In Partnership With

Good Morning!

Dow futures down around 100 points at the time of this writing as talking heads focus on corporate earnings, a big slate of economic data, commodities/treasuries and the upcoming PCE and jobs reports which may impact upcoming Federal Reserve interest rate policy decisions.

In Partnership with Bullpen

Hiring is hard - paying recruiting fees is worse.

Have you ever paid a recruiter 30% of your new hire’s salary and thought you got a good deal?

… didn’t think so. 

Every growing business needs help to hire “A players,” but you’d go broke if you paid 30% for every new hire that joins your team. That’s why we built Bullpen.

At Bullpen, our team of experienced commercial real estate recruiters embeds with your firm, becoming your internal recruiting team.

We own all your recruiting activities - comp research, job posts, candidate screens, headhunting, interview scheduling, reference checks, etc.

The great part? We charge 12% (the average cost of hiring internal recruiters on your team), so you can hire world-class talent without breaking the bank.

In REIT News

• AMT, BRX, CDP, CSR, KRC, LTC, NXRT, PCH, REG, SAFE, SBAC, WELL announced quarterly earnings

• AAT, AMH, BXP, CHCT, CTRE, ESS, EXR, FSP, ILPT, IVT, JBGS, PK, STAG, WPC announce earnings after the close of trading while HR, SITC, UE announce earnings tomorrow morning before the open

• CDP acquired a 365-acre land parcel near Des Moines, IA in late September for $32 million to expand its data center shell program noting that the existing zoning on the land allows for data center development and initial plans indicate that the site can accommodate approximately 3.3 million sf of development, supported by an estimated 1 gigawatt of power capacity plus acquired an 80,000 sf building at 3900 Rogers Road in San Antonio, TX for $17 million noting that the building was vacant upon acquisition, and the Company subsequently executed two leases with the U.S. Government to occupy the entire building, which it expects to commence in the second quarter of 2025

• MAC refinanced fortress property Queens Center at highly favorable terms with a new $525 million loan bearing fixed interest of 5.37% and interest-only payments during the entire term

• Moody’s downgrades SVC’s Corporate Family Rating and senior secured rating to “B3” from “B2” and the guaranteed and non-guaranteed senior unsecured ratings to “B3” and “Caa1” from “B2” and “B3” respectively with a negative outlook

• Yesterday morning, TRNO announced that it has commenced construction of Countyline Corporate Park Phase IV Building 34 in Hialeah, FL noting that it is a 220,000 sf 36-foot clear height rear-load industrial distribution building on 13.0 acres with 76 dock-high and two grade-level loading positions and parking for 188 cars that is 70% pre-leased to a cruise ship industry provider of non-perishable food items and food service supplies and the total expected investment is $55.9 million where the estimated stabilized cap rate is 5.7%

• Yesterday morning, LAND announced limited damage to its farms and facilities in the Southeastern U.S. as a result of Hurricanes Helene and Milton and while the Company is still assessing the overall impact of the hurricanes, early reports indicate wind damage to a portion of blueberry plantings on a small farm in southern Georgia and water damage to one cooling facility in central Florida, which is covered by insurance

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Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen