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Payton Kelly Profile picture
@paytonjkelly
Dec 31, 2022 • 7 tweets • 3 min read • Read on X
THREAD: How to Reach Out to National Credit Retail Tenants and What I Send Them.

#Retail #RetailLeasing #ShoppingCenters #CRE #REtwit

(1/7)
Retail tenant decision makers are constantly getting calls and emails for opportunities within and outside of their area. I am always respectful of their time and take any work off their plate whenever I can. Always get confirmation they handle the area prior to sending.

(2/x)
Email subject line must be clear and concise: “Opportunity for X in Y MSA | Z, TX” and email along the lines of “I have an opportunity in Z market. Are you the best site selection contact?” Make sure you know their closest location.

(3/x)
What I send them: marketing flyer, economic data on area, Placer cell phone traffic showing 12 months of traffic, residential development growth, trade area/demographic study, site plan/leasing update on the project, and thorough breakdown of why they want to be there.

(4/x)
Follow up: now that you’ve confirmed the decision maker or facilitator and sent them the information, they will likely need to drive the site and order sales forecasts to determine what rent they could pay. Follow up every other week as they have a lot on their plate.

(5/x)
Note: keep in mind that priorities change from year to year and just because they said no last year doesn’t mean that it’s going to be a no this year. Keep trying but be respectful of the tenant reps as you don’t know if they have another tenant or will move companies.

(6/x)
This is my simple process that has successfully allowed me to do deals with big and small national tenants.

Let me know if you do anything to improve.

Email me any shopping centers or pad sites that you need a tenant for in 2023. Pk@svntrue.com

(7/7)

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More from @paytonjkelly

Payton Kelly Profile picture
Feb 2, 2023
Who makes the most money on a ground lease? 👇

Let's say you purchased a 0.75 AC parcel at $15 PSF and ground leased to a QSR at $85,000 per year on 15 year lease with 10% increases every 5 years.

Assuming the tenant will trade at a 5.5% cap, the total value is $1.545MM.

(1/7)
Tenant Rep Broker:

Typically, Tenant Reps receive 3-4% of gross base rents during the initial term. Commission depends on state, strength of tenant, broker, etc but always want to keep the Tenant Rep brokers happy.

Commission: $42,000-$56,000
Landlord Broker:

Landlord Brokers will get 2-3% of gross base rents during the initial term. Commission depends on relationship with Landlord and deal that you negotiated.

Commission: $28,000-$42,000
Read 7 tweets
Payton Kelly Profile picture
Jan 18, 2023
THREAD: Agree Realty ($ADC), Not All Boxes Are Created Equal.

Retail Net Lease Strategy this REIT used to go from $300 Million in Assets to over $8 Billion.

@AgreeRealtyCorp
In 1971, Richard Agree founded Agree Development company and developed over 40 community shopping centers throughout their 23 year history until their initial public offering of 2.5 million shares in 1994 when they commenced operations as a REIT (Real Estate Investment Trust).
@JoeyAgree was appointed President in 2009 and they took over the CEO position in 2013. Since then, he has taken the company from a $300MM micro cap to +$8B Retail Net Lease REIT using one foundation for buying.

Not All Boxes Are Created Equal:
Read 11 tweets
Payton Kelly Profile picture
Jan 11, 2023
How can you be sure the price a National Credit Tenant will pay for your pad site or retail box space?

Here are my methods to get the highest rent possible:

(1/10)
Lease Comps:

The best information you can have for what a tenant will pay is having a comprehensive database or access to lease comparables.
Lease Comps: (cont.)

Costar - is a great starting place for a quick summary of lease comps both in the lease and sale section. Lease section you can search by tenant and will provide you a list across the United States and Sale section you are able to find STNL cap and price.
Read 10 tweets
Payton Kelly Profile picture
Jan 3, 2023
THREAD: The Best Way to Get Started in Cold Calling for Commercial Real Estate.

#ColdCalls #CRE #REtwit

(1/7)
The best possible advice that I could give to a broker starting out is to get on the phone as much as possible. The more time you spend dialing has a direct correlation with the amount of money you are able to make. Here is how I would recommend that you get started.

(2/x)
First, you are going to need a way to access phone numbers. The best way to do this is through Costar and you will likely want to join a brokerage that provides these tools for you. Find your asset class and then find the 50 owners who own the most of your asset class.

(3/x)
Read 7 tweets
Payton Kelly Profile picture
Dec 28, 2022
THREAD: Financials We Collect with LOI from Retail Tenants and Why.

#Retail #RetailLeasing #ShoppingCenters #CRE #REtwit #CommercialRealEstate

(1/16)
Collecting thorough financials in retail leasing is crucial because you are starting a relationship for a minimum of 3 to 5 years and often longer if you are effective in your leasing and management processes.

(2/16)
There are two main types of inquiries on retail properties outside of national credit tenants; Existing Businesses and New Businesses.

(3/16)
Read 16 tweets
Payton Kelly Profile picture
Dec 27, 2022
1/16 THREAD: How my first cold call landed a 25,000 SF neighborhood strip center leasing and renewal client and made him $3.5MM of tax-free cash on a refinance after a 4-year hold. #ColdCalls #CRE #REtwit
2/16 I made my first cold call after placing a retail fitness tenant in a 2,550 SF end cap. I was fortunate to have a mentor who allowed me to show listings for him on tenants who did not have a broker so I could earn a commission in the event of lease.
3/16 The tenant moved from a nearby shopping center for more traffic and visibility to our listing that was anchored by Safeway and had many popular tenants. The transaction went well and he opened up quickly.
Read 16 tweets

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