What we’re buying in 2022

Last year I bought 7.4M across 5 deals.

I want to buy a LOT more in 2022, so let’s widen the strike zone a bit to include retail, medical, office, light industrial, blade it, etc.

Here are characteristics for an ideal deal… but I welcome other ideas and suggestions you have on any deals with substantial upside.

  • Obvious problem that needs fixing (mismanaged, undercapitalized, tired etc.)
  • Vacancy: at least 25% up to 100% Hard corner (ideally) with “Great” Fundamentals: Visibility, Access, Cars Per Day, Parking Prefer one existing name brand tenant (franchises or regional is ok)
  • Within 30 mins of Sky Harbor (ideally)
  • Price: Up to 12M Size: 2,000 – 80,000 feet (not picky about this)
  • Desirable part of town with low submarket vacancy. I get a lot of tenant inquiries for Gilbert, Chandler, Tempe, Queen Creek… not a ton for Mesa or Maryvale;-)


In the video I go into a bit more detail about the situations I’ve had more success with over the last 8 purchases:

  • real motivation / urgency to sell ownership is tired,
  • has a problem property has a problem: mis-managed, tired, broken, busted, deferred maintenance (signage, parking lot, HVACs, paint, landscaping)
  • not lendable / hard to finance late payers, busted lease, escrow falling apart statistically off market (2/3 of my deals)
  • inaccurate CoStar data (shows as 100% occupied when its vacant)


I also cover my go-to force appreciation plays:

  • fresh paint, new signage, redo parking lot, overhaul landscaping, façade refresh
  • renew / extend all leases
  • buy up the rent with TI Allowance / bring rents to market
  • fill vacancy asap (broker incentives & direct marketing budget)
  • highest & best use: add drive-thru, adaptive reuse, etc.


Know of a distressed deal for us to buy?

Want to invest in commercial real estate together?