A buddy of mine was a “private banker” for a long time… one of his clients was the Family Office of a self-made Billionaire. Recently, he was head-hunted to be their in-house acquisitions guy looking for commercial real estate investment opportunities in the Southeast… basic overview:- They are comfortable writing checks in the $2-20 million range (have done larger deals with leverage)
- Can close fast (really fast) for cash and bring leverage later
- Looking for value added – value creation opportunities – they are NOT passive allocators of capital
- Have in house engineering / architecture / GC abilities and not afraid to use them
- Like Florida… especially like Miami – will consider other major markets in Florida and other “larger” markets in the Southeast such as Atlanta, Charlotte, Nashville, etc.
- Will consider urban-infill, mixed use retail with residential, but not straight, suburban residential apartments
- Will do retail / light industrial / flex reposition deals and tear-down and redevelop deals
- No hotels
- Need to deploy $200 million in cash coming from property sales of light industrial assets into higher performing opportunities – will be doing 1031s if they can find suitable replacement properties with upside potential
- Not willing to do JVs or be partners with anyone – will do a buyout / consulting contract for working developer that spent years getting permits and entitlements – must be structured as a buyout, not JV (if you were a billionaire with a staff, would you want a partner?)
- Seeking entrepreneurial risk adjusted returns (aka “we don’t buy existing Walgreens deals”)
Any ideas?
Please drop me a note or call/text at 727-537-0330
Thanks!
Dave
Dave