Franklin Street Sells Pinellas County Two-Property Portfolio for $2.8M

Franklin Street announces the sale of Liv @ Jasper and Liv @Jefferson – a two-property portfolio in Pinellas County for $2.8 million. This sales price represents $52,830 per unit or $75.85 per square foot.

Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zachary Ames of Franklin Street Real Estate Services represented both the seller, DRW Real Estate Management, LLC and the buyer, a private investor from the West Coast.

“The buyer was completing multiple 1031 exchanges from California,” Kattan said. “In addition to these properties, they recently bought three other apartment communities of varying sizes in Pinellas County.”

The buyer plans to operate them all centrally out of one of the larger properties they acquired, giving them economies of scale in operations.

“These properties were in good condition and full with the buyer planning minor improvements and raising rents over time,” Kattan said. “They were financed with a newer product being offered by Freddie and Fannie that we are seeing a lot of $1 million to $5 million loans that are enabling values to get pushed significantly right now.”

Liv @ Jefferson is a 20-unit garden-style apartment community, built in 1976, that is situated on approximately one acre in a dense residential area located at 55 Jasper St. in Largo, Florida. The property contains a unit mix of one-, two-, and three-bedroom units ranging from 900 to 1,550 square feet. Liv @ Jasper is a 33-unit, garden-style apartment community, built in 1971, located on a 0.69-acre site at 121 N Jefferson Ave. in Clearwater, Florida. The property offers studio, one-, and two-bedroom floor plans ranging from 415 to 770 square feet.

About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit


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Why Build-to-Suit is Gaining Momentum

MIAMI—As retailers face pressure from Wall Street to increase revenue, the only way to grow is by increasing their store counts. During the recession, Rafael Wright, an investment sales associate at Franklin Street, reminds that retailers looked at business models and ways to decrease costs.

“Retailers most were relatively successful through the reduction in operating expenses and renegotiation of existing leases,” Wright says. “With a stronger economy, coupled with surging population growth in Florida, retailers are actively looking to add stores or reposition existing stores into better locations.”

Jason Fox, head of global investments at W. P. Carey, a global net lease REIT, says build-to-suit is a growing trend in Europe. WPC recently closed a $115-million build-to-suit transaction for the Rabobank headquarters in Eindhoven, the Netherlands with Dutch developer OVG Group. The construction is expected to be completed in the first quarter of 2017.

“We have also seen build-to-suit as a component of existing asset acquisitions,” he says. “For example in 2014 we acquired and then funded the expansion of a distribution center for Belk in Jonesville, SC.”

On the other side of the transaction table, Calkain represents developers around the country that specialize in build-to-suit net lease assets. David Sobelman, executive vice president and managing partner at Calkain Cos., a Reston, VA-headquartered brokerage firm specializing in triple net lease investments, tells build-to-suit development has made a strong return because tenants are much more comfortable building a new location for themselves today then they were five years ago.

“However, the tenants that are having the most success with build-to-suit properties are those that started their due diligence two or more years ago,” he explains. “New tenants coming to the market today are having a tough time finding new locations that fit their business models and, subsequently, the developers that partner with the tenants are experiencing the same challenges.”

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What’s Behind Buckhead’s Retail Boom?

ATLANTA—Buckhead is booming. Salesforce plans to double its footprint there to 50,000 square feet office space. Sharecare, a healthcare information provider, recently leased 30,000 square feet of office space in the Atlanta submarket. And developers are breaking ground on a 500,000-square-foot spec office building that should hit the market in 2016.

And that’s just on the office front. There’s also plenty going on in multifamily. Apartment developers will bring nearly 10,000 multifamily units online this year with a strong emphasis on Buckhead, along with Downtown and Midtown Atlanta.

So what about retail? asked Monetha Cobb, managing director of Franklin Street of Atlanta, for her thoughts on Buckhead retail in the final installment of this exclusive interview. You can still read parts one and two: Let the Retail Bidding Wars Begin and Good and Bad News for Atlanta Retailers. Recently, Buckhead is experiencing more activity. Buckhead Atlanta has opened, the Lenox Square renovation is wrapping up, and Phipps Plaza announced a hotel and additional renovations. What sets each of these properties, all located within a mile or so of each other, apart?

Cobb: Lenox Square and Phipps Plaza are both owned by Simon, so they seem to be working in tandem with those projects to keep the northern end of Peachtree retail fresh. Lenox is tried-and-true, filled with retailers who have brand identity.

The majority of the retailers aren’t super high-end, but the mall is a known destination throughout the Southeast. At Phipps, Simon seems to be more focused on generating more of the “live” element for the project by adding a residential component and a hotel. Buckhead Atlanta is far more experiential shoppers currently and is filled with high-end luxury stores, many of which are new for not only Atlanta, but the Southeast. What sort of activity has there been around Buckhead Atlanta?

Cobb: Space in highly sought after submarkets has pushed retailers and restaurants to be more creative or flexible in the type of spaces they would consider. This is especially true in and around Buckhead Atlanta.

If you can’t be in the project, there are certainly opportunities in the general vicinity that most retail operators wouldn’t even consider two years ago. For example, a former liquor store with limited parking and somewhat challenging access has been successful in completely re-tenanting with more traditional apparel and furnishing retailers. 

There have also been many properties in the immediate vicinity of Buckhead Atlanta that have been owned for many years and are just now being developed into office, hotel, or multifamily space. That’s in addition to a few recently acquired, smaller retail projects that are getting a facelift and an updated tenant roster.  


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Take a Closer Look at CMBS Trends

So much is happening in commercial real estate, it can be difficult to get a clear view of the market. But anytime a $300 billion segment of the market is facing a critical juncture, it becomes time to pull out the binoculars, dust off the lenses and see what’s in store.

That time has come for commercial mortgage-backed securities (CMBS). Coming years will be vital to CMBS loans – and, therefore, to commercial real estate. But with a good look at trends that will shape the market, you’ll be able to stay ahead of the competition.

Over the next two years, CMBS loans will be especially important as the commercial real estate market contains an estimated $300 billion that will need to be refinanced between 2015 and 2017. Several trends impacting the CMBS market will ultimately decide the fate of these loans, including the ones listed here.

Aggressive loan-to-values

Loan-to-Value ratios (LTV) have grown increasingly higher and more aggressive during the last 12 months. From the end of 2013 to the end of 2014, leverage ratios increased by nearly 20 basis points and debt-service-coverage ratio changed from 1.67x to 1.59x, reports show. Smaller originators were more likely to offer higher-leverage ratios than the biggest banks. 

Many industry professionals are most concered about these rising LTV ratios, followed by lower debt yields and an increase in interest-only loans. As the competition heats up to make deals, CMBS lenders now offer larger loans that sometimes cover up to 80 percent of the appraised value for multifamily properties.

Uptick in interest-only availability

Interest-only availability has increased compared to previous years. Properties that tick off all the boxes on a CMBS lender’s checklist can get interest-only loans with 75 percent LTV. At lower leverage, perhaps 50 percent to 55 percent, borrowers may be able to swing interest-only for the whole term.

According to Fitch Ratings, there was a 42 percent increase in partial interest-only loans from year-end 2013 to year-end 2014, among deals the firm reviewed. Interest-only loans are also becoming more common, with interest-only terms as long as five years for 10-year, full-leverage loans.

CMBS underwriting has become increasingly aggressive, as evidenced by the rising number of loans that pay only interest for part or all of their terms, and weakening recourse terms. 

Springing recourse

Springing recourse has been a hot topic with borrowers, as more restrictions are in place than in 2008. In the following cases, lenders reserve the right to require the borrower to replace the property  manager with a third-party property manager acceptable to lender:
– Following an event of default
– If the property fails to achieve certain financial underwriting criteria;
– Upon the property manager becoming insolvent or being in default under the      management agreement; and
– If the property is not being managed in accordance with the practices of national  management companies managing similar properties in locations comparable to the  related property.

Lenders have added teeth to the borrower’s obligation to remove the manager by making the failure to comply with such obligation a nonrecourse carve-out. Many new nonrecourse carve-outs relate to the borrower’s failure to provide property level information necessary to keep the lender fully apprised of the property’s operation and management, or can be viewed as a means to address obstacles previously incurred by lenders in pursing their rights and remedies following default or protecting their security interests.

Borrowers are now subject to expanded financial reporting requirements, including tracking a property’s performance against its forward-looking operating budget, expanded restrictions on a borrower’s ability to manage and operate the property – including the borrower’s ability to deal with tenants and enter into contracts and other agreements necessary for the operation of the property – as well as expanded events of default and nonrecourse carve-outs.

Variable-rate and small-balance programs

CMBS issuance are expected to be in the range of $100 billion to $125 billion in 2015, with the largest volume increase seen in CMBS floaters and the majority of issuance concentrated in fixed-rate conduit.

CMBS lenders are making a push into securitized, small-balance, floating-rate loans, seizing the opportunity to cater to untapped borrowers and bond buyers.

The size of floating-rate loans from CMBS lenders has come down in the past year, which has opened this product up to more borrowers.

The availability of CMBS small-balance programs has increased with multiple companies now offering this product and capping the fees as long as there are not ongoing legal negotiations.

In 2005, there were fewer than a dozen lenders active in the CMBS market; today there are 40 lenders, large and small. This had led to an increase in availability of CMBS small-balance programs.

Tertiary markets

There has been an uptick in CMBS availability in tertiary markets. CMBS loans are even being used to finance projects in rural areas that most banks and life insurance companies avoid. 

The percent of CMBS loans secured by properties outside of the top 25 metro areas has increased from 35 percent before the global financial crisis to nearly 50 percent as of third-quarter 2014. For issuance to increase to more than $100 billion in coming years, CMBS originators would need to have about 30 percent market share, driven primarily by tertiary markets.

The CMBS market has only surpassed the $100 billion annual issuance level three times: in 2005, 2006 and 2007. Because of the record volume in those years, an unusually heavy supply of debt maturities will hit in the coming three years, which may lead to a shortfall if demand among investors proves insufficient to handle the volume.

Interest rates for CMBS loans continue to be roughly 15 basis points higher than the leading competition for comparable properties – usually provided by Fannie Mae or Freddie Mac lenders, experts say. As a result, most CMBS loans are being made in secondary or tertiary markets to Class B or lower multifamily properties. 

By keeping up with these trends, commercial mortgage brokers can stay ahead of the curve when it comes to CMBS loans, and the hundreds of billions of dollars of refinancing that will take place in coming years. 

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Good and Bad News for Atlanta Retailers

ATLANTA—Monetha Cobb, managing director of Franklin Street of Atlanta, is seeing bidding wars for restaurant space in Atlanta. Against that backdrop, she gave us a run down of the new retail development in the city. There’s good news and bad news for retailers looking to expand.

“There are numerous new developments occurring, but in very focused areas and asset classes,” Cobb tells “Most large-scale projects in-town focus more on multifamily or office due to the pricing and demand for those sectors.”

Cobb is quick to note that retail may be a component of the office and multifamily projects. That’s good news. The bad news is she isn’t currently seeing any large-scale, retail-driven developments underway.

“The most recent large scale, notable retail-driven projects have been Avalon, which opened in October 2014, Buckhead Atlanta, which has had tiered openings over the last six months, and Ponce City Market, which is scheduled to open sometime this fall,” Cobb says. “If there is a small to mid-size development or redevelopment taking place, it is most likely being driven by one of the many grocers expanding in the metro Atlanta market.”

As Cobb sees it, this is great for many smaller restaurant or service-oriented tenants that benefit greatly from the “daily needs” component the grocery store brings. But there’s another side.

“Since grocers are typically the lead in these developments, they are given much more oversight on what other types of tenants they will or won’t allow the developers to lease space to,” Cobb says. “This is especially common with use categories such as fitness and dollar stores, two categories that remain very active with their expansion.”


News in Brief: Liberty Center at Monarch Lakes

Franklin Street managed the lease of 7,866 square feet for Hapag-Lloyd at the Liberty Center at Monarch Lakes, 3100 S.W. 148th Ave. in Miramar.

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Ace Hardware Leases 10,800 SF in Saint Augustine

Ace Hardware will occupy the former Eckerd Drug location at 150 San Marco Ave. in St. Augustine, FL after agreeing to a 10-year lease for the 10,800-square-foot retail building.

The long-vacant property was constructed in 1982 and has stood unoccupied for more than 15 years.

Carrie Smith of Franklin Street Real Estate Services negotiated the transaction on behalf of ownership and, prior to the lease, secured a general contractor to carry out several improvements which included a new parking lot, roof, facade and remodeled interior.

Ace Hardware is expected to move in late September.

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Why Foreign Investors are Falling Into This Net

MIAMI—Foreign investment into US commercial real estate continues in 2015. According to the Association of Foreign Investors in Real Estate’s 2015 survey, over 90% of respondents plan to maintain or increase the size of their US portfolios in 2015—and the US was voted the most stable and secure country for investment, with the best opportunity for capital appreciation by a wide margin.

“As it periodically has been in the past, the United States is currently the target of much of the foreign investment in real estate globally,” says Thomas Arnold, AFIRE chairman and head of Americas real estate at the Abu Dhabi Investment Authority. “With a stable and transparent market and an economy that appears to be steadily improving without the fits and starts experienced in other regions, the US has become the first stop for foreign real estate investors. And with the continued creation of wealth in China, it is not surprising that they, along with other nationalities, are voting with their ‘dollars.’”

Industry players say net lease properties are a beneficiary of the foreign investment trend. Jason Fox, head of global investments at W. P. Carey, a global net lease REIT, tells foreign investors still actively pursuing net-leased assets, either independently or through American partners and advisors despite the rising strength of the US dollar.

And Jon Graber, a director at Franklin Street, tells he’s seeing the most interest from syndicators and private buyers from South America: “We have handled the successful sale of several triple net assets from investors in Argentina and Brazil but have also sold property to groups from Canada and Europe as well. Foreign investors look at opportunities differently than domestic investors and see the US as a safe haven for the capital.”

Meanwhile, Marcus & Millichap commercial real estate broker Alex Zylberglait, who specializes in the sale of Miami properties ranging from $1 million to $20 million, says the starting point for private foreign investors is often net-leased assets: “Many of them do have a preference for single-tenant net-leased properties, especially when they are just getting into the US markets as they generally don’t require much in terms of management. In addition, they like the perceived safety of investment grade tenants on long-term leases.”

What about the rising strength of the US dollar? Even though returns may be higher in their home countries, foreign investors are still choosing to invest within the borders of the United States, David Sobelman, executive vice president and managing partner at Calkain Cos, tells “Like any macroeconomic adjustment there will be a period of pause and reflection, but it’s clear that US real estate, and specifically the US net lease investment market, is the most stable in the world,” he says. “That will not go unnoticed, regardless of where the investor originates.” Here’s more on how the rising dollar impacts the net lease market.


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Opportunity Knocks

Value-add, often called opportunistic, investments are a way to breathe new life into existing real estate. By redeveloping, repurposing or performing adaptive re-use on properties that have become tired and/or obsolete, developers can create brand-new, desirable assets in supply-constrained markets that are craving new inventory and also generate greater profits for their investors. The practice has become a way for ever type of investor from REITs to high-net-worth individuals to achieve the yields they seek in heated markets that have become overrun with domestic and foreign capital, which has forced prices up and compressed cap yields. It’s also become nearly the only type of development seen in markets where developable land is scarce and expensive, such as most of Southern California. When core assets are out of reach or simply don’t make sense, value-add plays are a smart alternative for yield across all property categories – so much so that many commercial real estate investment and development firms are focusing primarily on these opportunistic ventures over core assets.

Value-add investments can be made in property, funds and joint ventures, providing a wide menu of choices with almost immediate payoff once the renovations are complete. “Value-add and opportunistic investments offer the chance to get near-term double-digit returns, which is now almost impossible with stabilized commercial real estate assets,” Solomon Poretsky, VP of organizational development for Sperry Van Ness International Corp., tells Real Estate Forum. “While  they’re perceived as riskier than stabilized properties, assuming that the value is there to add, they actually provide important downside protection since, if value do drop in the future, they could still end up with a net gain. For example, a $20-million asset that has $10 million in value added and then loses $8 million in a correction is still worth $22 million (20+10-8) – a 10% increase. a $30-million stabilized asset that loses $8 million in value in a correction ends up losing about 27% of its value.”

For Carter, a real estate investment, development and advisory firm, there has always been an appeal to opportunistic investments because of a higher adjusted return, Jim Shelton, the firm’s vice chairman, tells Forum. “Obviously, if you are buying core returns there are lower yield expectations, but as you evolve to core-plus, value-add and opportunistic investments, each has a higher risk profile and theoretically pays a better return. Typically, you see investments in this category with investors wanting to diversify and climb up the risk spectrum to improve yield.”

Some property types that are in high demand – industrial, for example – draw investors to opportunistic investments. “Nearly all investment funds are under-allocated to industrial real estate, and there is a wall of capital trying to get into California industrial due to its perceived safety as an investment class within the broader real estate market,” says Jon Pharris, co-founder and director of acquisitions for CapRock Partners. “With industrial cap rates around all-time lows, value-add and opportunistic acquisitions allow capital to diversify within industrial real estate and pick up additional yield with only a slight increase in risk. It is a favorable trade-off.”

In fact, first and foremost, investors seek value-add and opportunistic investments as yield generators, Robert Dougherty, partner at Buchanan Street Partners, tells Forum. “For better or worse – leverage being a double-edged sword – real estate presents a unique asset class in this regard compared with other opportunistic investment strategies (e.g., M&A activities, corporate investments, etc.) because real estate investments are underpinned by hard assets. This offers the prospect of favorable leverage ins pite of substantial value creation left to implement. Naturally, the same downside protection afforded by real assets that the lenders seek favors the investor as well – provided that investments are not over-leveraged. The debt markest appear to have a more active governor in this cycle vs. the last. Regulators and B-piece buyers are keeping debt underwriting sane, saving opportunistic investment managers from themselves – so far; at least.”

Value-add investments also appeal to an investor/developer’s creative side, which has become the buzzword of choice in new development. “The appeal to a purchase of a property that has a value-add play is the opportunity to get creative and add tenants, update the facade, build and outparcel, etc., to increase the NOI from when the property is purchased so that when they go back to market to sell the property, the price increases,” relates Bryan Belk, director of Franklin Street Real Estate Services.

Many funds like the diversity that value-add investments offer them. Waterton Associates, for instance, is on its 12th value-add multifamily investment fund and is currently actively investing that fund, CEO and founder David Schwartz tells Forum. “The advantage for that type of vehicle is that they are geographically diverse. We will buy 35 properties, and they will typically be in 15 different markets. We curate our portfolios – we generally don’t buy portfolios unless we like all the properties – and the properties range from deep value-add (adaptive re-use or stalled construction projects where we’ve completed them and built out the units) to light value-add where we may update kitchens and common areas. You get some higher-risk, higher-reward assets and some lower-risk, lower-reward assets, and it’s a nice combination, but at the end of the day, the portfolio should have great locations and be good real estate.”

Often, opportunistic investments are most popular during and immediately after a recession, economic downturn or low end of a real estate cycle, but how to they fit in at other points of the cycle? “Value-add is usually popular during and right after recessions because it’s easy to do,” says Poretsky. “Good buildings that fall on bad times are usually great acquisitions, and all that the owner has to do is wait for the right time to extract the value that he or she adds by stabilizing the asset. In good times, it can be harder to find a distressed asset, but, if you can find one, it’s that much easier to extract the value. Ultimately, there are always opportunities to create value in the market.”

The challenge has always been predicting where exactly in the economic cycle we are, and that can be difficult, says Shelton. “The later you go in the cycle, the harder it is to find value-add opportunities, which means that you’ve got to be more creative to achieve the returns you desire.”

Pharris says in any cycle there are value-add acquisitions, “but the nature of the opportunity changes as the recovery advances. Early in the recovery, the value-add may be REO or non-performing notes; then it can progress to partially occupied buildings or short-term leases; and then it may advance to buildings with excess land or converting non-functional buildings to higher an better uses. The key is with that there is always opportunity but it is imperative to know the state of the cycle. so that the investment thesis can adjust.”

True value creation activities such as lease-up, renovation, rebranding and repurposing should offer enhanced yields regardless of the market cycle, says Dougherty. “Too often, however, merely riding a market wave or exploiting cheap debt is accepted as ‘value-add’ activity.”

Belk, too, believes value-add activity is always popular no matter what part of the cycle we’re in. “Investors are always looking to increase the value of their portfolio by looking for assets where tenants’ rents may be under market or spaces may be better used for other tenants that have a positive effect on the value of a shopping center.”

Schwartz disagrees that value-add plays are more profitable during or immediately after a recession. He adds that investors can often get better prices on value-add investments at those points in the cycle, but it can also be more difficult to lease up renovated apartments and achieve desired rent growth when the economy is depressed. “[Buying at low prices] is the opportunity. But ironically, renovating units out of a recession can be tough because no one really wants to pay the rent [on an upgraded apartment unit]. In 2010, people were willing to accept units the way they were, so value-add didn’t work everywhere. At that time, we weren’t doing renovations in all markets because you couldn’t get the premium. Fast-forward to today, when the market is extremely strong, and you have a record disparity between new and old product – the rent differential between new and old product is as high as it’s ever been recorded. So, in the strong part of the cycle, you’re getting much better return on dollars invested in value-add. We think the market is very good now, and when you think about it, when you renovate an older property in a good location and the rent is $400 below new construction, it’s a great value proposition for the market, and there’s a lot of demand for it.”

Despite the upside, there are some common mistakes investors in value-add make that can curtail their success and drive down profits. “The key to opportunistic investment is in due diligence,” says Poretsky. “Returns are largely locked in the day that you buy the asset. If you don’t know what you’re getting into and end up with delays, unexpected costs or unforeseen challenges in tenanting the property, the property goes from ‘opportunistic’ to ‘mistake’ very quickly. The more up-front research an investor does – especially leveraging local market experts from the brokerage community – the more likely the deal is to hit projections.”

Shelton says in the later stage of an opportunistic environment, from an underwriting standpoint people tend to become too aggressive with debt and end up overpaying and overdeveloping. “They may also venture into areas where they don’t have as strong a level of experience.”

Pharris says being over-leveraged is one of the biggest mistakes made in opportunistic investments, and Dougherty agrees. “Far and away, the biggest mistake made with opportunistic investments is over-leveraging them. It is ironic that many investment managers and their clients have their leverage strategies backwards. They over-finance the riskier, more volatile value-add/opportunistic investments and don’t borrow significantly against their safer core assets.”

Schwartz says some investors make the mistake of paying more than reproduction cost for value-add assets just to get in the game. “Why would you buy a value-add property that would cost you more when you’re done than a brand-new asset? It makes no sense to me, but you’re seeing it. It makes no sense to me, but you’re seeing it. It’s the valuation issue you have to be careful of – it’s difficult to find good, well-located property and buy it below replacement cost, but that’s what we look for to buy.”

Underestimating the cost of doing value-add is another frequent misstep, says Schwartz. “This comes from not properly conducting due diligence and figuring out what it costs to do it right. I see so many value-add renovations done on the cheap, but the customer – the resident – is very smart. When they see a renovated apartment done with cheap materials, poor quality and workmanship, they’re not going to want to pay for it. Some people skimp out on quality and overly value engineering, and the customer doesn’t go for it. And often, with older assets, they’re not looking behind the walls enough to find problems in plumbing and electrical. You get no return on that capital investment, but you still have to spend the extra money, and if you miss those they’re a killer.”

Another common mistake is seeking yield in tertiary markets, says Dougherty. “The timing of these plays is extremely dicey. They are last-to-rise, first-to-fall markets, and their ‘day in the sun’ for institutional liquidity is often a short, unpredictable window.”

Belk says not doing proper research on a market is a huge mistake investors make in their search for yield in value-add investments. “Many times when investors see vacancies, they think opportunity. A lot of times there is a very good reason why a space is vacant; i.e., the submarket is shifting or a traffic pattern is changing.”

Creating improper alignment of interests is another frequent pitfall in value-add investments, Dougherty says. “Capital partners can find themselves at odds with operators with too little skin in the game and a fee revenue stream to protect. This can lead to misalignment of fiduciary responsibilities. Complex financial structures may have the same impact when one party ends up out of the money unexpectedly vs. a pari passu arrangement.”

Paying less for a value-add asset than you would for a core property is no excuse for poor due diligence and imprudent real estate practices. Making these mistakes can erase any gains investors might have made in these plays, but approaching them wisely can yield great results.

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