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Our Most Memorable Real Estate Deals · Industrial Advisors

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  I mean, talking about almost 500,000 feet of sales in my
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  second year in the business.
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  Yeah.
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  'cause you went Sumner and Everett.
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  Yes.
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  You sold two buildings there.
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  And then also, like, you know, at that time, 99 out of a hundred
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  of times when you, when you get a special use type requirement or a
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  call like that, it leads to nothing.
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  Right.
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  Oh, and so like the fact that you, you knocked out two big sales
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  with it was pretty impressive.
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  Then we, you and I ended up selling those buildings again down
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  the road and re renewing them.
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  All right.
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  Welcome to our five minute Friday.
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  You have Bill Condon and Matt McGregor, and today's topic is
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  gonna be our most memorable deal.
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  In brokerage.
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  We've done a lot of 'em.
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  Yes, we have.
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  Uh, so why don't you, why don't you lead us off?
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  Yeah.
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  Well I've, uh, we've done a, yeah, we've done a lot of deals
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  and I've talked about this once.
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  I'm gonna, I'm actually gonna shift to my second most memorable, so it was my
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  second year in the business and I took a sign call off two 12th Business Park.
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  That was a lawyer that I tracked down and I was like, why is this lawyer out?
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  Canvassing cold calling on buildings.
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  Fast forward, I end up selling this guy.
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  He, he ends up getting money and he had this idea of storing high-end toys.
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  So boats, RVs inside of warehouses 'cause the per square
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  foot price at the time lease.
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  Lease rates.
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  Believe it or not, 38 was like 36 cents.
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  Yeah.
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  Yeah.
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  And.
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  Their average per square foot, if they were leasing to these high-end ones
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  where they were storing it and heated warehouses for, you know, wealthy people,
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  toys, uh, it was like 70 cents a foot.
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  And so it was a no brainer.
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  So we ended up going under contract with a 250,000 footer in Sumner and a 217,000
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  footer in Everett to do two deals, right.
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  The day of closing that morning, right.
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  We get a letter, certified letter from the fire department, Sumner
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  saying it's an illegal use.
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  Mm. Yeah.
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  Literally like two hours before funding all panic breaks loose.
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  Right.
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  And we end up driving down and meeting with the fire chief that morning and
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  going, you know, what are you talking?
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  It was coincidental that that letter received, but it delayed
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  closing the day and I thought the whole thing was gonna fall apart.
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  Of course.
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  Yeah.
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  And, uh, anyway, we ended up putting the deal back together.
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  He wanted this vehicle stored a certain way where the gas tanks
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  were either full or empty and these batteries were disconnected.
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  And so we ended up negotiating the whole thing that day.
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  He didn't realize the timeliness of that letter, but it, it, we thought the
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  whole deal was going sideways over it.
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  But that was one of my most memorable deals.
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  I mean, talking about almost 500,000 feet of sales in my
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  second year in the business.
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  Yeah.
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  'cause you went Sumner and Everett.
• 2:43
  Yes.
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  You sold two buildings there and then also like.
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  You know, at that time, 99 out of a hundred of times when you, when you get
• 2:50
  a special use type requirement or a call like that, it leads to nothing, right?
• 2:55
  Oh, yes.
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  And so like the fact that you, you knocked out two big sales
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  with it was pretty impressive.
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  Then we, you and I ended up selling those buildings.
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  It kept down the road and re renewing them and releasing them f Fantastic.
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  Yeah.
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  I mean, I don't know how much money we made.
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  I'm glad you took that call.
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  At the time we weren't even partner at time.
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  Well, mine was.
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  Mine's easy from a timing standpoint and everything, and
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  just the whole story with it.
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  So I'm six to eight months into the business, cold calling.
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  I get this guy on the line, Pacific Crest Cabinets at the time
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  he up on Aurora, weren't they?
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  No.
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  Yeah, yeah.
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  Pack Highway.
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  He owned a building in Kent on Pack Highways calling off a list.
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  This list just had all these businesses in Kent.
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  I went down and got this huge Kent list and filled in the names.
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  Anyway, I had, I known where the building actually was.
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  I probably wouldn't have made the call 'cause it was a unpack highway.
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  Yeah.
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  Not a great building.
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  Make the call.
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  Yeah.
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  Finally get through, get through to Steve Bell, who's a, who is
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  CEO, and he said, yeah, we're looking for a building to buy and.
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  They were in 56,000 square feet.
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  He is like, I need another a hundred.
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  And I'm like, oh, that's a pretty big jump.
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  And he's like, so, you know, can you help me find it?
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  You know, I'm working with a guy, kind of, but he was an office broker.
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  So I went down, met with him, did a bunch of research, did
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  a ton of work for him, and.
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  He ended up hiring me and he ended up changing his mind and saying Instead
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  of going and buying another a hundred thousand square foot building, I'm gonna
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  sell my building and then ex and and and build a huge 185,000 square foot boom
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  building down in Sumner, which we ended up doing, and it was a big build to suit.
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  Uh, I learned a ton throughout the process, of course.
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  'cause we interviewed developers Yes.
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  And chose up, picked a horse finally.
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  And this was year one.
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  This was year, year one in the business.
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  Yeah.
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  And it was a huge deal.
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  Yeah.
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  Huge deal.
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  Yeah, right.
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  I didn't have any money at the time.
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  No.
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  And so, but, but the, what I learned, obviously the size of the deal.
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  And then obviously the relationship that I formed with Steve and his family,
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  I tried, tried to steal him from you.
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  You tried to steal him as a client.
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  But you know, we, we, Steve is a friend of mine today and we've done
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  multiple deals, helped him out on a lot of different things, which is
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  the best part about this business is.
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  The deals are one thing, but the relationships matter more
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  than anything else for sure.
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  So that's what I appreciated most about that one.
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  That was a great deal.
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  And, and I remember that deal.
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  We were competitors, but that, that deal, like the one you mentioned
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  us getting more from later.
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  Yeah, same thing.
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  I think we, we sold that building and then renewed them a couple times.
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  Right.
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  Oh yeah, we sold for, for them.
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  Oh yeah.
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  We have done deals.
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  Other deals were created.
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  But I'm saying just in that building, in that building, we've, we've
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  sold that building a couple times.
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  Yep.
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  Renewed him a couple times.
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  Expanded him next door.
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  Yeah.
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  I mean, just, yeah.
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  A lot of stuff there.
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  Awesome.
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  So, yeah.
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  Yeah.
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  So that's it.
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  Happy Friday.
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  Happy Friday.