Eric Weatherholtz
@iononrecourse
Retail redevelopment since 1992. ULI Development of Excellence Award winner. World-famous newsletter: Asphalt Jungle. @realestateanon @automaticmeetup
Some folks here are dialed in to class B industrial, others self-storage, others urban multifamily. Some sickos - office. Our business is a commercial real estate sub-specialty: Patios. 1/20

Spent the day helping the young ones better understand construction loans:
There were signs he’d end up spec developing strip malls in the San Bernardino Valley

I’m a horrible stock picker
share a piece of investing lore about yourself
"Just gotta hang in there babe - it shouldn't be much longer until I get the defeasance business going again"

Real estate development is cool but have you ever cooked over an open fire on a hidden beach on the Oregon coast?

Commercial real estate money models: 1. Asset management - fees of 1.0-1.5% on equity plus some percentage of profits. Good work if you can get it. Takes a big machine, lots of people and overhead to get to scale. 2. REIT - salaries & stock grants. Like the politburo, life is…
My first real estate investment job was just before Argus and Excel took hold and projected cash flows were worked out on a yellow pad then typed into a “word processor”. Changing assumptions was a colossal pain so few iterations were made. Now, infinite iterations are easy -…
In neighborhood retail centers, more tenants than you’d think are losing money. Hope of a turnaround keeps them there, until the cold hand of reality makes it impossible to continue - at which point they’re [hopefully] replaced with another optimist. Unless we’re looking to…
When your Walmart ground lease includes annual CPI increases

We're witnessing a re-ordering of the commercial real estate market to reflect how behaviors and strategies change when it feels like sale prices might be less than than purchase prices.
Septic tank contractor upon learning his metal storage building is “small bay industrial”.

Real estate investors: California politics beat Sunbelt summers.

Things I believe about retail properties: 1. Price isn't the most important purchase criteria 2. Locations can get worse with time 3. Good things happen to good properties 4. Really really rich areas are the best places to own 5. Low ceilings are expensive 6. Prominent…
In 2005 we changed our mind about a property we had under contract and let a friend take over our position. He bought it and it's been a mediocre investment (at best): high basis, lackluster leasing, and tax increases. But he used a 20 year self-amortizing loan and he'll pay it…