on Zillow?”
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Talked to a guy last week. Said he'd sell for $2.5M. Caught him at a bad time, followed up this morning.
He said he "knows it's not worth $2.5M", but then tells me he's getting $240k annually in rent.🤯
Get offer drafted.
He confused two of his properties. Wants $6M.
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The Definitive List of CRE Vest Collabs:
JLL x Peter Millar
CBRE x J Crew
Colliers x North Face
NAI x Columbia
Kidder Mathews x Patagonia
Newmark x Arc’teryx
C&W x Eddie Bauer
Savills x Abercrombie & Fitch
Matthews x Bonobos
Northmarq x Travis Mathew
Sperry Van Ness x Old Navy
Saw a JLL x Carhartt vest today and it didn’t feel right
How did we get here?
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The buyer made ~18 payments before defaulting.
Seller got the property back and sold in 2017 for $24M to Vulcan, Paul Allen’s investment firm, which grew their footprint in South Lake Union by developing much of Amazon’s Seattle Campus.
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If you were touring a space with me and my key didn’t work so I pulled out a lock picking set and picked the lock so it wasn’t a waste of our time, would you think more or less highly of me?
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Vulcan pre-leased the entire building to Amazon and Vulcan began construction on what will be the largest office tower in downtown Bellevue
555 Tower will be 970,000 SF
42 floors
30k sf of retail
Delivery date: any day now
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Why aren’t there more podcasts?
Has anyone thought of starting one recently?
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Am I the only person that finds it cringy when younger CRE brokers are referred to as Young Guns and older ones are OGs?
You’re wearing a Jos A Banks suit and driving the Kia Optima your dad bought you. You’re not in a gang.
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New business idea:
Lease big office buildings on long term leases
Get Landlord to contribute heavily to improvements
Lease out individual offices/spaces on month to month leases (or day passes) for a premium
Pocket the difference
I’m going to call it OurOffice
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Just received call from resimercial broker
Did not ask about fee
Admitted he needed a little guidance
Totally professional
Trying to make a deal
Let’s not be so hard on them
Everyone needs to make a living
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@BillAckman
@Harvard
@MIT
@Penn
She should have asked them to explain a context that it would be acceptable in
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“Client Gifts” often feel transactional to both parties
A bottle of wine is nice, but a little awkward
It says “Thanks for letting me make some money off you. I’m giving you this so your feel obligated to work with me next time”
Don’t do that, make it personal
A few years
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Saw a JLL x Carhartt vest today and it didn’t feel right
How did we get here?
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@kempton_timothy
LOL it means people die of heart attacks and cancer and car accidents in their 30s and 40s all the time. You don't know what's going to happen, so I think if there's something that's going to make you happy today, you should do it.
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If you come on here to flex repeatedly, please heed my advice and take that over to LinkedIn where it belongs
This forum is for:
1. Advice on when to get married
2. Bashing higher education
3. Instructions on cold plunging
4. Memes
5. High value content about CRE
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@practicalgolf
You can ground your club once in the sand to test how hard it is
Pros play on consistent sand, amateurs don’t
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Left: what people think a generational asset looks like
Right: what a generational asset actually looks like
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Lender Starwood Capital Group Takes Over Renton’s Southport
The first tower of the 720k sf office complex was topped out in 2018
It still sits mostly vacant
Here’s what I would do if I was advising them…
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Hot Take:
Sports are cool
Video games (in moderation) are fun
You can have a life outside of work
Go enjoy yourself this weekend
Nobody is impressed by the 10 hours your spending in the office on Saturday
Spend time with people you care about
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This is City Center Plaza in downtown Bellevue
Microsoft is vacating the entire building (569,636 SF)
Was told that it’s owned debt free
Owner has no choice but to figure it out
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My company boasts 5,000 years of commercial real estate experience
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Amazon decided not to complete improvements on the entire building so several floors will remain shell. They have not yet marketed for sublease but it’s expected that they will market some of their downtown Bellevue space eventually.
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Multi tenant industrial project listed at 4.5% cap in Tukwila Wa for $29m. They received 11 offers with 4 above $30m. Almost like some of these buyers aren’t on Twitter.
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@TripleNetInvest
Would like to know rents in place + current market
They have a sublease available at $46/sf FS, so ~$30nnn
Sublease is probably below market, but a $30 rate doesn’t support $73M ($585/sf)
$45M loan is currently performing
Almost entire building is available for sublease but
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Here are 10 Cold Hard Facts I know about Cold Calling after 15 years of Experience:
1. Even the best cold callers stumble over themselves. They just make more calls than anyone else.
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Office investor on Zoom in late 2020: “Everything is great. Why do you ask?”
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What happened to the original buyer? Their investors are suing. The case is still being litigated, but the case includes many more allegations beyond this transaction. We’ll let the court comment on the Buyers liability to their investors, but I think we can all agree that what
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The Arizona football game just started
It’s 11:17 EST
That’s why the Pac 12 failed
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In short, the Seller walked away with ~$49M on two sales of a property that was worth $24M close of the transaction and probably cash flowed $200k/year
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@sweatystartup
It all depends on the HOA. I know of one that wants to install electric car chargers at each stall on a 46 unit condo. Cost per unit is $4600. Somehow it passed with a 2/3 majority.
I am the President of my HOA for the sole reason of avoiding examples like above.
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For the cold call till you fall, folks
100 calls/day = 1 call every 6 minutes from 7am to 5pm, no lunch included
You're either not connecting with prospects, or you're not doing much business after you hang up the phone
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Rando from LinkedIn:
2017 - Happy Birthday!
2018 - Happy Birthday!
2019 - Happy belated Birthday!
2020 - Happy Birthday!
2021 - Happy Birthday!
2022 - Happy Birthday!
2023 - Happy Birthday!
2024 - Happy Birthday!
What’s his endgame?
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@capratecraig
He’s got a point though. If they’re buying new construction the lender should underwrite to the projected reassessed property taxes and inform the buyer of what will likely happen in year 2.
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Yesterday I skipped work to golf
On the range, I met a guy that wanted to sell his 10 AC of residential land
Had a developer look at the site during my round
Meeting with the owner and developer next week
Thinking I should switch up my approach
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The "Commercial Real Estate Market" is a ton of different markets bundled into one. Often, these niches operate on different market cycles.
By grouping them together, you're likely missing the specific details you need to make smart decisions
Talking heads don't break this
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Amazon should pay it’s fair share! Whoops…
In 2017, the Seattle City Council proposed a “Head Tax” of $500/employee on businesses making more than $20MM/year
In May, 2018 the Council unanimously voted to levy a “Head Tax” of $275/employee after some compromises were made
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Brokers will waste years of their careers working tiny deals to gain "experience", only to realize it made them an expert at doing crappy deals
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Redmond Washington is putting on a clinic for how to elevate a suburban City
What have they done so far:
- Fortified their relationship with Microsoft by working with them on zoning changes
- Attracted Meta, SpaceX and Amazon, who have amassed a total of 920k SF in the City
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Commercial Broker: “Here’s a due diligence checklist with references for vendors and a timeline for critical dates”
Residential Broker: “What is due diligence anyway? We always waive that”
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@creMBP
Lol. My dad plays in a band. They were selling an amp for $1200 on Craigslist. The guitarist wanted to negotiate with a buyer that reached out. They had agreed not to sell the amp for less than $800.
Buyer offered $1000
Guitarist responds: “we’ll do $800”
My dad: 😳
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Honored and Humbled to submit an RFP for this 4k SF lease renewal today!
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