Master Tracker
Generated August 5, 2026
Overdue
This Week
Open Items
What ChangedAugust 5, 2026
  • NewHigh Street Retail Portfolio (Safra / Newmark) — second-round bid in at USD 102M on the 8-asset NY + Chicago portfolio; Newmark says the bid is well received. Carlton is running equity: pitched Pearl Group (Toronto family office, 8/4) and sent Farallon a revised model at the new price. Shawn targets an accepted LOI by the third week / end of August. Not previously on this tracker.
  • UpdateSky Park / ABC — Mosaic call locked the counter: USD 350/ft, broker fee back to 50/50, ROFO language stripped from the LOI and deferred to the PSA. Timing concession conceded. Cole naming honored; monument negotiated down to a plaque at PSA. Koll's finite PM personnel number lands Thu 8/7 when Jerry is back. Open: work through Brandon or get Scott + Jerry on a call before sending.
  • NewTorrance / 2807 Oregon Ct — promoted from Pursuit to Active. Jared's read: ~223,000 SF, 13 buildings, 4–5 parcels, 11 rear units at ~2,200 SF each with individual dock-high loading and a shared fenced yard. Jake Block called it a "unicorn" and "car condo heaven" for the El Segundo–Palos Verdes corridor. Two channels open — Kyle McGillen and a Dan-sourced warm intro to Stockbridge. You asked for a weekly follow-up reminder (8/4 6:14pm).
  • UpdateSanta Clara / Thomas Rd — Fast Turn LOI on Units 6 & 7 executed and released to Brian Kelly 8/5. Structured at a USD 2.3M face with a USD 50K rent credit so the comp prints at ~USD 538/ft. Those two units are >10% of project SF — two in escrow before launch. Second tenant (3 units, owes USD 200K rent through Apr 2028) being routed to an SBA lender to bundle the business buyout with the real estate.
  • NewKenneth Street (Santa Clara) — dead at our price. Steele: "$300/SF would not be of interest." Owners are not selling — long-term hold, "reluctant seller at best." He floated 325–350/SF and they demurred. His upcoming owner BOV should conclude in the low 300s/SF, which hardens their number. Thomas Road PSF is not a lever here. 1805 Little Orchard is the live one — family closed their other sale, back from travel now, Steele expects news.
  • NewMosaic / Jadian — Responsible Contractor Policy is now binding. Jared acknowledged and agreed to comply 1:18pm. Required contract language landed 1:25pm; applies at USD 2.5M ops / USD 10M ongoing capital / USD 25M new construction, with five-year payroll records and Owner audit rights in Material contracts. Needs an implementation owner.
  • UpdatePark 151 — no counter has gone out. Jared asked about countering at USD 28M for Buildings 1 & 2; you asked how that PSF compares to the original basis. Ball is on Jared and Peter to run that comparison.
  • Update295 Ella Grasso — Condyne feasibility engaged. Jeffrey + Donald O'Neill drive the site Thursday 8/6 and return a fixed-fee proposal for site layout and max achievable SF; survey sent 8/4. Plan: demo the ~350K SF, 16-ft-clear, no-dock building; keep the 85K and 42K; rebuild 200K+ SF single-sided load. Separately John Kumpa re-engaged on buying — you set the number at USD 22M and floated signing now with a non-refundable deposit and a 6–9 month close.
  • Update555 Washington — sale process moving. CBRE (Sean Kelly) proposed 90 bps; the team aligned on a 65 bps target, 75 bps ceiling, opening counter at 60. Eyal takes the first call. Launch after Labor Day, not August. Pre-sale walkthrough with Grace to clear cosmetic and R&M items before tours. LAZ July gross just under USD 90K; Moxie signed at USD 2K/mo; LAZ lease runs to Dec 2028 with a 60-day no-fee owner termination.
  • NewMultifamily pipeline — Jason Mink's book is now tracked. Bid going in on Preserve at Forest Creek (Memphis) at USD 70M vs a USD 74M ask, ~6.25% going-in, no tax abatement. Austin + East Meadows combined bid of USD 32M is with Newmark. Domain at Houston: leaning pass — no value-add juice, back-ended returns. Tennessee three-pack and a Cleveland roll-up queued for modeling.
  • DoneUnited Cost Segregation — LOI fully executed. Matt Gigantelli countersigned 8/4 ("time to grow baby grow"); Delaware entity formed and docs delivered by Vcorp 8/5. Chase (Brett Epstein) opening UCS Investor and UCS Venture accounts — you elected a sub-account first, adding Matt G as a signer later.
  • UpdateMorvay Co-GP — you passed for now (8/4). "Our focus over the near term is tied up with some other initiatives." Rottenberg took it well and the door is open. Moving to Parked.
  • UpdatePark 151 — cooling. Peter cut the underwriting to Buildings 1 & 2 (Home Depot, Milwaukee Tool); it got worse on lower in-place rents (USD 6.85 vs USD 7.08 PSF). Your read: "I don't think this gets PIMCO excited — they'd prefer worse credit and a higher cap rate closer to a 7."
  • UpdateLaguna 3 / Alcalde — fire insurance paid out. USD 50K check already cut for cleanup, which exceeded cost. Two remediation bids being compared. B2 tenant Jesse Fan's lease expires end of August — Jeff Carr is joining David's email chain to convert him to a 10%-down SBA buyer. Vishwa is in underwriting with First Citizens on B4; Ken Vought wants back into a rebuilt C3.
  • NewCompetitive — Spectrum Center condos launched in Lake Forest at USD 575–750/SF (Buchanan Street Partners, 227K SF incl. 36K office). Team read: inferior location, and it anchors OC commercial-condo pricing in Laguna's favor. Hammond is the likelier casualty.
Needs Josh Today
  1. Sky Park / ABC — decide the counter channel before sendingCounter terms are settled (USD 350/ft, 50/50 fee, ROFO to PSA). The open call is whether it goes back through Brandon or you get Scott and Jerry on the phone first. Jerry returns Thu 8/7 with the personnel number.
  2. 295 Ella Grasso — take Etra's call and pick the lane: Ajax, Tryperion or CushmanThis is the actual open decision. Ajax accepted USD 20M on 7/15 and is still stalling on signature with the environmental report withheld under attorney-client privilege. The Kumpa disposition path is closed — he asked what it appraised for, you said not since acquisition, and he answered "there is no way my bank would finance that for me." He is financing-blocked, not haggling, and should not slow this fork. Condyne drives the site Thu 8/6 for the redevelopment feasibility — that study is the value case either way.
  3. 555 Washington — green-light Eyal's 65 bps call to Sean KellyCBRE is at 90 bps. Team position: open at 60, target 65, ceiling 75. Do not commit to the engagement during the fee conversation. Also worth raising: carving Steve Hurwitz into the sale fee to align the leasing broker.
  4. Costa Mesa / Brea — authorize the Bureau of Engineering paymentStill unpaid. Mark Heavey: "critical path for map review." Cheapest unblock on the board.
  5. Brea LOI — chase seller response / reconcile Saturn St SFSubmitted 8/3 at USD 28M / USD 260 PSF. BKM bid the same day on three Brea projects. John expects counters to both once the seller processes. The 74,481 vs 47,811 SF discrepancy has to be settled pre-PSA regardless.
  6. Torrance / 2807 Oregon — weekly follow-up you asked forYou emailed 8/4 6:14pm asking to be reminded on Torrance every week. Jake Block is chasing a Stockbridge intro via Dan; Kyle McGillen is the other channel. Stockbridge asked for an underwriting wish list and has been slow.
Last updated August 5, 2026 10:15 AM PT · ingested 8 Fellow meeting records (Aug 4–5) + 407 inbox / 58 sent messages since Aug 4 00:00 · sources: Fellow · Outlook · Mosaic weekly · next auto-refresh tomorrow 5:45 AM○ local only
Portfolio
Pipeline & Sourcing
Multifamily
Powered Land
Other Ventures
Corporate / Back Office
Brokers
Owned Assets
11
States
5
Approx. AUM
~USD 350M
Types
IND · OFC · RES · RET
Owned Assets — Debt & Operations
PropertyMarketTypeSFOccupancyLenderLoanRateMaturityNext ActionDue
555 Washington Ave
Miami Beach, FL
Miami BeachOffice / Retail / Parking65,746~79% (20.7% vac.)OceanFirst Bank$35,000,000SOFR + spread
Cap: 5% strike
Cap exp 1/1/27Green-light Eyal to open the CBRE fee call at 60 bps (target 65, ceiling 75 — CBRE asked 90); decide whether to carve Steve Hurwitz into the sale fee to align the leasing broker; coordinate the pre-sale walkthrough with Grace on cosmetic + R&M items before tours; get the listing agreement and buyer NDA forms out once fee terms land; Grace to send 2026 tax-appeal data to RVMR (Miriam Quintana); get counsel to confirm whether an entity-level sale actually saves a buyer anything — Ethan Leavitt (Lane Capital) says it only saves the doc stamp and the property still gets reassessed, which undercuts the entity-purchase angle from the Pebb / UNO South Pointe compFee call this week
Operations (8/4–8/5)
Parking / LAZ: July gross just under USD 90K (~USD 45K monthly + ~USD 40K transient); LAZ's own P&L showed USD 41,627 vs a USD 35K budget. Moxie Hotel signed at USD 2,000/mo starting next month. A valet company took an agreement purely to get a City of Miami Beach letter, never used or paid for the space — LAZ sent the city a cancellation letter; policy now requires 3–4 months of payment before a letter is honored. City of Miami Beach restarted USD 1/hour street parking Aug 1, extended through Oct 31 — three months of discounted competition; Erika does not expect worse than last year since budget was set against that comparable. August started slow on Florida storms. LAZ lease runs to Dec 2028 with a 60-day no-fee owner termination — confirmed by Peter; gives a buyer operator optionality with ~2 years of continuity. Building: 4th floor buildout ~95% complete, wraps next week. Elevators 1 & 2 went down 8/4 and are restored — Don chasing root cause. Warner Music had a service disruption during a celebrity artist visit (resolved) and an AC issue fixed in ~1 hour at tenant cost; WMG lease amendment promised by Mauricio 8/5. Elevator modernization testing underway, float switch inbound. Chubby(?) buildout nearing end of concrete cutting; Harvey wants to accelerate to a September opening. Roof + HVAC closure still being re-bid (KB came in very high). Admin: SK Capital Partners 2nd Amendment / extension invoice confirmed by Grace and closed out with JLL 8/4. 2026 tax appeal information request from RVMR (Miriam Quintana) routed to Grace 8/4.
Sale process (8/5 weekly)
Broker fee is the live negotiation: CBRE / Sean Kelly proposed 90 bps; underwriting assumed under 75. On a ~USD 65M sale, 65 bps ≈ USD 425K and 75 bps ≈ USD 500K. Team aligned: open at 60, target 65, hard ceiling 75, no kicker structures. Eyal makes the first call given the relationship; David or Kathy (Cappy) escalate. Do not commit to the engagement during the fee conversation. David raised paying leasing broker Steve Hurwitz a slice of the sale fee to get him advocating — a tactic Greenmont has used before; worth putting to Sean. Timing: David wants a buyer committed by early-to-mid October to duck midterms and geopolitical risk; Eyal says launching in August is a mistake (Labor Day ~Sept 8 compresses an August teaser to month-end). No launch date fixed — but marketing materials get built now regardless. Comps: an off-market 61,000 SF trade at ~USD 31.5M (~USD 516/SF) hit The Real Deal — buyer (Robert Rivani) must reskin, has worthless parking, all-in basis well above 555. Yukon is the high-end benchmark at ~USD 150 NNN. Notify Grace and Steve Hurwitz once the sale broker is signed. Decision taken: no new spec-suite renderings — Hurwitz confirmed existing materials suffice. 8/5 — entity-vs-deed structure challenged: Ethan Leavitt (Lane Capital, LP) pushed back on the Pebb entity-purchase read — "it only saves you the doc stamp, you still get reassessed," and recalls Neisen advising against it years ago absent a newer ruling. Josh confirmed the Rivani/South Beach trade is old news (buyer spending heavily, asking north of USD 100 rent) and that Yukon is structured the same way. Needs a counsel read before entity-level sale is marketed as a buyer benefit.
Situation
Davis JV. Prepping late-Q3 (Oct) sale; going-in NOI +54% since '22; target ~6% cap / ~$925/SF. Justin Ochalla (Davis) finalizing IC memo to approve broker hire + list; ball is on Josh to backfill the memo's missing rent-roll / capex detail. Broker beauty contest CBRE (Kelly+Lee) vs JLL (McCormack) still open.
Email chronology (through 7/28)
7/21 10:24a Peter K: Apple appraisal materials assembled — 3yr financials, 2026 budget, Apple + Corcoran leases, CAM calc, Yardi rent roll.
7/22 5:11p Hunter Stone: June financial report out.
7/23 8:00a Chubby operations call; RCD adjustment thread w/ David Allen.
7/24 10:02a Vanessa Florido (JLL): "Checking in — same page on the abatement?" (SK Capital 2nd Am).
7/27 Ops call + 555 catch-up held; Battery Global carve-out killed on Eyal's say-so.
7/28 5:34a Josh → Grace: "This was pending your confirmation to my last email."
7/28 8:34a Vanessa: "So sorry to keep bugging… 4-mo abatement May–Aug 2026, base rent $20,458" — Day-5 unanswered.
7/28 8:42a Peter K → Josh/Eyal: "Put the 555 CapEx together with Claude — base-bldg vs leasing vs OpEx that should've been CapEx. Will send to Justin if you're good."
7/28 9:30a Fellow: 555 Wash Leasing Update — broker E-blast held until after summer; renderings negotiation w/ Katie live; Alacran/BGO Georgia re-engage 3rd wk August.
7/28 9:44a Josh → Justin Ochalla (Davis): "We'll have the capex detail for you shortly. Waiting on broker comps."
7/28 10:22a Grace Valdivia: "Vanessa — could you share the document that references the (4) months abatement?" (still needs source doc).
7/28 10:26a Anna Grilli (Colliers): "I was able to log in to OceanFirst — thank you."
7/28 12:13p Peter K → Justin: "Attaching historic capex analysis — split base-building vs TI/LC vs OpEx that should've been CapEx."
Open follow-up
7/29 — CBRE (Christian Lee) delivered the 119 Washington / UNO South Pointe sale comp: +$70M price, +$1,598 PSF, 4.8% in-place cap, 43,817 SF, 97% occ, recorded Jul-26. Buyer Pebb Capital bought the entity (not fee) to hold down RE taxes — David Allen flagged this as validation of both strong pricing AND buyer appetite for entity-level purchase. Supports the low-to-mid $60s / ~6% cap ask. SK Capital 2nd Am abatement RESOLVED 7/31 — Grace Valdivia confirmed she'll credit July base rent + OpEx, credit Aug OpEx/RE-tax, abate OpEx/RE-tax Sep–Oct. Valdyn Labs LLC signed (per VTS 8/1): Floor 3 / Suite 380, 882 SF, base rent $61.80/SF, LXD 1/31/28. Justin's team reviews Peter's capex analysis → IC memo → broker beauty contest (CBRE vs JLL) is now the live gate. Remaining comp asks from Justin: 404 Washington, Lincoln Rd, Design District/Wynwood, 3480 Main Hwy.
Open Items
Broker beauty contest CBRE vs JLL · Davis IC-memo capex detail · Apple renewal counter · Katie holding firm at $3K fixed (renderings negotiation) · Dish Wireless termination claim filed 7/31 ($25,366 arrears) · Wells Fargo ATM window-tint dispute · Mepin 4th-fl scope (AP approved 7/27) · Warner Music amendment in legal · elevator mod · Chubby buildout
Chronology (auto)
7/29 · Christian Lee (CBRE) — UNO South Pointe / 119 Washington sale comp ($1,598 PSF, 4.8% cap)
7/29 · David Allen — Chubby Group Letter of Understanding (Sept 15 commencement offer)
7/31 · Anna Grilli / Colliers — Yardi approver access "all set"
7/31 · David Allen — 555 Dish claim filed (notice)
7/31 · Grace Valdivia (Colliers) — SK abatement confirmed (July credit + Sep/Oct abated)
8/1 · VTS — Valdyn Labs LLC signed (882 SF, Fl 3, $61.80/SF, LXD 1/31/28)
8/2 · Matthew Nicholas — Vcorp Services Open Invoices
8/3 · John Randall — Catch up - Greenmont Group
8/4 · Kelly, Sean @ Miami — 555 Washington - CBRE Fee Proposal
8/5 · Grace Valdivia (Colliers) — SK Capital leak report revised per Josh (current-status reference removed); awaiting David Allen's OK to share with SK Capital
12350 Montague St
Pacoima (SFV), CA
LA / SFVInd. Condo Conv. (Mosaic)Multi-unitMixed — F, G for leaseNo senior debt identifiedChase Adam Stout (Delphi) for the latest Montague sales tracker and ask that the marketing log include addresses / project names of the properties walked; review Mark Heavey's Pacoima Industrial Center Q2 updateOverdue
Situation
12350 Montague Owner LLC / Lakeside Business Center LLC. Active condo-conversion sell-out (units F & G listed via Delphi's Mike Hooker at $1.50-1.55/SF). Two prospects in bank talks; Adam @ Delphi driving broker outreach + LOI revision. Condo map DD w/ David Evans & Associates (DEA) engineering + Rosenheim.
Email chronology (through 7/28)
6/24 Gela Villarroel (Worth PM): May financials for 12350 Montague Owner LLC out.
7/23 8:14a Rob Ortega → Cathy Fisher (SitusAMC): Draw #5 photos + lien waivers link sent.
7/23 11:32a Cathy Fisher: "Will review. Targeting first part of next week."
7/23 Weekly A/R report (Lakeside + 12350) — Gela.
7/24 8:03a Rob → Mark Heavey: "Just to be sure DEA still goes to Condo Map Approval budget?" Mark: "DEA → Architect & Engineering; Rosenheim + City of LA charges → Condo Map."
7/24 11:52a Jenn Berlin (DEA): retainer wire instructions sent.
7/27 12:16p Fellow: Montague standing meeting — Adam @ Delphi revising LOI on rent-credit-toward-down-payment (Bold Steel template); prospect texted intent to defer purchase pending $5-6M home sale; team asked not to sign renewal before checking back.
7/27 2:17p Mark Heavey: "Following up on this — the appointment to submit is today, I need to know if we can submit."
7/27 5:39p Josh → Rob: "Did we hear from them today?" Rob: "Unfortunately not. Called again, no answer."
7/27 3:42p Joseph Stanislawski (Thorofare): "Draw has been approved, funds within 48hrs."
7/28 8:26a Sydney Jackson (DEA): "Verbally couldn't hear you this morning — will call from physical phone tomorrow."
7/28 8:13a Rob: "Wire instructions verbally confirmed at 12:08PM EST — wire going out today."
7/28 10:13a Rob: "Gela — ETA on the June financials?"
Open follow-up
DEA retainer wire cleared 7/28 → condo-map plans submission unblocks. Adam @ Delphi revised LOI (rent-credit) to prospective buyer this week + broker E-blast for the $1.5M discounted unit. Two-unit solar-business prospect gone dark — Adam chasing in person.
Open Items
Bold Steel 3mo behind on rent · Enhanced Architectural missed May · Listing amendment for F&G signed 7/10 · Caro (Unit M) non-responsive · Draw Request #5 funded (Thorofare 7/27) · Multiple AR delinquencies · Budget rebalance: DEA + Rosenheim spend running above condo-map budget line
Chronology (auto)
7/23 · Mark Heavey — Pacoima, CA - 12350 Montague Street - Draw Request #5
7/23 · Catherine Fisher — Pacoima, CA - 12350 Montague Street - Draw Request #5
7/29 · Joseph Stanislawski — Pacoima, CA - 12350 Montague Street - Draw Request #5
7/30 · Joseph Stanislawski — Pacoima, CA - 12350 Montague Street - Draw Request #5
7/30 · Joseph Stanislawski — 330183998 - 12350 Montague Street - June Reporting
7/22 · Catherine Fisher — Pacoima, CA - 12350 Montague Street - Draw Request #5
7/20 · Catherine Fisher — Pacoima, CA - 12350 Montague Street - Draw Request #5
8/3 · Max Hands — 330183998 - 12350 Montague Street - June Reporting
7/14 · Armando Dupont — TITLE & MAPPING ORDERS -- 12350 Montague St, Los Angeles -- 7430414-9 & 1260365M
3501 & 3511 Thomas Rd
Santa Clara, CA
Silicon ValleyInd. Condo Conv. (Mosaic)Multi-unitMulti-tenant; CAM resetAll-cash — no debtAwait Fast Turn signature on the executed Units 6 & 7 LOI (released to Brian Kelly 8/5); Mark to get the second tenant (3 units) in front of an SBA lender to bundle the business acquisition and the real estate into one loan; hold the Sept 2 Planning Commission date — Javier's schedule is out, survey being finalized ahead of PCC rather than as a condition; answer Carlos on whether ownership takes back 3511 Unit 3 (Fire & Metal) at 8/31/2026 or laterPCC Sept 2
Sales + entitlements (8/4–8/5)
Fast Turn — a machine shop in two units for ~20 years — offered USD 2.2M (USD 515/ft) as-is; team countered USD 2.35M; Fast Turn came back at USD 2.25M (USD 526/ft). Structure agreed: USD 2.3M face with a USD 50K rent credit, printing the comp at ~USD 538/ft — the same face-rate protection used at Laguna 2. The two units are 4,276 SF each, over 10% of Santa Clara's total SF, putting two units in escrow before formal launch. Phil sent the executed LOI to Brian Kelly 8/5 11:06am after Josh cleared it 6:45am ("Looks good to me"). Second tenant occupies three units and is trying to buy the company from its founder for USD 200K but lacks capital; he also owes USD 200K of rent through April 2028, which motivates buying over relocating. Mark is routing him to an SBA lender to bundle both into one loan. If he takes two of three units that is ~3,500 SF more and pushes Santa Clara to ~20% sold before full launch, excluding the office unit. Entitlements / capex: targeting the September 2 Planning Commission; Javier delivered the full step schedule 8/4. Roof completes end of September to first week of October per submittal (team pushing for September). Jose starts end of August on facade, trash enclosure and two units; flooring engaged; a second more local contractor is bidding the remaining two vacancies as a benchmark. Tree removal starts this week, then parking lot leveling. Painting and LED exterior lighting engaged but sequenced later. Signage is the last item, pending the designer's return — it blocks nothing.
Situation
Mosaic 3501 Thomas Property Owner LLC (JREF Mosaic Partners). CLOSED 6/29/26 PM handoff to Worth (Carlos Nieto). Condo conversion underway. Published: $579/sf (1,760 SF) / $559/sf (2,138 SF). UW: 2.0x EM / 63% IRR. Substantial-completion target 10/1/26. Colliers' Emerson Hofer marketing. FIRST UNIT SALE — Units 6 & 7 signed LOI in hand; Brian Kelly recommends ACCEPT (7/31) (sell-down underway).
Email chronology (through 7/29)
5/26 Carlos → Jared: Allied Landscape tree removal plan — 10 redwoods, cost breakdown between 24" boxes vs 36" boxes.
7/16 1:36p Patrick Butler (Kimley-Horn): 3501/3511 survey scheduled second half of this week.
7/20 9:52a Josh: "Still set for the Wed 22nd site walk?"
7/23 7:47a Carlos: "Met with Steve (Vulcan Construction, David Rowley referral) yesterday on 3501-09 & 3511-05 unit walks — needs office & warehouse specs."
7/24 2:41p Carlos → Jared: R&S hollow-metal + rolling doors proposal — $62,718 total (3501 $33,803 / 3511 $28,915), assessment fees waived if we proceed.
7/27 12:24p Josh → Butler: "Are we still on target for delivery this week?" (chasing survey).
7/27 4:56p Jared → Carlos: "Any tiny nicks — no big deal, will be painted. Check if hollow metals can be repaired instead of replaced." (pushing back on scope)
7/27 5:05p Carlos: Tree-portion recap — Proposal #50416 $16,830 + #50676 $34,550; 1-for-1 redwood swap w/ 36" boxes saves $1,550.
7/27 5:42p Jared: "Why are we being charged for replacement trees on top of the $3,500 per removal? $18k not accounted for."
7/28 11:11a Anthony Vera (Kimley-Horn): "Underground survey completed yesterday, still on target to deliver this week."
7/28 11:50a Jared: "Allied tree proposals — good to go. Savings vs UW when factoring permit."
7/28 11:57a Jared → Carlos: "Take first pass at unit-walk scope w/ Steve, use units 10/13 as reference; Mark walked new ones with you."
7/28 12:34p Carlos: "Engaged Jose Lopez for building improvements — signed Construction Agreement, tentative start wk of 8/24."
7/28 2:06p Emerson Hofer marketing update: 3 live prospects — V2 Solutions/Tribal Fit (owner Vijay in India, wants to tour vacant units after 8/10 return); BelFuse (via C&W, on-pause hunting <2,000 SF w/ >400 amps — needs unit panel/electrical data); a third former tenant still not termed (confidential per Hofer's other client).
7/29 8:33a GMA architect + Carlos agree 4000K for exterior LED wall packs (Carlos wants to order same day).
7/29 8:48a Phil Linton circulated draft Santa Clara PSA (buyers + terms as placeholders for the pending Units 6 & 7 deal).
7/29 10:54a-12:41p Josh ↔ Mark/Phil/Jared on 3511 Units 6 & 7 counter — economics: base untrended $550/SF on 2,138 SF units; combined 4,276 SF unit needs new AC; lease expires 2/28/27, new-buyer close pushed to ~6/30/27 (4mo vacancy). Phil: dividing the combined unit likely not cost-effective per floor plan.
7/29 11:24a Jared circulated interior-finishes design specs (Mosaic Business Center PDF).
7/29 3:57p Anthony Vera (Kimley-Horn): updated ALTA survey w/ utilities delivered — USA did not paint water in the streets; water along Thomas Rd shown, awaiting City drawings for Norman & Leonard before final update.
7/29 1:19p VER: Entitlements & Improvement Plan Zoom set Fri 7/31 9:00am PT.
7/31 9:00a VER Entitlements & Improvement Plan Zoom HELD.
7/31 2:18–3:24p ALTA water-meter loop escalated: USA/survey team omitted water meters; Mark Heavey — "they owe us another update w/ water meters." Josh directed Xavier Campos (VER) to deal with survey team directly, list first/second-round mistakes, demand it fixed fast and free. Water still unpainted on Norman/Leonard; ALTA update pending City drawings.
7/31 2:57–3:24p Kinetex/flooring scope: Jared corrected spec — common areas LVT (no carpet tile), private offices carpet tile, bathrooms concrete-look LVT; DFS W9/construction agreement in motion (Carlos Nieto/Worth PM).
7/31 Brian Kelly recommends ACCEPT the 3511 Units 6 & 7 signed LOI (best-and-final, existing tenant).
8/4 6:04a Shawn: Mosaic Q2 Portfolio Model — Thomas acquisition fee added; going to Jake with methodology (per Josh's 5-step plan, JREF-consolidated version to follow).
8/4 6:13a → 9:40a Flooring submittal LIVE: Miakah McCauley (DFS/Lance Grant) sent the electronic flooring submittal for 3501 Thomas Rd Suites 10 & 13 for review; materials won't be ordered until submittals + signed installation-method form are approved. Signed DFS proposal in from Bryan MacKendrick (via Carlos Nieto/Worth PM).
8/4 5:26p Phil Linton: "Ok to send this [Santa Clara Units 6 & 7 LOI] to Brian?" — clearance owed to Josh (LOI finalized, ready to go to buyer).
8/5 6:45a Josh: "Looks good to me." — LOI CLEARED to Brian Kelly. Ball now with Fast Turn (Tony Tran / Tom Khuu); the 8/4 draft dropped the seller-funded HVAC replacement and their exterior-improvements walk-right, so expect that to be the counterparty's pushback (AC9 Suite 7 is a 28-yr Rheem, ~USD 19.5K to replace).
Open follow-up
Units 6 & 7 LOI cleared to Brian 8/5 6:45a — now awaiting Fast Turn. Decide divide vs sell-whole the 4,276 SF combined unit (Phil says dividing likely not cost-effective). Approve DFS flooring submittals for Suites 10 & 13 so materials can be ordered. Give VER a survey-team contact so Xavier can push the missing Norman/Leonard water meters. Feed Hofer unit panel/electrical (amps) data to keep BelFuse alive; V2/Tribal Fit (Vijay) tour after 8/10.
Open Items
Units 6 & 7 — Fast Turn response to cleared LOI (HVAC clause exposure) · combined-unit divide decision · Norman/Leonard water on ALTA (Xavier pushing survey team) · flooring scope finalization (DFS/EF) · Condo plans w/ Wood Rogers · 6" sewer lateral · Jose Lopez improvements start wk 8/24
Chronology (auto)
7/27 · Traded Submissions — Traded - @tradedla - Sale - 3501 Thomas Road - 06/29/2026 - Joshua Honig
7/29 · Traded — Your Traded Post 3501 Thomas Road Links & Insights
7/29 · Vera, Anthony — 3501 - 3511 Thomas Survey
7/30 · Gus Weidner — Kinetex/Flooring Options
7/31 · Jared Rechnitz — Kinetex/Flooring Options
7/31 · Mark Heavey — 3501 - 3511 Thomas Survey
7/31 · Xavier Campos — 3501 - 3511 Thomas Survey
8/3 · Carlos Nieto — Kinetex/Flooring Options
8/4 · Shawn Pandit — Brokerage Database For Review
23151 Alcalde Dr (Laguna 3)
Laguna Hills, CA
Orange CountyInd. Condo Conv. (Mosaic)Bldgs A & CLease-up / condo salesCitizens Biz Bank (paid off)Jeff Carr to join David's email chain to B2 tenant Jesse Fan (lease expires end of August) and qualify him on a 10%-down SBA purchase; Phil to pull the repair schedule and COA reserve study status from David; Phil to compile the line-item expense breakdown (tax, insurance, maintenance, COA, management — current and post-repair) for buyer net-cost presentations; pick the better of the two remediation bids and move to shoring/rebuild; launch the formal Laguna 3 brochureThis Week
Sales + fire update (8/4 Alcalde call)
Fire: cleanup complete and done to a high standard — damage effectively invisible, units simply boarded as if under interior construction. Insurance already cut a USD 50,000 check, which exceeded cleanup cost and left a surplus; loss-of-rent coverage is in place and gets evaluated once post-rebuild leases are confirmed. Two teams are pricing remediation — the insurer's and David's — better bid wins before shoring/rebuild. Buyers: Investor Vishwa met City National (passed — he is an investor, not owner-user) and First Citizens, who are actively underwriting and want him as a deposit customer; his interest moved to unit B4 for the higher in-place lease rate a lender can underwrite without a P&L (lease + expense estimate delivered 8/4). Ken Vought (former C3 tenant, paid all back rent) re-engaged after learning C3–C6 will be brand new post-fire — walked B4, B5, C10, C11 and got a tenant rent / remaining-term spreadsheet; reply expected within a day or two. Jesse Fan (B2) lease expires end of August and asked for more time; David raised buying instead. Fan is using a residential broker with no commercial knowledge — Jeff is taking the conversation over directly. Giancarlo (broker, Jonathan's contact) has a couple of clients he thinks fit. Jordan is back Thursday with a call scheduled with Mitch on A1. A church prospect is unresponsive on a city approval step. Canvassing: ~100 brochures across 16 and 18 Technology (Irvine Company) and Triquest — Triquest's property manager sent a stop-distributing complaint, which the team read as proof it is landing. Next: Olen Company parks in Irvine, then Tustin, then Lake Forest. Roughly a quarter to a third of tenants are surprised they can buy at all; most need educating on SBA and the 10%-down owner-user path.
Situation
Mosaic 23151 Alcalde Property Owner LLC (JREF Mosaic Partners). CLOSED 6/15/26. Bldg C fire 7/10 — C4/C5/C6 impacted; Hanover adjuster completed initial inspection, issuing $50K check covering all out-of-pocket to date (David est. actual spend $30-40K). Architect ruled shoring must be specialty structural (not GC). Jeff Carr (CBRE) listing condos; 142-B closed 7/16, 142-C (Regatta) closed, 52-F expected to close by Thu (estoppel last open item). Only largest existing tenant interested in buying (mirrors Laguna 1/2 pattern). Lost-rent / business-income coverage CONFIRMED by Hanover adjuster 8/3 — loss calc to be built off rent roll + P&L + CAM for the restoration period. Fire fallout is now driving a wave of tenant early-exit asks (C6, Igram, Angelo Termite, B2) — Josh's posture: say no by default, "we have a lot of inventory."
Email chronology (through 7/28)
7/14 5:00p Saminah Welker (Mariners Escrow): 142-B — estimate to Mark; loan docs in, coordinating buyer signing.
7/20 3:30p Matt N → Mariners: "Please share final signed settlement statement that ties to $1,258,349.82 disbursed to seller."
7/23 12:31p Vishwa Tiwari to Voit (John Collins): B4/B5 interest — target $550/sf vs team $620.
7/23 1:03p John Collins → C3/Mark: "Best & final on longer-term leases — 23122-B at $560/sf ($1.62M); 23042-A&B at $515/sf ($5.37M)."
7/24 8:17a Saminah Welker: "Apologies for delay — attached is final statement" (142-B closed).
7/24 9:36a David Rowley: Weekly inventory reports for today's call.
7/24 2:00p Fellow (Weekly Lakeside/Montague): Shoring engineer walks the space next Tue 7/29; shoring+demo proposals by end of next week. Saddleback Roofing $4,500 C7 waterproof submitted to Hanover. C7 water line ran through C4/C5 — must be re-run. Insurance expected to cover all immediate repair costs. C4/C5 lease termination ~9/10 (Rowley sending formal notices pending Heavey approval). C6 tenant early surrender end of July (forfeits 1 mo rent). B2 tenant Jesse Fan extension approved ≥30 days.
7/27 12:30p Fellow (Alcalde Call): Vishwa focused on B4/B5, target $550/sf vs team $620; net worth $22-25M, 850 credit; church prospect exploring use approval w/ Laguna Hills planning.
7/27 1:43p Jeff Carr (CBRE): "Please find our updated Alcalde Tracker for today's 12:30 call."
7/28 5:00p Fellow (Mosaic Weekly): 142-C (Regatta) closed, 52-F closes Thu (estoppel last item). 142-C (Mill Creek Electric) signed LOI at $575/sf w/ 11-credit — buyer wants Dec possession but tenant lease runs to end of Apr; Collins/Jordan showing tenant cheaper nearby space to negotiate early exit. Vishwa (active on Laguna 3) quoting $550/sf to Jeff here while opening at $475 elsewhere — narrowed to one Mosaic project. 3 vacant units make-ready by EOW. Fire: Hanover adjuster issuing $50K check (est. actual spend $30-40K).
7/29 Hanover structural consultants toured the building. 7/28 demo contractor toured (proposal pending). Architect rebuild-design proposal received + forwarded to adjuster.
7/31 Rowley Weekly (call was 7/24): B2 (Jesse Fan) — offered 30-day extension; tenant responded he wants to BUY the unit → connected to Jeff Carr for purchase details. C6 early-exit end of July confirmed (~1 mo rent impact). Deadline to serve C4/C5 termination notices = 8/10/26 (leases terminate ~9/10). Email sent to adjuster re lost-rent coverage. Saddleback Roofing $4,500 C7 waterproof still insurance-review pending; C7 water line re-run proposals sent to adjuster. Illegal heavy-metal dumping in B-bldg dumpster (CRNR won't haul) — supports locking doors.
7/31 11:27a Rowley on Igram mutual termination: owner shutting the business, moving to Idaho, no assets (lives with parents per title search). Cost to pursue judgment ~$6K — Rowley recommends not worth it; possession delivered "next week." Awaiting Josh/Heavey go/no-go on breach complaint.
7/31 3:12p Jeff Carr scheduled the Alcalde Call (Teams, Newport Beach).
8/1 9:47a Angelo Termite (Virji), 23112 Alcalde Ste A — formal early-termination request; says a broker told him ownership is selling and might release him. Plans to vacate Mon Aug 3.
8/3 5:49a Heavey → Josh: "Let's discuss." 8/3 6:16a Josh: "Wow…just keeps coming. Sure let's discuss but I'm inclined to just say no. Especially if there is a personal guarantee. We have a lot of inventory."
8/3 8:26a John Collins: Lakeside marketing report 8/3 circulated.
8/3 3:14-3:23p Rowley → Heavey/Jared/Josh: Hanover adjuster CONFIRMED business-income (lost rents) coverage applies — loss-of-rent calc to be built from rent rolls, P&L and CAM charges for the period of restoration. This closes the open lost-rent question.
7/31 2:37p John Collins: 23142 Alcalde A1 & A2 suite-renovation recommendations — demo all hash-marked walls, keep restrooms (renovate in sync with Jim Biram's former-office restroom), full Unit A reno; leasing suite reads "circa 2002," reconfiguration plan attached.
7/31 / 8/3 Jeff Carr traveling — Monday call moved to TUE 8/4 12:30; Heavey unavailable Tuesday, told team to proceed without him; Phil Linton confirmed 12:30.
Open follow-up
Serve C4/C5 termination notices by 8/10 — hard deadline, 6 days out. Shoring + demo proposals are now OVERDUE (promised "end of week" on the 7/24 call, i.e. ~8/1; nothing received) — chase Heavey/Rowley on the 8/4 call. Two tenant-exit decisions owed by Josh: Angelo Termite (Josh leaning NO — verify personal guarantee first) and Igram (go/no-go on a $6K breach complaint against a tenant with no assets; recommend pass and re-let). Alcalde call TUE 8/4 12:30 without Heavey. Vishwa still working Bldg B.
Open Items
C4/C5 termination notices DUE 8/10 · Shoring/demo proposals OVERDUE · Angelo Termite early-exit decision (check PG) · Igram breach complaint go/no-go (~$6K, no assets) · Saddleback Roofing C7 waterproof (Hanover approval pending) · C7 water line re-run · B2 (Jesse Fan) unit purchase → Jeff Carr · 23142 A1/A2 suite reno scope (Collins plan) · Condo plan recording · Fairmed C10 renewal (12yr, $1.87/sf)
Chronology (auto)
7/13 · Shane Keepence — 23151 Alcalde Dr - Building A
7/13 · Shane Keepence — 23151 Alcalde Dr - Building A
7/8 · Shane Keepence — 23151 Alcalde Dr - Building A
7/8 · Shane Keepence — 23151 Alcalde Dr - Building A
7/7 · Traded Submissions — Traded - @tradedla - Sale - 23151 Alcalde Drive - 06/15/2026 - Joshua Honig
6/20 · First American Customer Insights — Reminder Josh, we still want to hear from you!
6/17 · First American Customer Insights — Josh, we request your feedback!
6/5 · Erin Hurd — Survey - 23151 Alcalde Drive Laguna Hills
6/5 · Erin Hurd — Survey - 23151 Alcalde Drive Laguna Hills
247 Bedford Ave
Brooklyn (Williamsburg), NY
BrooklynRetail (Apple anchor)~12,200Apple + CorcoranCMBS (LNR special servicer)~$15-17M est.4.75% + default
~7.75% all-in
ImminentChase Caldero/Thornoak — no LNR update since 7/21 on a loan in maturity default; Joel 8th installment; Eyal PFS to BoswellOverdue
Situation
JV: Greenmont + Waterbridge (Joel Schreiber). REFI CRITICAL. Thornoak Capital (Caldero/Gluck) engaged 4/23. LNR extension terms: 1% mod + 1% liq + 0.25% svc + 3% default int. Marketed alongside the High Street Retail Portfolio raise. NOTE (corrected 8/4): the $102M LOI Shawn sent Brett Siegel (Newmark) 8/3 covers 24 Prince ($7.5M), 8-14 Prince ($15.25M), 30 East Oak ($24.3M), 90 Prince ($31.2M), 224 Mulberry ($9.75M), 450 Broadway ($14.0M) — a six-building SoHo/Nolita + Chicago acquisition. It does NOT include 247 Bedford, 555 Washington or 58 Kent; those are Greenmont-owned assets. Prior entry conflated the two — 247 Bedford's refi stands on its own.
Email chronology (through 7/28)
7/10 2:41a Josh sends 247 Bedford update; Eyal replies same day (thread with James Caldero + Darren Gluck, Thornoak).
7/13 9:12a Matt Nicholas: internal reply on 247 Bedford (financials package).
7/16 12:33-40p Shawn Pandit → Doug / Dylan / Andrew / Rui: "High Street Retail Portfolio" outreach — 53,515 SF, 6-bldg NY+Chicago, incl. 247 Bedford, w/ Chris DeCrosta (Goodspace) + George Karnoupakis leasing edge.
7/21 10:52a Shawn → Joseph Shamah (via Adam Goodstein intro): same deck sent.
7/21 11:24a Peter K: Apple appraisal materials assembled — 3yr financials (Eyal to review), 2026 budget, Apple + Corcoran leases, CAM calc, rent roll.
7/21 2:30p Scott Fishkind (LNR): "Can you guys please send us the leases for 247?"
7/21 2:32p James Caldero (Thornoak) → Eyal: "See below." 7/21 2:37p Eyal: "See attached" (leases forwarded).
7/23 6:02p EOD: Caldero/Thornoak sending 247 leases to LNR; Josh added to Apple appraisal loop.
7/28 8:09a Shawn: High Street Retail Portfolio deck to Gabe (per Eyal).
7/28 ECB hearing held (signs/sprinkler-labels violation 014249088N); $1,000 defaulted ECB balance outstanding — routine Jack Jaffa compliance, not deal-critical.
7/31 – 8/3 Carlton (Joseph Shamah) running the equity process: tracking memo issued Fri 7/31, refreshed twice Mon 8/3 (9:55a then 11:22a — "a few additional updates from this morning's follow up… continuing to push"). Farallon (Jawad Ahmed) is the live counterparty: Peter K sent comp data + underwritten-vs-in-place rents 7/31 and a custom Street View map (high-street-retail-portfolio.pages.dev).
8/3 2:00p Greenmont / Pearl Group (Anthony) call — a participant never joined despite email, call and text; group agreed to reschedule. Shawn offered after 4p 8/3 or anytime before 4p 8/4. Action sits with Anthony@pearlgroup.ca to re-time it.
8/3 9:21a Brett Siegel (Newmark) on the $102M portfolio LOI: "Received. Back to you asap." Awaiting seller response.
Open follow-up
Refi is the critical path and it has gone quiet. Last substantive LNR movement was 7/21 (Fishkind requesting leases, Thornoak delivering) — two weeks of silence on a loan already in maturity default. Worth a direct push to Caldero/Gluck for a status read this week. Separately: Josh's Y/N on Shawn's revised Carlton carve-out list (Battery Global out per Eyal 7/28) still unresolved.
Open Items
LNR/Thornoak refi status — no update since 7/21, chase Caldero · Joel Schreiber non-responsive on 8th installment · Eyal PFS to Boswell overdue · Waterbridge buyout on the table if Joel won't fund · Apple renewal strategy (appraisal materials assembled 7/21) · Carlton carve-out list → Josh Y/N
Chronology (auto)
7/21 · Eyal Greenberg — 247 Bedford
7/20 · Nathan@JackJaffa — Weekly Update from Jack Jaffa - Monday, July 20, 2026
7/16 · Matthew Nicholas — JREF MOSAIC PARTNERS - 3501 and 3511 Thomas Road, Santa Clara, CA BUYER OUTSTANDING ITEMS | NCS-1303682
7/13 · Nathan@JackJaffa — Weekly Update from Jack Jaffa - Monday, July 13, 2026
7/13 · Matthew Nicholas — 247 Bedford
7/10 · Darren Gluck — 247 Bedford
7/10 · Matthew Nicholas — 247 Bedford
8/3 · Nathan@JackJaffa — Weekly Update from Jack Jaffa - Monday, August 3, 2026
364 Lincoln Pl
Brooklyn, NY
BrooklynResidential (40 units)~40 units~97%[confirm lender][confirm][confirm][confirm]Weekly report template is live — Gabe Siegal signed off 8/5 and forwarded it to the Charney team to maintain; confirm the completed A10 renovation shows under the CapEx tab against total budget (Admiral Elevator deposit already out)This Week
Situation
364 Lincoln Owner LLC. Active reno + lease-up. Rent roll grew $188.6K/mo at closing → $198K/mo today (Matt N unit-by-unit 7/23). F1 reno nearly complete (bath tiling + kitchen cabinets within days); leasing targeting Aug 15 start. Fresh Start Cleaners now handling all turnovers at $1,000/turn (replaces AJ on turns). LP: Eduardo Alfie / Triple Five. Accounting-fee dispute RESOLVED 7/30 — Eduardo accepted Eyal's OA-based explanation, closed the point out, no credit given.
Email chronology (through 7/28)
7/10 → 7/30 · ACCOUNTING-FEE DISPUTE (Eduardo Alfie / Triple Five) — CLOSED. Eddie challenged the $1,650/mo Property Accounting Fee (plus LL-84 $550, $6K Professional Fees Other, Lease Renewal Admin $400, elevator deposit) and pressed for a retroactive credit, saying it "was never budgeted." Shawn drafted the pushback, Eyal sent it 7/30 11:47a: the CRA/accounting fee is an Exhibit B budget line, separate from the 4% mgmt fee per OA §4.9 + PMA §4.1 — no contractual basis for a credit; offered a cosmetic reclass with no economic change. 7/30 4:46p Eduardo: "I'm okay closing this point out… We can leave it as is." No credit given. Elevator invoice $14.5K delivered.
7/23 10:00a 364 Lincoln team catchup; Matt N sent unit-by-unit rent comparison.
7/27 1:47p Jack Jaffa Weekly Update: ECB hearing scheduled 7/28 (247 Bedford signs violation), 8/9 HPD certifications due at 364 Lincoln for self-closing doors, HPD complaint 7/18 (Water Supply).
7/27 3:24p Gusto: Autopilot payroll runs Tue 7/28 for 364 Lincoln Owner LLC.
7/28 5:19a Matt N → Eddie: "Going forward we'll add the accounting fee within the management fee. See attached elevator invoice, total $14.5K."
7/28 5:34a Eduardo: "No need to break out accounting fee separately — expect a credit as it was never budgeted. Thanks for elevator invoice."
7/28 7:38a Shawn: "364 Reddit — r/prospectheights thread on the building."
7/28 9:35a Gabe Siegal (Charney): "Leasing Agreement Template — draft attached for your review."
7/28 10:22a Josh → Shawn/team: "Please take first stab reviewing this leasing agreement template — good practice to have one; do we need attorney?"
7/28 1:54p Smith-Garbey eviction (Apt F-5): Aaron Shirazi (Charney) → counsel Harrison Feldman (HCR) — decision reserved by judge 6/30; Feldman expects ruling within ~2 wks.
7/30 6:45a Shawn: 364 Lincoln Team Catchup CANCELED.
8/3 · CHARNEY LEASING TEMPLATE — REDLINE DELIVERED. 2:02p Josh → Gabe Siegal: "Looping in Shawn and Matt. We will get you a redline." Shawn sent internal redline 9:55a, Josh returned comments in red 12:34p, Shawn sent the redline to Gabe 11:21a with an offer to discuss by call. Two items carried forward: insurance requirements section parked pending a conversation with Dachs, and Shawn flagged that the template's first paragraph only references market-rate units — a real gap given a rent-stabilized unit could go vacant via the F5 case. No outside attorney engaged; handled in-house.
8/3 12:18p Gusto: 364 Lincoln Owner LLC July invoice paid, $60.97, 1 employee — routine.
8/3 1:43p Jack Jaffa weekly: no managed ECB hearings upcoming.
Open follow-up
Charney template redline is with Gabe Siegal — awaiting his response / call. Two open sub-items on it: insurance section pending Dachs input, and the market-rate-only language needs to cover a vacated RS unit (F5 exposure). HPD self-closing-door certs due 8/9 — 5 days out. Smith-Garbey F-5 ruling was expected ~2 wks from 7/28, so it is due now — chase Feldman/Shirazi. F1 leasing kick-off 8/15.
Open Items
HPD self-closing-door certs DUE 8/9 · Smith-Garbey F-5 ruling now due — chase counsel · Charney template: Gabe response + insurance section (Dachs) + RS-unit language · Top-floor toilet overflow damage assessment (Aaron/Charney) · Lead abatement units E8 & C10 · Sump pump + elevator brake ($14.5K invoice) · Hallway painting (lender req) · F1 lease-up 8/15
Chronology (auto)
7/28 · Matthew Nicholas — 364 Lincoln Place - Full Explanation Required on Recent Charges
7/28 · Eduardo Alfie — 364 Lincoln Place - Full Explanation Required on Recent Charges
7/21 · Aaron Shirazi — 364 Lincoln Place; CO Expiring
7/30 · Eduardo Alfie — 364 Lincoln Place - Full Explanation Required on Recent Charges
7/30 · Eduardo Alfie — 364 Lincoln Place - Full Explanation Required on Recent Charges
7/21 · Shawn Pandit — 364 Lincoln Place; CO Expiring
7/21 · Shawn Pandit — 364 Lincoln Place; CO Expiring
7/19 · Adam Goodstein — 364 Lincoln Place; CO Expiring
805 Uniek Dr
Waunakee, WI
Madison, WIIndustrial (NNN)~120,000100% (Uniek Inc.)Sound Point Capital
Svc: SitusAMC
~$11-12M est.FloatingSale listing liveSign the engagement letter; approve the OM; keep the recap process running and follow up with Felix; respond to Shaan Dadlani (Northmarq) — he has an urgent 1031 buyer and you floated the ~USD 21M Madison-area assetEngagement letter
Disposition (8/4–8/5)
Josh self-note 8/5 10:47am and again 10:51am — the sequence is: (1) sign engagement letter, (2) approve OM, (3) continue running the recap process, following up with Felix. Eyal set a Teams call for 805 Uniek 8/5 12:04pm. New buyer channel: Shaan Dadlani (Northmarq) blasted an "URGENT IMMEDIATE 1031 BUY NEED" 8/4; Josh replied same morning — "We are shortly bringing to market a ST industrial building in Madison WI. Would that be a fit? Purchase price approx. USD 21M." Dadlani came back the same afternoon. A 1031 buyer on a clock is the best possible bid for a single-tenant asset — worth working before the formal launch.
Situation
805 Uniek Drive JV LLC. SALE — CBRE. Sabal-Greenmont JV selling ~120K SF NNN industrial (Uniek Inc. 100% tenant) via CBRE Madison (Chase Brieman, Ben Filkouski). List reference $20.75M (~7% cap), not publicized — negotiations pegged near $19.0M. Aegon $11.5M refi TS parked; investor DD ongoing (Fortistar, Midloch, Jonny Weiss).
Email chronology (through 7/28)
7/15 8:16a Chase Brieman: Drone photos delivered.
7/19 10:34a Jared: "Any ETA on listing agreement?"
7/23 Peter K sent Fortistar (Adam McMaster) the 3-scenario downside model.
7/24 2:00p Chase: "Listing agreement draft attached — WB-5 (state-required, first 7 pgs) + Addendum #1 (CBRE supplement). List price $20.75M ~7% cap, won't be publicized. OM to you Monday."
7/27 12:56p Josh → Charles Alexander + Mike Mehagian (Sabal): "See attached brokerage agreement. Suggest we counter with 1.5% on first $19M + 5% above. Weiss (SBohorquez) can spin through it."
7/27 3:13p Charles Alexander: "OK on 1.5% (would like to settle there — maybe start lower). 3.5% seems crazy for a deal this size. Can we start the incentive at $19.25M (Madison's midpoint value)?"
7/27 4:56p Josh → Charles: "Yes that makes sense — we'll get attorney engaged to review and send a draft redline."
7/27 5:24p Peter K: Uploaded lease + all amendments to Dropbox for Chase.
7/27 6:20a Adam McMaster (Fortistar): revised memo sent to Adam C.; Jonny Weiss keeping warm.
7/28 7:03a Josh → Adam Weiss + Sebastian Bohorquez (Weiss Law): "We own this asset at 805 Uniek, gearing up to sell 2026. Capacity to work on with us? Attached is listing agreement to start."
7/28 7:30a Adam Weiss: "Yes — happy to assist. Introducing JP Croake, Senior Counsel, WI-barred and lives in Madison. Will review the listing agreement + get back w/ comments."
7/28 7:34a JP Croake: "Good to meet you and happy to assist with a property right here in Madison!"
7/28 7:35a Josh → Weiss/Croake: "Sounds amazing, let's do it!"
Open follow-up
8/2: Josh self-directive — (1) sign CBRE engagement letter, (2) approve OM, (3) send Uniek to Gutnikov, (4) continue running the recap process. These are the live to-dos on Josh's plate. 7/31 2:07p: Josh sent Charlie Alexander (Sabal) the finalized markup incorporating Croake's redline + the agreed 1.5%/$19.25M-incentive structure — Charlie replied 2:18p "Thanks / will revert." Ball on Sabal for final sign-off; once signed, listing goes live. OM being finalized by Ben + Chase. Red Starr / Jonny Weiss (Azalea) info request answered 7/30: cost basis $16,244,913.36 delivered by Peter; tenant-credit narrative (Uniek/Tom Pyle, EBITDA-minimization for tax, zero debt) shared. Investor DD warm w/ Fortistar (McMaster), Midloch (Palmer), Jonny Weiss. Zack Streit intro'd Peter Oberndorf (Oberndorf Ent.) 7/29 — passed, "too small for us."
Open Items
Sign CBRE engagement letter · Approve OM · Send Uniek to Gutnikov · Sabal sign-off on brokerage markup · Aug invoice out (Rob Ortega) · Eyal PFS to Boswell · Distribution #13 to Sabal
Chronology (auto)
7/31 · Charles Alexander (Sabal) — "Thanks / will revert" on markup
7/31 · Jared Rechnitz — Intro: Peter Oberndorf (Zack Streit) — passed, too small
8/2 · Josh Honig — Uniek: sign engagement letter, approve OM, continue recap
8/2 · Josh Honig — Send Uniek to Gutnikov
7/30 · Jonathan Weiss — Info Request from Red Starr
8/3 · Jorjio Hopkins — CMPD & Greenmont Group Intro
8/4 · Jared Rechnitz — CMPD & Greenmont Group Intro
295 Ella Grasso Tpke
Windsor Locks, CT
Hartford, CTIndustrial (Multi-Tenant)~451,908~94% (Fabbrica, MML, CSS, Kamps)[confirm lender][confirm][confirm][confirm]Condyne (Jeffrey + Donald O'Neill) drives the site Thu 8/6 then returns a fixed-fee feasibility proposal — site layout + max achievable SF; take Jonathan Etra's call and choose the lane — hold Ajax at USD 20M, pivot to the Tryperion back-up PSA, or re-market via Cushman (Kumpa is financing-blocked and out, so he is not a reason to wait); resolve where the electrical rooms sit for the two retained buildings (separate meters, locations unknown); Matt to close the July investor report financial section with Seastone (Eitan Levy)Condyne 8/6
Disposition track — John Kumpa (8/5)
Kumpa (MM Logistics) re-opened unprompted: "295 EG will always interest me to own — but what is your investor looking to do? I will be more flush in 2027, might start shopping again late 2027." Josh 11:33am: "My investor would 100% sell." 11:54am: "They would need to be at USD 22M to sell," and floated signing a purchase agreement now with a non-refundable deposit and the ability to close in 6–9 months. Kumpa 12:35pm: "there is no way my bank would finance that for me — what did it appraise for?" Josh: not appraised since acquisition. Kumpa: "Gotcha." Read: he wants it but is not financeable at 22 today. Keep warm into 2027 while the Condyne redevelopment study runs in parallel — the study is also the value case that supports the number. Admin: 8/24 tax bill of USD 142,371.08 paid, receipt sent to SitusAMC (Catherine Fisher) 8/4.
Redevelopment study (8/4 Condyne call)
~450,000 SF on ~26 acres, bought three years ago fully leased with Triparian Holdings out of a discretionary fund. A major tenant vacated; backfilled to 100% with one-year "bottom feeder" tenants that block both a business plan and a disposition. The problem building: ~350,000 SF, 16-ft clear, zero loading docks on the main face — uncompetitive against Class A leasing at ~USD 11.00–11.50 NNN. It is the demolition candidate; the 85,000 and 42,000 SF buildings have longer leases and are retained. The plan: new Class A warehouse at 200,000+ SF (Josh: the minimum for the numbers to pencil), single-sided loading chosen over cross-dock to maximize leasable SF, plus employee parking and maximized trailer/truck parking in the permitted outdoor storage. An outdoor storage area tied to a current lease returns in ~3 years and is out of play for now. Decisions taken: single-sided loading over cross-dock; parcel subdivision along Choice Road as the route to individual asset sales. Inactive rail line to the rear was already in the entitlements to remove. Open item: electrical room locations for the retained buildings (separate meters). Water/fire tank confirmed on site. Condyne is design-build; Jeffrey floated USD 10–15K for a site plan to establish layout and rough construction cost before permitting — Josh asked instead for a fixed-fee feasibility study. Survey sent 8/4 4:48pm. Full capital flexibility from Greenmont + Triparian if returns justify it.
Situation
Greenmont / Tryperion JV (Adam Goodstein — Seastone Capital). SALE TRACK — AT A FORK. Ajax Partners (Ian Blatt / Stuart Silberberg / Nikolas Marill-Fukuda) accepted $20M 7/15 but is stalling on signature. Etra (Tryperion) pressing for a call to choose a lane: (A) hold Ajax, (B) pivot to Tryperion back-up PSA, (C) re-market via Cushman. Parallel: partial-build repositioning idea (Ziaks/architect-of-record) — PDB/Polar (Bhavik) delivered a feasibility study 8/2 as new input. ARCO walk done 7/31.
Email chronology (through 7/28)
7/20 12:15p Jamie Roth (Greyhill): "Are you available today at 5pm? Alt: tomorrow 11:30 or 1pm."
7/21 8:13p Josh → Mo Bloorian (Greyhill): "Attached sale comps. Having trouble tracking down the lender matrix but working on it."
7/22 11:52a Mo: "Thanks. Keep us posted on debt quotes — essential for us to make a final decision."
7/24 4:24p Scott Anderson (Conrac / Bradley Airport parking outreach): "No immediate need but occasionally overflow storage — passed info to team." (90-day armed)
7/27 9:07a Jonathan Etra (Tryperion) — RE: 295 Ella Amendment (Etra pushing to settle direction).
7/27 9:40a David Coffman (JLL): "AJAX Team — please send remaining third-party reports ASAP. PSA entitles current ownership to copies of Environmental, Survey, Zoning."
7/27 11:31a Nikolas Marill-Fukuda (Ajax): "Here is the zoning report and the survey. Environmental report was done through a lawyer."
7/27 11:41a Coffman: "Should we just contact your counsel directly for enviro docs?"
7/27 11:44a Stuart Silberberg (Ajax): "Due to complex environmental situation + recent state reg changes, we were advised to handle enviro through our attorney; subject to attorney-client privilege. We are not in a position to share it."
7/27 3:43p Silberberg: "Working on it — I will call you tomorrow."
7/28 5:35a Josh → Laurie Wood (Readco PM): "Yes — thank you and thank you for another great year!" (PM contract renewal $3,000/mo from 9/1/26, +$100).
7/28 7:05a Josh → Greyhill: "Checking in if any further thoughts here" (Rosewood/Greyhill track parked).
7/28 7:22a Liam Bettez (ARCO): "Walk thru time for Friday."
7/28 7:30a Josh → Scott Anderson (Conrac): "Are you affiliated with the airport or only the parking structure? Any current needs for warehouse or airport-adjacent land?"
Open follow-up
THE FORK is the live decision: Etra (Tryperion) is pushing Josh to a call to pick a direction — hold Ajax at $20M (stalling on signature; enviro report withheld under atty-client privilege, Coffman working around via counsel), pivot to a Tryperion back-up PSA, or re-market via Cushman. Partial-build dev path: Josh's 8/2 self-note (Ziaks partial-build idea, architect of record); PDB/Polar feasibility study delivered 8/2 as new input. Bradley Airport Dev Zone tax abatement: Josh's 8/2 outreach to Edward Bona (CT.gov) BOUNCED — bad address; weekly Monday reminder cron set to chase. Property taxes CONFIRMED paid from operating pre-8/24 (Matt, actual $142.3K vs projected $139.5K semi-annual — assessed value came in higher; Matt investigating the delta). June lender reporting delivered to Thorofare (Rob Ortega → Joseph Stanislawski, 7/30). MML expansion/overflow agreements (8/3): John Kumpa (Multi-Mode Logistics) asked to align on the current agreement(s) — his West Side "expansion space" clients have all grown inventory levels; call held 8/3 3:30pm ET. Josh confirmed Original Space lease runs to 3/31/2031 with a termination right effective 4/1/2029, notice window 7/1–10/1/2028. Tenant clarity here is a value input to the Ajax/Tryperion sale decision — get the alignment memorialized in writing.
Open Items
THE FORK — Etra call to pick Ajax/Tryperion/Cushman · Coffman chasing enviro (Ajax attorney-privileged) · Partial-build feasibility (PDB/Polar delivered 8/2; Ziaks architect-of-record) · Bradley Dev Zone abatement — resend to correct CT contact (Bona bounced) · SitusAMC billing statement due 8/3 (→ Matt) · Bradley Airport overflow (Conrac 90-day ~Oct 22) · Approved plans PDF from Schaake/Ziaks pending
Chronology (auto)
7/31 · Liam Bettez (ARCO) — walk-thru completed
8/1 · Matthew Nicholas — property tax confirmed from operating ($142.3K actual)
8/2 · Jonathan Etra (Tryperion) — pressing for a call to pick a lane
8/2 · Josh Honig — Ziaks partial-build idea / PDB feasibility study
8/2 · CT.gov (Edward Bona) — Dev Zone abatement email BOUNCED
8/3 · John Kumpa — Good Morning Josh - Catch up meeting to discuss the "expansion space" "overflow" agreements - Any time this week?
8/3 · Bettez, Liam — Catch up GC call
8/4 · Jeffrey O'Neill — Feasibility Study - 295 Ella Grasso
Esperante
222 Lakeview Ave, West Palm Beach, FL
West Palm BeachClass A Office~256,00097.3% (43 units)Walker & Dunlop
floating + rate cap
~$150-165M*Floating*~2028-29*Stabilized core — backfill 2.7% vacancy (Boston Children's, Foretell)Owned
Situation
222 Lakeview Ave, West Palm Beach — Class A office tower ~256,324 SF. 97.3% occupied (249,503 SF / 43 units; 6,821 SF / 3 units vacant). NOI ~$10.1M. Owner: 222 Lakeview Owner LLC (44.28% / 55.72% JV) via Greenmont 222 Lakeview LLC + JZ Capital Partners + Related/Ross. Related Urban Management (PM). Feb-2026 W&D refi (floating + cap), ~$9.6M annual DS. Tenants incl. Sotheby's, Piper Sandler, LIV Golf, Industrious, Templeton, Raymond James, Highpost, Blue Sea.
Email chronology (through 7/28)
6/19 8:00a Standing Bi-weekly Leasing Call (Joody Andre organizer) — cancelled that morning.
6/25 9:00a Matt N: "Mosaic Distributions — Laguna 3 & Thomas acquisition fees to disburse; Yardi allocation tracker + Voyager upgrade proposal attached; Seastone properties added to Yardi allocation."
7/9 1:33p Joody Andre: Bi-weekly Leasing Call cancelled again.
7/24 11:00a Fellow (Bi-weekly Leasing Call): Blue Sea came in at $65/SF; Greenmont countered $88/SF, 120-mo term, 3 mo free, $40 TI — Jon expects to settle around $85-86/SF w/ $45-50 TI max. Competing option: Phillips across the street last closed at $165/SF (strong leverage). Boston Children's lease out, process going well. Suite 162 four-tenant deal in progress. Driftwood Hospitality (PE from PGA market) considered for former Chatham exec space — CB friend-wheel; tour arranging.
Open follow-up
Jon (leasing broker) to arrange Driftwood Hospitality tour of Chatham exec space. Blue Sea expected to close in one more round at ~$85-86/SF, $50 TI. Once Boston Children's + Suite 162 close, remaining vacancy is Chatham space only.
Laguna 2 (Lakeside Business Center)
Laguna Hills, CA
Orange CountyInd. Condo Conv. (Mosaic)[confirm]Lease-up / condo salesAll-cash — no debtCondo sell-outTour the blocking tenant to the replacement unit half a mile from his home (cheaper rent) and consider a small cash incentive to move — it is the last obstacle to signing the Mill Creek PSA; keep working the investor prospect running at both Jeff and John; Jordan to close the A-1 buyer conversationLease-up
Leasing / competition (8/4)
Mill Creek PSA is blocked on one tenant who must vacate first. The team found him a replacement unit half a mile from his home at cheaper rent and is trying to tour him there, possibly with a small cash incentive. Mill Creek settled on the smallest unit — motivation is low total dollars, not the space. ~4 tours across Laguna 2 and 3 in the week including car-enthusiast buyers; an investor prospect working both Jeff and John looks serious, is talking to lenders, and called the broker at 5:30 on a Friday evening. Deal velocity picked up noticeably versus the prior two weeks. Spectrum Center (Buchanan Street Partners) launched 8/4 in Lake Forest at USD 575–750/SF — 227,000 SF total including 36,000 SF office, ~700 feet from Alcalde as the crow flies. Team read: inferior location (farther from wealth, wrong side of the freeway, smaller/less dense market) and it actually supports Laguna pricing by anchoring the OC commercial-condo rate. Phil's point. Hammond is the likelier casualty — launched in summer at higher prices with weaker product and a worse location. Buchanan is both a developer for its own account and a debt fund that has lent to Greenmont projects before.
Situation
Mosaic industrial condo-conversion; sister deal to Laguna 3 (23151 Alcalde). All-cash Mosaic. Entities: JREF Mosaic Partners LLC / Mosaic Venture I LLC / Mosaic Holdings 1 LLC. Broker: John Collins & Jordan Kemper (Voit). Active sell-out — Mill Creek Electric took $570/SF (+$30K credit); Pacific Pharmas closing this week. Pacific Farm eyeing +6 units (lease exp 8/31/26).
Email chronology (through 7/28)
7/13 8:46a Jordan Kemper (Voit): Standing "Lakeside Marketing Call" tracker — team incl. Jake Block (Jadian), Jared, Josh, Mark Heavey, Phil + Alex Linton, Shawn, Peter K, David Rowley.
7/20 9:04a Jordan Kemper: Updated marketing tracker for 7/20 call.
7/23 1:03p John Collins → C3/Mark: "Two best & final offers for Vishwa — 23122-B at $560/sf ($1.62M) and 23042-A&B at $515/sf ($5.37M)."
7/23 1:05p Mark Heavey: "I'll give you a call to discuss."
7/23 2:23p Jared: "Ok."
7/23 9:25a Gela Villarroel (Worth PM): Weekly A/R report for Lakeside + 12350.
7/24 2:30p Fellow (12350/Lakeside Weekly): Standard weekly rollup (largely overlapping w/ Laguna 3 fire content).
7/27 8:13a Jordan Kemper: Updated marketing tracker for 7/27 call.
7/27 1:00p Fellow (Lakeside Marketing Call): Pacific Pharmas tracking to close this week. Rob Larson (tenant in place) — visit tomorrow w/ Camino Capistrano sublease brochure. Mill Creek buyer knew about tenant in place (Bryce Ashton had miscommunicated). Low-ball buyer (Visa?) at $475/ft rejected — John reinforced comps closing at $570-575/ft. Team's firm floor $565/ft. Buyer wants both an Alcalde unit + Lakeside unit.
7/28 8:13a Rob Ortega → Sydney Jackson (DEA): Wire instructions verbally confirmed 12:08PM EST, wire going out today.
Open follow-up
Mill Creek to review PSA in parallel while tenant-in-place situation resolves. Pacific Pharmas closes this week. Firm floor $565/ft on unit pricing. Low-baller (Visa?) expected to circle back early this week — may be negotiating tactically w/ stronger debt than stated.
58 Kent
Brooklyn (Williamsburg), NY
BrooklynSingle-Tenant Retail33,000100% (Lighthouse)Purchase-money loan
$9.5M · 50% LTC
$9.5MMatures 2/29/28Chase Friedman for the second ICAP application status — Douglas Baillie (buyer side) is holding on it and the current external CFs do not contemplate a second ICAP; confirm when the existing 25-year ICAP fully burns off and that it is modeled into the tax lineOngoing
Buyer diligence (8/4)
Douglas Baillie (Aperture Holdings) reviewed the external cash flows Shawn sent and agreed with most of it, but flagged the tax modeling: when does the current ICAP fully burn off, is that burn-off in the modeled taxes, and did Greenmont actually apply for the additional ICAP benefit. Shawn 8/4 2:37pm: it is a 25-year abatement; the second ICAP has been applied for but status is unknown — Friedman has been unresponsive for weeks and was chased again; and the attached model does not contemplate a second ICAP. Baillie: "Perfect — thanks." Eyal circulated updated interior photos (Yoshi Interiors BK) to the Dropbox closed-deals folder the same evening.
Situation
Acquired 2/28/25 for $17.04M (~$516 PSF) / $16.72M net. Going-in NOI ~$445K. $9.5M purchase-money loan (50% LTC, 36mo term, matures 2/29/28). Entities: 58 Kent LLC / Greenmont Aperture 58 Kent LLC (JV — Greenmont + Aperture Holdings + CC Hsu). Tenant: Lighthouse — single-tenant, 33,000 SF, 100% occupied, $55 PSF ($1.815M annual), lease through 11/30/2040 (WALT ~15.8 yrs). Now bundled into High Street Retail Portfolio raise (555 Wash + 247 Bedford + 58 Kent) — $100M LOI 7/22.
Email chronology (through 7/28)
5/17-19 CC Hsu (Golden Aspen Partners) ↔ Matt N: multi-round DD on 58Kent JV structure — 58 Kent Owner LLC = passthrough disregarded, Lighthouse rent paid to 58 Kent Owner LLC (not JV).
6/24 GAP TRF I 2025 audit smoothly completed.
7/16 12:31-40p Shawn (batch outreach): "High Street Retail Portfolio" deck to Rui, Doug, Dylan, Andrew, Joseph Shamah (via Adam Goodstein intro) — Chris DeCrosta (Goodspace) leasing edge + George Karnoupakis 15+yr NYC retail AM.
7/20 8:35a Shawn → Dan (been a while): High Street Retail Portfolio deck sent.
7/21 11:10p CC Hsu: "Thanks for GAP TRF I 2025 audit — could you send me 2Q26 Investor Report when ready?"
7/22 6:39a Matt N → CC: "Yes, working on finalizing — will have it by end of the month."
7/23 6:02p EOD: Q1.26 financials thread w/ CC still active; Josh looped on 58 Kent JV structure Qs.
7/24 1:54p Rob Ortega → Alison: 58 Kent August invoice sent.
7/28 8:09a Shawn → Gabe: High Street Retail Portfolio deck.
Open follow-up
Matt N to deliver 2Q26 Investor Report to CC Hsu by end of month. Shawn's batch outreach continues through the Carlton advisory carve-out list — final Y/N needed from Josh on the revised list (post Battery Global removal) → unlocks Bildner sign-off + Carlton investor blast for the portfolio.
Open Items
2Q26 Investor Report to CC Hsu (EOM) · Carlton advisory Y/N (Josh) · Aug invoice (Rob Ortega, done) · Q3 books · Goodspace lease transactions in deck
Chronology (auto)
7/16 · Shawn Pandit — Lincoln Final Transition Items
7/29 · Alison Oswin — 58 Kent - 08.26 Invoice
8/4 · Douglas Baillie — 58 Kent - External CFs for Buyer
Active / Underwriting
11
Pursuit (Outreach)
21
On Hold
1
Markets
CA · NY · IL · WI · NJ · FL · AZ
One board, two stages. ① Active / Underwriting = deals we're actually modeling, touring, or have offered/LOI'd on. ② Pursuit = earlier-stage outreach — testing whether an owner will sell. A target graduates from Pursuit → Active the moment we underwrite or offer.
① Active / Underwriting
DealMarketTypeSizeTarget PriceEquity / PartnerBroker / CounterpartyStatusNext ActionDue
Sky Park / Airport Business Ctr
Sky Park Circle, Irvine CA
Orange CountyInd. Condo Conv. (Mosaic)~365,000 SF
3 parcel groups
~$134M
~$367/SF blended
Jadian (Jake Block / Dan Schuchinsky)Brandon White (Newmark)
Seller: Koll (Scott Lanni)
Counter Out
Ball on seller
Decide the channel for the counter — back through Brandon, or get Scott Lanni and Jerry on a call first (Jake Block to strategize with you post-call); counter terms are settled: USD 350/ft, broker fee restored to 50/50, ROFO language stripped from the LOI and deferred to the PSA; take Koll's finite PM personnel-cost number Thu 8/7 when Jerry returns and comp it against the 3%-of-EGR structureAwait Koll reply
Counter strategy (8/4 Mosaic call)
Josh: Brandon signalled the seller is expecting and ready to accept USD 350/ft, so countering at that number beats accepting the LOI as-is. Three changes agreed for the counter: (1) price to USD 350/ft; (2) broker fee back to a 50/50 split — the seller's pushback was read as a negotiating tactic; (3) strip ROFO language out of the LOI entirely and defer it to the PSA. Naming: fine honoring Don Cole in the project name, leave the language as-is, and negotiate the monument down to something minimal (a plaque) at the PSA stage. Conceded as market-standard: title company selection, deposit structure, seller drafting the first PSA. On timing, Josh and Jake weighed using it as a trade but are inclined to concede — Jake agreed it is not critical. Management: Scott Lanni put it at 3% of EGR plus applicable personnel costs including burden (PM, Asst PM, Engineering). Josh to Jared: "3% and then no personnel costs?" Jared: "Hard to say bc always a porter etc." Josh: "we need to figure out a way to comp out this but I guess let's see where they come back with on salaries." Finite number lands Thursday 8/7.
Situation
Airport Business Center (Sky Park Circle, Irvine) — Mosaic condo-conversion, ~365K SF across 3 parcel groups. Seller: Koll family (Scott Lanni, LanniS@koll.com). Broker: Brandon White (Newmark, brandon.white@nmrk.com). JV w/ Jadian (Jake Block). Condo mapping was recorded ~70 years ago — heirs likely unaware. Economics: $350/SF (groups 1&2) + $375/SF (group 6). 140-150K SF condo sales needed for 10% stabilized yield. Condo pricing $625-700/SF conservative. Levered IRR (rental-only) 11.5% @ 60% LTV. DEAL LIVE AGAIN 8/4 — active LOI counter round.
Email chronology (through 8/4)
5/8 Committee-approved all-cash LOI submitted.
5/22 Koll returns comments on LOI.
6/16 Newmark counter.
6/23 12:57p Josh → Brandon White: signed LOI + redline resubmitted.
6/25 Family (Koll heirs) meeting — positive.
6/29 Joint call held; ball back on seller.
7/11 10:02a Brandon: ABC discussion Teams invite.
8/4 10:54a Koll counter-LOI (via Brandon White): Group 6 removed, scope cut to 154,744 SF, price $56M ($361.89 PSF, +2.7%).
8/4 ~2:26p Brandon: "a couple differences from before, but there's a middle ground" — call w/ Josh.
8/4 4:36p Scott Lanni on management: 3% of EGR + applicable personnel costs incl. burden (PM, Asst PM, Engineering); finite personnel budget number Thursday 8/7 when Jerry is back. Josh↔Jared internal: "3% and no personnel?" — Jared: hard to comp (always a porter etc.); Josh: "need to figure out a way to comp this out."
8/4 5:39p Josh redlined LOI back to Mosaic team: price to $54.16M (exactly $350 PSF); brokerage back to 0.5/0.5 restored as binding; seller closing extension 90d → 45d; ROFO replaced with a general purchase right punted to PSA. Notes: expecting counter to land ~$350; 50/50 broker fee expected; management for a year OK pending fees; seller to choose title (market in CA); fine on naming, avoid expensive monument.
8/4 6:05p Phil Linton: insert "first" before "right to purchase" so it doesn't read as an option. 6:21p Josh: intent is to keep it vague — leave open ROFO/ROFR/option.
Open follow-up
Ball on Koll — Josh's $350 PSF redline is out. (1) Await seller response to the $54.16M / $350 PSF / 154,744 SF redline. (2) Get the finite PM personnel-cost number from Koll (Thu 8/7, Jerry back) and comp it into the model — Josh flagged the 3%-of-EGR + personnel structure needs to be comped out. (3) Confirm whether final LOI keeps the purchase-right language vague (ROFO/ROFR/option open) per Josh's 8/4 direction.
Brea (SkyPark Family Property)
Brea + Lake Elsinore, CA
OC / IEIndustrial (Mosaic)~500,000 SF
104 tenants
$400-450/SFTBDJohn Collins (Voit) — off-marketLOI SUBMITTED 8/3
Ball on seller
Chase John Collins for the seller read — BKM bid the same day and John expects counters to both once the seller processes; reconcile the final Saturn St SF (74,481 vs 47,811) before PSA; Mark to submit the Pioneer St pre-app to the City of Brea (~USD 2,500)Seller response
Competitive read (8/4 Mosaic call)
Offer submitted 8/3 at USD 260/SF. BKM submitted a competing offer the same day, which John Collins described as roughly in line with expectations. The seller was disappointed by both offers, but John believes counters go out to both parties once he has had time to process. Crucially, BKM's offer covers three Brea projects including the largest and least valuable per square foot — which Greenmont deliberately did not bid on — making the two offers roughly comparable on a risk-adjusted basis rather than BKM being clearly ahead.
Situation
SkyPark family off-market deal — Brea + Lake Elsinore. ~500K SF / 104 tenants; 89-91yo patriarch. John Collins (Voit): "more when, not if." 30-45d DD + 10-15d close proposed. Owner open to splitting Brea from Lake Elsinore. ~77K SF Spectrum building possible trade (~$28-29M).
Email chronology (through 7/28)
7/16 10:42a-1:25p William Frank ↔ team: multi-round on 3501/3511 Thomas combined pricing (parallel thread).
7/26 3:22p John Collins (Voit): "Brea Micro Market — Small Bay Report" sent.
7/28 11:00a Peter K: "Brea" (working the model / underwrite).
8/1 1:02p Phil Linton circulated draft LOI for the two Brea projects.
8/1 2:44p Mark Heavey: addresses wrong + Saturn SF inconsistent (74,481 / 47,781 / 47,811) — "ask John which number to use; that determines price and deposits."
8/2 6:45a Josh: "wherever we land on SF, ensure PPSF is $260 and deposits are 2.5% at PSA + 2.5% at end of DD."
8/2 2:54p Phil: correction attached — "we should round it up to $28,000,000."
8/3 5:39a Mark Heavey agreed on USD 28M; gave correct Country Club addresses (2950, 2960, 2979 & 2980 Saturn St).
8/3 11:06a Phil Linton SUBMITTED the LOI to Matt & John — offer to purchase County Club Business Park + Cliffwood Business Park, Brea; purchaser JREF Mosaic Partners (Jadian equity / Mosaic sponsor), track record cited (3501-3511 Thomas, Alcalde, Lakeside).
Open follow-up
LOI IS OUT (8/3 11:06am) — ball on seller. Chase John Collins for a read within 48h. Reconcile the Saturn St SF discrepancy (74,481 vs 47,811) before PSA — it drives price and deposit sizing at $260 PSF. Deposits per Josh: 2.5% at PSA execution + 2.5% at end of DD. Mark to submit Pioneer St pre-app to City of Brea (~USD 2,500); Saturn pre-app deferred until awarded. Confirm split strategy (Brea only vs bundled w/ Lake Elsinore).
Torrey Pines Business Park
San Diego, CA
San DiegoMulti-Tenant Flex / OfficeMulti-bldg~$298/SF
asking
TBDSeller: OxfordIn PipelineRe-evaluate against Jared's San Diego map research — the Invesco-owned property near Torrey Pines came out of that work as a strong candidate and ties to the live Sorrento View / Justin Rimel intro; CoStar flagged fresh 15k–20k SF Torrey Pines sale comps 8/5Active review
Situation
Multi-tenant flex/office campus, San Diego. Asking $298/sf. Seller (Oxford) cost basis $550/sf. All-vacant. Tours Jul 14-16; call for offers ~Jul 20. Coastal Commission zone risk — site within 5mi of coast, prior owner did full flood mitigation. Consultant explicitly recommended against proceeding (Commission "extremely strict"). Mosaic Weekly agreed: submit a lowball to remain in contention without spending on DD.
Email chronology (through 7/28)
7/23 5:34p Peter K → Josh/Jared: "My Claude is out of commission for a few hours." Josh: "I just upgraded you now. You need Claude access."
7/23 6:59p Peter: "OK check this one out. There's a button on the cover sheet to open the map." (Torrey Pines comps map delivered)
7/24 8:33a Josh: "Just had my claude do it. Now when you click street view, it doesn't have to open a new tab — game changer."
7/24 11:39a Josh → Peter/Jared: comps mini-site live at torrey-pines-comps.pages.dev.
7/27 12:00p Fellow (Mosaic Weekly): Coastal Commission consultant flagged same extensive flood-mitigation likely required as prior owner. Commission's reputation "extremely strict." Peter noted competitive pricing impossible for condo-conversion end goal (buyers not pursuing subdivision would avoid Coastal process). Team agreed: submit lowball offer, no DD spend.
7/28 3:21a Liam Bettez (arch): Friday morning GC catch-up call — asking Josh what time works ("earlier the better").
7/28 10:59a Phil Linton: "Torrey Pines Business Park Supplemental DD" — space plans, roof conditions, power summary added to folder.
7/28 11:38a Phil: Unit map added to file.
Open follow-up
Phil now has supplemental seller DD (space plans, roof, power). Josh owes Liam Bettez a Friday morning GC catch-up slot. Josh to write the lowball offer (Mosaic Weekly delegated to Phil w/ standard form).
IndiCap × VAC (Co-GP)
Arizona / SW
SouthwestShallow-Bay Industrial Dev Fund[TBD][TBD]IndiCap / VAC (Co-GP)Direct — Co-GP opportunityUnder EvaluationReview Co-GP terms; assess fund structure & economicsThis Week
Situation
Co-GP opportunity on a shallow-bay industrial development fund (IndiCap × VAC). Sourced through Baruch Litwin (GLJ) alongside the Morvay Co-GP. Diligence log open — evaluating fund structure, economics, and Greenmont's Co-GP role.
Email chronology (through 7/28)
7/20-21 Josh emailing himself "Indicap and Morvay" — self-notes; queued for review.
7/21 7:07a Josh: FW: IndiCap - Small Bay Strategy.
7/27 2:12p Josh: internal "Indicap" note.
7/28 11:20a Baruch Litwin: "Re: IndiCap - Small Bay Strategy" — follow-up on structure.
7/28 11:21a Josh: "RE: IndiCap - Small Bay Strategy" — engaged.
Open follow-up
Josh working through IndiCap's Small Bay Strategy materials w/ Baruch; details on Co-GP terms + economics still to come.
Commerce Business Park
3303 Harbor Blvd, Costa Mesa CA
Orange CountyMulti-Tenant Industrial~177,861 SF$51.6M
$290 PSF LOI
PIMCO (Eyal looped)Kyle McGillen (C&W)
Seller: DWS (Deutsche Bank)
JV StructuringAuthorize Bureau of Engineering payment (Mark Heavey: critical path for map review; Matt looped); respond to Jake Block's 7/8 questions (now 24d stale on Josh)Auth BoE pmt
Situation
CITY PROCESS ACTIVE — Costa Mesa condo-conversion meeting held 7/28 (Yeager/Heavey); 7/30 Preliminary Plan Review Application received, Graham reviewed w/ supervisor. Bureau of Engineering payment now on Josh — critical path for map review (Matt looped). Prior LOI at $290 PSF / $51.6M to Kyle McGillen (C&W), seller DWS. Below Kyle's $300 floor + Peter's $325 downside UW (intentional lowball). 2× 2.5% deposit = $2.58M; 30-day DD, 30-day close. Bundled w/ Park 151 on PIMCO equity.
Email chronology (through 7/28)
7/8 Jake Block reviewed materials + sent questions/thoughts — 18+ days stale on Josh side.
7/16 3:02p Shawn Pandit: internal note.
7/17 6:01p EOD includes Costa Mesa in queue.
7/19-20 Sunday brief flags Jake Block review + Phil Linton offering to call John re a JV on Costa Mesa (~12d stale).
7/22 4:46a Morning Wake Brief; 6:02p EOD both flag Costa Mesa JV pending Mark Heavey callback.
7/27 8:26a Sunday brief: "Costa Mesa — respond to Jake Block; Phil Linton also offered to call John re a JV. Top-priority active deal, JV structuring can't advance until you re-engage Jake."
7/27 6:01p EOD: 3303 Harbor — City condo-conversion process meeting confirmed Tue 1:30PM PT (Yeager/Heavey).
7/28 Costa Mesa city condo-conversion meeting HELD (Yeager/Heavey).
7/30 12:59p Mark Heavey: Preliminary Plan Review Application received; Graham reviewed w/ supervisor. Bureau of Engineering payment still on Josh — critical path for map review.
Open follow-up
Authorize the Bureau of Engineering payment (Mark: critical path for map review; Matt looped) — one-line "pay now" unblocks the final map. Josh still owes Jake Block a written response on his 7/8 questions (now 24d stale).
Park 151 / Interstate Partners
Sun Prairie, WI
Madison, WIClass A Light Industrial~641,892 SF
5+ buildings
[TBD]PIMCO (bundled w/ Commerce)Ben Filkouski (CCIM)
Source: Jared Rechnitz
Cooling
Josh: won't excite PIMCO
Answer Jared's PSF question — the counter is waiting on you. Jared asked 11:36am "Should I counter at USD 28M for just 1 and 2?"; you replied "How would that psf compare to our original psf?" and nothing has gone out since. USD 28M on Buildings 1 & 2 is a mid-6% cap and a very low PSF — reconcile it against the whole-park basis, then release or kill the number. If it stays alive, confirm SCP renewal (exp 2/28/27) and push for the nVent guaranty on Trachte; the 6/4 LOI is still unsignedOngoing DD
Underwriting cut-down (8/5)
Peter re-cut the underwriting to Buildings 1 and 2 only (the Home Depot and Milwaukee Tool buildings) with price, closing costs and non-recoverable expenses adjusted. It got worse. In-place rents across those two buildings are USD 6.85 PSF vs USD 7.08 across the whole park, and you still have to wade through multiple rollovers. Josh to Jared and Peter, 11:23am: "Jared I don't think this gets PIMCO excited. I think they'd prefer worse credit and higher cap rate closer to a 7." Treat as cooling unless the equity view changes. Counter round, same thread: Jared 11:36am — "Should I counter at $28M for just 1 and 2?" Josh 11:46am — "How would that psf compare to our original psf?" No counter has been sent. Ball is on Jared and Peter to run the PSF comparison against the original whole-portfolio basis; Josh has not approved a number.
Situation
Class A light-industrial, ~641,892 SF across 5+ buildings, Sun Prairie, WI. Broker: Ben Filkouski (Madison, CCIM). Sourced by Jared. PIMCO equity bundled w/ Costa Mesa. Credit profile: 70.2% public IG (Home Depot, Milwaukee Tool, SCP, Trachte/nVent), 15% strong private, 10.6% VC (WI Volleyball/LOVB — weak link), 4.2% PE-backed. Credit score ~Low-A / BBB+ equivalent.
Email chronology (through 7/28)
6/4 Eyal/Jared forwarded Park 151 LOI for signature — still unsigned by Josh (53 days stale).
7/21 9:42a Peter K: "Follow Ups for Uniek" (parallel thread; Ben Filkouski overlap).
7/22 2:51p Peter K: "Re: Real Estate Opportunity connect" (Jonny Weiss coordination overlap).
7/23 5:27p Peter K: same thread continued.
7/24 12:34p Shawn: Updated High Street Model out.
7/24 4:38p Peter K: "Intro - Midloch x Greenmont" — Griffin Palmer intro thread (Midloch mandate: 2000s+ product).
7/27 6:01p EOD carry-forward: "Park 151 — LOI signature (Eyal/Jared fwd 6/4) ~53d — Sign the LOI".
7/28 11:00a Peter K: "Brea" (adjacent Voit model work).
Open follow-up
Josh to sign the Park 151 LOI — 53 days stale, blocking DD. Confirm SCP renewal notice (2/28/27); push nVent guaranty on Trachte; assess WI Volleyball credit.
Morvay Co-GP (2 deals)
Kuser Rd NJ + Space Coast FL
NJ / FLShallow-Bay IndustrialKuser: 43K+75K dev
SC: 266K dev (31 ac)
Kuser: $8.7M
SC: $6.8M
Morvay Holdings (David Rottenberg / Ken)Baruch Litwin (intro)
Lender: High Peaks Capital
Passed for now
Door left open
No action — Josh passed 8/4 citing near-term focus elsewhere; Rottenberg responded warmly. Revisit when Sky Park / Brea / Carlsbad clearParked
Passed (8/4)
Josh to David Rottenberg, BJ, Gisham, Jared, Eyal and Peter — 8/4 1:42pm: "Thanks for the follow up and apologies for the delay here. We spent some time on this internally but at the moment our focus over the near term is tied up with some other initiatives we have in motion. That said we are definitely interested…" Rottenberg 2:59pm: "Sounds good — we appreciate you digging in. Thanks for the time and good luck on the near term initiatives." Clean soft pass with the relationship intact. The two shallow-bay assets (Kuser Rd NJ + Space Coast FL) stay available to revisit.
Situation
Two shallow-bay industrial Co-GP opportunities via Baruch Litwin (GLJ) → David Rottenberg (Morvay Holdings). Lender: High Peaks Capital.

Kuser Rd NJ (Hamilton): 43K SF existing + 7ac → 75K SF ground-up. 5yr hold. 26% IRR proj. Houzer 1.5yr leaseback. GC: G William Group. Contingent on entitlements.
Space Coast FL: 31ac; 266K SF planned. 3.5yr hold. 28.36% IRR proj. Retail pad flip (Metro Commercial). Contingent on site plan approvals; outside closing 12/18/26 (hard).
Email chronology (through 7/28)
7/21 4:08p Josh → Ken Kay: "David, thank you very much for the intro. Ken – nice to meet you, hope you have a quiet week." (Morvay/LA industrial parallel intro)
7/22 6:49a Josh → Rottenberg: initial reply on Morvay materials.
7/22 7:40a David Rottenberg: blue-text comments reply.
7/24 12:45p Ken Kay: RE introduction re LA industrial (parallel thread).
7/26 4:50a Josh: FW: intro re LA industrial (queued reminder).
7/27 1:30p Josh → Rottenberg: "For Space Coast — how much have you spent on site planning to date and how much more before approval? How long after approval until non-refundable + close?"
7/27 1:52p David Rottenberg: "$25K goes out this week on site planning; $65K up in deposits. $600K from today to site-plan approval; $1M (add'l $400K) through full CDs for Phase I. We've gone hard — can't terminate except for inability to get gov approvals. Outside closing 12/18/26. Recommend taking through full CDs pre-close."
Open follow-up
Capital-call flow starting ($25K site-planning spend this week, another ~$65K queued). Josh still owes Rottenberg detailed follow-up on the blue-text comments. Kuser 26% IRR / Space Coast 28% IRR to be pressure-tested at Greenmont level.
Carlsbad Pacific Coast
5205 Avenida Encinas, Carlsbad CA
San DiegoMulti-Tenant Industrial120-130K SF$45M
~$350/SF
TBDBlake Wilson (CBRE)Offer Going In
USD 45M
Submit the offer at USD 45M — the number B Camps told developers they would accept, against a USD 52M ask to the broker; do not attach the pre-app requirement upfront — get the rent roll first and introduce it as a condition only at counter stage; obtain rent roll; Ted Shaw on Carlsbad entitlementsToday 7/23
Offer decision (8/4 Mosaic call)
Decision taken: submit at USD 45M — the price B Camps told developers they would accept, versus the USD 52M ask given to the broker. Brief delay was to research the Arlo(?) map process and Coastal Commission exposure. Coastal Commission is not expected to be a material hurdle — consultants characterise the conversion as a paper transfer with no significant review trigger, consistent with Mark's earlier low-risk read given no physical changes. Tactic on the pre-app: the city requires the current owner to sign it. So the sequence is deliberately — submit the offer, obtain the rent roll, and only introduce the pre-app requirement as a condition during counter-offer negotiation rather than raising it upfront where it reads as a burden on the seller.
Situation
BKM/DJL owner. $44M original 2023 purchase. $2.50 NNN in-place (target $2.70). ~1,500-2,000 SF units. 3 parking/1000 SF. Carlsbad city doing "180" on entitlements — actively pushing projects. Broker: Blake Wilson (CBRE). Coastal Commission zone but no floodplain — condo-conversion path plausible if no physical work.
Email chronology (through 7/28)
7/22 2:06p Phil Linton: "Commercial Condo Conversion Entitlements" thread.
7/23 1:36-37p Josh: FW: Mosaic — internal mapped deals outreach (Carlsbad in the "Pipeline: Airport, Carlsbad, Brea" bucket).
7/24 9:39a Josh → Phil: "RE: BKM - Carlsbad" — floated $45M offer for discussion.
7/24 9:46a Phil: reply.
7/24 9:54a Josh: "RE: BKM - Carlsbad" (confirms lowball offer track).
7/24 6:01p EOD: "BKM Carlsbad — floated USD 45M offer for discussion."
7/27 12:00p Mosaic Weekly Call: Coastal Commission review zone but no floodplain; Mark rated entitlement risk low given no physical changes. Team asked their consultant for preliminary research at no charge; Phil to follow up. Josh: "Submit an offer at $45 to gauge seller interest before spending on consultants." Mark agreed — no response = deal not worth pursuing. Josh delegated the offer to Phil using standard form.
Open follow-up
Phil to write $45M lowball offer using standard form. Phil to follow up w/ Coastal Commission consultant on prelim research + decide whether deeper diligence is warranted. Walkthrough was 7/23; rent roll still pending; Ted Shaw on Carlsbad entitlements.
High Street Retail Portfolio
SoHo / NoLita / Chicago — Safra family
NY + ChicagoRetail condo / Mixed-use8 assets
~88% EGI retail
$102,000,000
2nd round · BOV $121M
Carlton raising — Pearl Group, FarallonNewmark (sell-side)
Seller: Safra family
Bid In — Well Received
Ball on seller
Send Pearl Group the updated model reflecting the USD 102M offer and today's debt guidance; field Anthony's asset-by-asset follow-up questions from the Pearl deep dive; keep Farallon (Jawad) moving on the revised model Carlton sent 8/4; hold the parallel institutional equity process; target accepted LOI by the third week / end of AugustLOI ~Aug 21
The deal
Multi-asset New York and Chicago high-street retail portfolio marketed by Newmark for the Safra family. Shopped off-market ~6 months ago without success; Newmark then produced BOVs totalling USD 121M before launching a formal process. Greenmont bid the whole portfolio rather than cherry-picking — maximising surety of execution to justify a discount to BOV. First round USD 100M; second round USD 102M, and Newmark indicated 8/4 the bid is well received.
Business plan
Two core stabilised assets — 30 East Oak (Chicago, fully occupied by Prada) and 90 Prince Street (Omega through 2033) — get flipped fast to institutional single-tenant credit buyers at a lower cap than entry; underwriting solves to a 57–58 cap on entry, exit ideally inside 24 months. 224 Mulberry is the gem: tenant Garrett Lee did not exercise its renewal by the June 30 deadline, opening an immediate mark-to-market; that space connects behind the residential lobby to the adjacent space, so a combined-space expansion offer is being explored instead of separate re-tenanting. 814 Prince is a four-unit retail condo with staggered roll — mark-to-market on all four inside three years, and competing bidders have asked for individual pricing on it. 450 Broadway (the only office) is underwritten with no mark-to-market, ~USD 60/ft, appropriate downtime. Residential is mostly rent-stabilised and underwritten at zero rent growth in perpetuity. Prada, Omega, 814 Prince and 224 Mulberry are all standalone condos, so assets can be sold one at a time.
Debt & capex
Base assumption 3-year bridge at 300 over SOFR — debt advisors indicated 8/4 that the credit tenancy could compress that from the original 300–325 range. Stabilised perm on retained assets: 65% LTV at 6–7% fixed. Two assets with more mark-to-market runway are underwritten to perm-then-sale at month 48 or 60. 30 East Oak and 90 Prince are effectively triple-net so major capex sits with tenants; USD 500K held in year-one base building improvements across 224 Mulberry, 450 Broadway and the non-NNN retail, subject to a PCR in contract.
Equity — Carlton process
Pearl Group (8/4, via Joseph Shamah at Carlton): Toronto family office, third generation, CEO/CIO Jordan Pearl; ~30 legacy low-debt assets funding family lifestyle plus 10–15 externally capitalised. Founded by Mel Pearl Sr. around downtown Toronto retail, scaled by Mel Pearl Jr. of Lifetime Developments. Has looked at 65–67 Greene, 78 Crosby, 92–94 Greene and 109 Mercer but never bought in New York. This deal would likely be all Pearl family money with no outside LP. Anthony committed to a deep dive on each asset then follow-up questions before any structure or participation talk. Farallon (Jawad) got a revised model at the new price 8/4 1:40pm with Carlton pressing for fast feedback. A parallel process runs with existing institutional partners.
Process
New York requires a hard deposit at PSA execution — no soft deposit. Sequence: bid selection → buyer interviews (~a week each) → PSA negotiation over 2–3 weeks before going hard. Shawn expects an accepted LOI by the third week or end of August 2026. Information from the Safra family has been hard to extract throughout — Newmark called it one of the hardest processes they have run — so DD contingencies in the LOI matter more than usual. Greenmont self-performs asset management: Chris De Crosta on leasing (he cited an Elizabeth Street lease at ~USD 375/ft with six offers on day one), George Karnapakis(?) on capex and tenant negotiation, in-house residential and office management.
2807 Oregon Ct (Torrance)
Torrance, CA — Stockbridge-owned
South Bay / LAMulti-tenant industrial → car condo~223,000 SF
13 bldgs · 4–5 parcels
TBD
sub-$300/SF unheard of
Mosaic / JadianKyle McGillen (C&W)
+ Dan → Stockbridge warm intro
Chasing Intro
Stockbridge slow
Jake Block to follow up with Dan on the warm Stockbridge introduction; keep the Kyle McGillen channel running in parallel; get the underwriting wish list back to Stockbridge — they asked for it and then went quiet; weekly follow-up per Josh's 8/4 requestWeekly chase
Why it matters
Jared surfaced it on the 8/4 Mosaic call. ~223,000 SF across 13 buildings on 4–5 parcels with a street running through the middle. Most buildings have drive-in access; the back building has 11 units at ~2,200 SF each with individual dock-high loading and a large shared fenced yard — Jared and Mark Heavey both called that configuration a "unicorn" because small unit size almost never comes with dock access. Good structural condition, ~16 ft clear, and already on separate parcels, which is a built-in value-add for condo mapping. Cosmetic work (white-and-black paint scheme) would materially lift presentation.
Jake Block's read
Strong enthusiasm. The location sits inside the El Segundo-to-Palos Verdes coastal wealth corridor — "car condo heaven" for Redondo and Manhattan Beach money. He recalled that in a prior search, sub-USD 300/ft for single-tenant industrial in Torrance was essentially unavailable.
Access
Josh has been working Kyle McGillen, who knows Stockbridge. Stockbridge said they were open to a discussion and asked for an underwriting wish list, then moved slowly. On the call Jake messaged Dan, who knows someone at Stockbridge and may be able to make a warm introduction — Jake is pursuing that as a complement, not a replacement. Note the same asset appears in the pursuit board as a mapped Blackstone/DWS-adjacent target; it graduates here.
Reminder
Josh emailed Jarvis 8/4 6:14pm: "Remind me to follow up on Torrance every week." ✓ Weekly (Mondays 9:00 AM PT) — cron 98075b59, verified live. Each firing searches Outlook for movement on Kyle McGillen / 2807 Oregon, updates the entity record, and sends a short Telegram with days-since-contact and the next action; if Kyle has been silent >7 days it drafts a nudge for Josh to approve rather than sending it.
Pleasant Hill Medical Condo
Pleasant Hill, CA
East BayMedical office condo~30,000 SFTBDMosaic / Jadian (conditional)Mark Heavey (local)ExploratoryMark to dig in and assess whether a forward-sale structure is viable — pre-selling units before close to recover basis early — before committing further timeAssessing
Situation
A ~30,000 SF medical office condo project (dentists and similar) near Mark Heavey resurfaced on the 8/4 Mosaic call after a prior tenant-buyer group fell through. Interest is entirely about the possibility of pre-selling units before close to recover basis early.
Caveat
Jake Block was conditionally open — specifically because of the forward-sale structure — while noting the pipeline is filling up and this project sits outside the normal strike zone on both size and geography. Mark assesses feasibility first; no time commitment beyond that.
② Pursuit — Early-Stage Outreach
Owners/brokers we're testing for sell appetite. Mosaic small-bay theme. Two sources: LoopNet (offers off marketed listings) and Mapped (off-market targets from Josh's map). The Reminder column shows each target's scheduled follow-up: ● Live = a cron is set (cadence + next date shown); ⚠ Not set = no reminder yet (tell me to set one). On each reminder date Jarvis drafts the follow-up and pings you for approval. When a target turns into a model/offer, it graduates up to ① Active.
TargetCitySourceStatusPriorityBroker / ContactPrice SignalNext ActionDueReminder
3060-3098 Kenneth StreetSanta Clara, CANewmark — Thomas Rd relationshipDead at Our PriceLowBill Steele
Newmark, Senior MD
408-230-4180
USD 300/SF rejected
BOV → low 300s/SF
Nothing to send. Steele is running an owner BOV in the coming weeks that he expects to conclude in the low USD 300s/SF — that hardens their number rather than softening it, so Thomas Road PSF is not a lever here. Keep Steele warm as the Santa Clara small-bay channel and re-check after the BOV landsWatch only✓ Re-check post-BOV
Steele reply (8/5 11:13am PT)
Josh asked 10:37am: "Bill – if we put in an offer on Kenneth similar to our PSF value at Thomas, do you think you could get us a counter?" Steele's answer, verbatim on the key points: "$300/SF would not be of interest for Kenneth Street." The owners have told him they are not interested in selling at this stage and would be a "reluctant seller at best" even in writing. He rates it a well-maintained, performing asset — better than Thomas Road — with "blue sky from supply constriction." He had already briefed them on the Thomas Road marketing process, the interest, and the comp; they liked having the information but USD 300/SF "did not move the needle." He floated a USD 325–350/SF range past them and they demurred.
Read
This is a genuine no, not a negotiating posture — the owner has both the balance sheet to hold and a broker about to hand them a low-USD-300s valuation. Two prior data points agree: on 7/28 Steele wrote that a sale was "unlikely," the family views it as a long-term hold, and they would only look at an "astronomical offer" — and even then he was not sure it would lead to a sale. Do not spend an offer here; the cost of a written lowball is the relationship with the broker who is also the Little Orchard channel.
Situation
Multi-property small-bay industrial, Kenneth Street, Santa Clara. Surfaced alongside 1805 Little Orchard through Bill Steele (Newmark) on the Thomas Road relationship; Phil Linton (C3) is on the thread. Classic Mosaic profile and immediately adjacent to the Thomas Road basis, which is why the PSF test was worth running.
Open follow-up
No action owed by Greenmont. Steele will flag if anything changes on Kenneth and is tracking Little Orchard plus other opportunities. Re-engage once his portfolio BOV concludes.
1805 Little OrchardSan Jose, CANewmark — Thomas Rd relationshipAwaiting OwnerMediumBill Steele
Newmark, Senior MD
408-230-4180
Not yet quotedWait on Steele. The family just closed on the other property they were selling and has been travelling; they were due back a week to 10 days from 7/28 — i.e. now, and Steele said 8/5 he hopes to have an update soon. This is the live one of the two Steele targets; chase him if nothing lands by mid-AugustUpdate due✓ Chase ~8/14
Status (8/5)
Steele, closing his 8/5 11:13am note: "Hope to have an update on Little Orchard soon." The setup from his 7/28 update: the family had just closed on the other property they were selling, were travelling and returning in a week to 10 days, and he expected news after they returned. That window is open now — a liquidity event plus a completed sale is the most favourable seller posture of anything in the Steele pair.
Why this one and not Kenneth
Same broker, same thread, opposite disposition. Kenneth Street is a long-term hold whose owners rejected USD 300/SF outright. Little Orchard is an actual seller-in-motion. Put the attention here.
Open follow-up
No Greenmont action owed yet — Steele owns the next move. If nothing arrives by roughly 8/14, chase him directly rather than waiting; the family's return window will have fully elapsed.
423 Lano St & 1691 Villa Stone DrSan Jose, CA (95125)LoopNetOwner Not SellingLowBrian Mason
EB Mason CRE
TBDOwner declined 7/24 ("not sellers"). Keep Brian warm for future SV small-bay; re-check ownership sell-interest in 90 daysPassive / 90-day✓ 90-day (Oct 22)
Situation
Adjacent multi-tenant light-industrial units on Lano St + Villa Stone Dr, S. San Jose (Willow Glen, near Hwy 87). Small-bay flex — existing tenants incl. auto parts (Intex), auto repair (TDW), stone yard (Bay Area Stone). Classic Mosaic profile. Josh emailed Brian 7/24 12:22pm — intro, Mosaic track record links (Thomas Santa Clara close, OC deals), asked if owner would consider selling. Brian replied 7/24 12:39pm: "This ownership are not sellers. Sorry! Good luck!" Owner not a seller — no active deal. Brian kept as warm SV small-bay contact for future looks. Brian is founder/principal EB Mason CRE, 30+yr CRE, buyer/seller/tenant/landlord rep.
Reminder
90-day check-in set (cron brian-mason-423-lano, fires Oct 22, 2026) — re-confirm owner sell-interest with Brian.
1296-1306 Reamwood AveSunnyvale, CALoopNetDead — PricingLowJeffrey Helm
Helm Properties
PassedPassed 7/24 — economics don't work ($1.55 PSF NNN + $1.45 first-yr concession ≈ ~3.0% cap). Helm kept warm as Bay Area small-bay comp sourceDead— n/a
Situation
Two owners — one wants to sell, other doesn't + doesn't want partners. Josh's angle: cash-out selling partner. Sourced via LoopNet 7/15. Update 7/23 5:48pm: Jeffrey Helm confirmed no short-term — 3yr minimum, 5yr preferred; short-term structuring angle killed. DEAD 7/24: Josh passed — economics don't work at Helm's numbers ($1.55 PSF NNN + $1.45 first-yr concession ≈ ~3.0% fully-stabilized cap). Helm relationship left warm — solid Bay Area small-bay comp source for future looks.
Reminder
None — deal dead, no chase needed. Helm stays a warm comp contact.
Chronology (auto)
7/24 · Peter Koziolkowsky — LoopNet Lead for 1296-1306 Reamwood Ave
7/24 · Jeffrey Helm — LoopNet Lead for 1296-1306 Reamwood Ave
7/21 · Jeffrey Helm — LoopNet Lead for 1296-1306 Reamwood Ave
7/21 · Jeffrey Helm — LoopNet Lead for 1296-1306 Reamwood Ave
7/16 · Peter Koziolkowsky — Offer for 1296-1306 Reamwood Ave
7/16 · Jeffrey Helm — LoopNet Lead for 1296-1306 Reamwood Ave
7/16 · Jeffrey Helm — LoopNet Lead for 1296-1306 Reamwood Ave
7/16 · LoopNet No Reply — Your LoopNet inquiry was sent
110 Pioneer WayMountain View, CALoopNetBid-Ask 2x ApartLowRalph Longo
Global Commercial
Ours $350 · Seller ~$700Broker called (7/24): seller turned down $700 PSF previously — our $350 well below. Park unless seller resets; 90-day check-inOct 22 (90d)● Live
90d · next Oct 22
Situation
Josh offered $350 PSF 7/16. Owner previously had offers at $700 PSF and turned them down — so gap is wide. Ball on seller.
Reminder
Cron 96b3f2d0 · recurring every 90 days · next fire Oct 22, 2026. On fire: Jarvis drafts a check-in to Ralph Longo (rlongo@globalcommercialprop.com, 408-529-1362) and pings Josh for approval.
Chronology (auto)
7/16 · LoopNet No Reply — Your LoopNet inquiry was sent
1710 Ringwood AveSan Jose, CAMappedNot Selling — Door CrackedLowScott Prosser + Ian Halker
Cushman & Wakefield
TBDOwner Chi Ray Wu not selling (tenant extended 5yr, won't lose income) — 7/27. Ian: "if attractive, we can try" — C&W will run an unsolicited offer. Josh: stay close for nowPark / revisit✓ 12-mo (Jul 2027)
Situation
Owner Chi Ray Wu (confirmed 7/27, corrects earlier Pei Wu / Doris Patterson guess). Shallow-bay/multi-tenant industrial, San Jose. C&W's Scott Prosser + Ian Halker working owner contact for Greenmont (cc Jared Rechnitz).
Email chronology (through 7/27)
7/13 Josh → Scott: "any interest in selling?"
7/20 4:39p Scott loops in Ian Halker; "made attempts, no contact yet."
7/20 7:42p Ian: "working on making contact w/ owners… will push for feedback next couple days."
7/21 Josh: "Fantastic – keep us posted."
7/27 11:29a Josh: "any luck here?"
7/27 3:39p Ian: connected w/ owner Chi Ray Wunot selling; tenant just extended 5 yrs, doesn't want to lose income. "If you think it is attractive, we can always try" an offer.
7/27 Josh → Ian: "Makes sense… let's just stay close for now. Any other deals you're working on?"
7/27 Ian: "Absolutely — we'll stay close! We have quite a few assets on the market… should connect this week."
Open follow-up
Ian offered to share his other on-market assets + a call "this week" — live lead for new deal flow beyond Ringwood.
Reminder
Cron 6d5c4f86 · recurring 12-mo · first fires ~Jul 2027 → Telegram. Options at re-check: (a) draft unsolicited offer to Chi Ray Wu via Ian, or (b) confirm tenant/credit shift. (Old one-time chase cron 0883b6f8 fired 7/24, now removed.)
Chronology (auto)
7/27 · Ian Halker/USA — 1710 Ringwood Ave
7/28 · Ian Halker/USA — 1710 Ringwood Ave
7/20 · Ian Halker/USA — 1710 Ringwood Ave
7/20 · Scott Prosser/USA — 1710 Ringwood Ave
7/13 · Scott Prosser/USA — 1710 Ringwood Ave
725 W Ventura BlvdVentura, CACold OutreachTrackingLowJohn Cardona
CBRE Industrial (Oxnard) · 818-634-9590
~$20M+ / seller ~$40MDecide whether to submit ~$25M offer (Josh floated) or leave hang-around-the-hoop. Cardona to flag other VC/LA small-bayJosh decision✓ Cardona keep-warm
Situation
Cold outreach 7/28. Josh emailed Cardona (CBRE Oxnard) intro + Mosaic track record (Lakeside $360 PSF, 15-day close). Condo-mapped project, original developer, family-owned, low debt, in-house ops — not a motivated seller. Cardona 7/28: prior offers ~$20M "didn't move the needle"; seller said price would need to be "double that" (~$40M). Josh 7/28: could make sense north of $20M, would submit ~$25M if worth it, otherwise hang-around-the-hoop; asked to be kept in mind for sub-4K SF avg small-bay. Also logged in Mosaic pipeline Excel + broker sheet by Jamie 7/29.
Email chronology (through 7/29)
7/28 12:36pm · Josh → Cardona: intro, "any interest in selling?"
7/28 12:41pm · Cardona → Josh: "not interested in selling... unsolicited offers over the years"
7/28 1:00pm · Josh → Cardona: asked prior-offer range / what gets seller interested
7/28 4:44pm · Cardona → Josh: "prior offers ~$20M... they said price would need to be double that"
7/28 8:44pm · (thread) family owns substantial VC/LA industrial+retail+office; happy holding
7/29 8:47am · Josh → Cardona: could do north of $20M not double; would submit ~$25M; keep us in mind for sub-4K SF
Reminder
Keep Cardona warm for Ventura County / LA small-bay flow. No hard deadline — Josh to decide on a ~$25M swing.
Chronology (auto)
7/29 · Cardona, John @ Oxnard — 725 W Ventura Blvd
7/28 · Cardona, John @ Oxnard — 725 W Ventura Blvd
4545 Industrial StSimi Valley, CACold OutreachOutreach SentLowMaggie Kestly
Simi / Mid Valley
TBDAwait reply from Kestly on owner sell-interestAwaiting reply✓ 14-day nudge
Situation
Cold outreach 7/28 11:55am. Josh emailed Maggie Kestly — Mosaic Industrial intro, actively buying flex/warehouse across CA all-cash (Lakeside/Alcalde comps), asked if owner has interest in selling. No reply yet.
Email chronology (through 7/29)
7/28 11:55am · Josh → Kestly: intro + "any interest in selling?"
Reminder
If no response by ~8/11, send a light nudge or move on.
2637 Townsgate RdWestlake Village, CACold OutreachOutreach SentLowSteve
Anjac (steve@anjac.net)
TBDAwait reply. Owner-behind-LLC = Townsgate Business Park LLC (needs CA SOS/title pull to confirm principal)Awaiting reply✓ 14-day nudge
Situation
Cold outreach 7/28 11:53am to Steve (Anjac). Josh intro — Beverlywood LA, Mosaic Industrial buying flex/warehouse CA all-cash; asked appetite for a sale. No reply yet. Prior Westlake ownership research (Jul 2) flagged owner LLC = Townsgate Business Park LLC — CA SOS bizfile / title pull still needed to unmask principal.
Email chronology (through 7/29)
7/28 11:53am · Josh → Steve (Anjac): intro + "open to discussing a sale?"
Reminder
If no response by ~8/11, nudge. Parallel: run CA SOS + title pull on Townsgate Business Park LLC.
720 Arcturus AveOxnard, CACold OutreachOutreach SentLowBarry Carlisi
bcarlisi76@gmail.com
TBDAwait reply from Carlisi on sell-interestAwaiting reply✓ 14-day nudge
Situation
Cold outreach 7/28 12:12pm. Josh emailed Barry Carlisi — Mosaic Industrial intro, all-cash CA flex/warehouse buyer (Lakeside/Alcalde comps), asked if any interest in selling. No reply yet.
Email chronology (through 7/29)
7/28 12:12pm · Josh → Carlisi: intro + "any interest in selling?"
Reminder
If no response by ~8/11, send a light nudge or shelve.
Sorrento View Business ParkSorrento Mesa, San DiegoMappedWarm — InterestedMedJustin RimelInvesco-ownedAwait Justin's intro into Invesco; follow up ~7/29~Jul 29⚠ Not set
Situation
Josh replied to Justin Rimel 7/22; Justin replied same day with interest. Invesco-owned. Gauging willingness to trade.
Reminder
No cron set. Say the word and I'll schedule a ~Jul 29 nudge to follow up on the Invesco intro.
Chronology (auto)
7/22 · Rimel, Justin — Sorrento View Business Park
500 S Andreasen DrEscondido, CAMappedNeed IntroMedJake (to reach out)Blackstone-ownedGet Jake to reach out to Blackstone on disposition interestPending Jake⚠ Not set
Situation
Blackstone-owned. Josh wants Jake to make the approach. Added from 7/23 map email.
Reminder
No cron set — waiting on Jake to initiate. Want a reminder to chase Jake if no movement by a set date?
1257 Tasman DrSanta Clara, CAMappedPrice FloatedMedRyan Adlesh
CBRE San Jose
>$400 PSFGet Ryan's feedback / seller read on >$400 PSFSep 18 (60d)● Live
60d · next Sep 18
Situation
Josh told leasing agent Ryan we'd be north of $400 PSF (7/20). Owner not a seller as of 7/20. Team: Josh + Jared.
Reminder
Cron e53f6f0f · recurring 60d · next Sep 18. Internal nudge to Josh to circle back with Ryan Adlesh (Ryan.Adlesh@cbre.com, 805-709-1089).
1675 Walsh AveSanta Clara, CAMappedNot a Seller (yet)MedBrent Dressen
Colliers
Stay very close — owners aging, could change; 60-day touchSep 14● Live
60d · next Sep 14
Situation
Josh reached out to Brent (brent.dressen@colliers.com, 408-202-4740, SIOR) 7/13. Per Brent 7/15: not a seller now but getting older, could change — stay very close. Recorded condo map = high Mosaic fit. Brent offered coffee on Josh's next SV visit.
Reminder
Cron 4663a0e9 · recurring 60d · next Sep 14. ⚠ A duplicate cron a35dffc4 (Sep 18) also exists — flagged to de-dupe.
Chronology (auto)
7/15 · Dressen, Brent — 1675 Walsh Avenue
151 E Evelyn AveMountain View, CAMappedWon't SellLowEric Sorensen
Cushman & Wakefield
TBDParked — owner won't sell (7/15); 90-day check-in cycleOct 22● Live
90d · next Oct 22
Situation
Eric Sorensen (C&W, eric.c.sorensen@cushwake.com) said ownership won't sell. Parked.
Email chronology (through 7/16)
7/15 4:44p LoopNet inquiry submitted (Listing ID 32567307) to Eric Sorensen, Greg Pickett, Minh Phan: "Was wondering if ownership is interested in selling?"
7/15 4:53p Eric Sorensen: "Hi Josh - they will not sell." (sent from iPhone)
Reminder
Cron 893a2124 · quarterly (~90d) · next Oct 22. On fire: Jarvis pings Josh to check back with Eric Sorensen on any change.
Chronology (auto)
7/16 · LoopNet No Reply — Your LoopNet inquiry was sent
3000-3016 Lawrence ExpySanta Clara, CALoopNetNot a SellerLowCarrie Priest
Dollinger Properties
90-day check-in on ownership willingnessOct 22 (90d)● Live
90d · next Oct 22
Situation
Owner is not a seller at this time. Josh sent Mosaic track record 7/16. Parked.
Reminder
Cron 6e32021b · recurring 90d · next Oct 22. On fire: Jarvis drafts a warm check-in to Carrie Priest (carrie@dollingerproperties.com, 650-642-4907) for approval.
Chronology (auto)
7/16 · LoopNet No Reply — Your LoopNet inquiry was sent
630 GiguereSanta Clara, CAMappedCash Cow — No SellLowDaniel (direct owner)
408-978-8150
Reach out periodically; stay close for when it changesOct 22 (90d)● Live
90d · next Oct 22
Situation
Josh spoke to owner Daniel 7/20. Family owned since the '80s, self-manages, cash cow, does not want to sell. Direct owner (not a broker): 408-978-8150.
Reminder
Cron fcb3bb04 · quarterly (~90d) · next Oct 22. On fire: Jarvis pings Josh for a warm stay-in-touch call to Daniel directly (Rule 0a — Josh makes owner contact himself).
1230 Activity DrN. County San DiegoMappedOwner DeclinedLowDaniel Knoke + Peter Merz
Lee & Associates
Owner won't sell now; keep Lee & Assoc relationship warmSep 5● Live
one-time · Sep 5
Situation
Knoke (dknoke@lee-associates.com) + Merz (pmerz@lee-associates.com). Owner doesn't want to sell now. Knoke replied 7/22, Josh followed up same day.
Reminder
Cron 76253207 · one-time · Sep 5 (~45d) — a relationship check-in on Lee & Assoc's broader North County SD pipeline fit ($10-75M), broader than this single parcel.
3400 W Warner AveSanta Ana, CACold OutreachOutreach SentLowKyle D
kyled@mrc1.com (MRC)
TBDAwait reply — Josh sent the Mosaic intro 8/5 12:59pm citing recent all-cash closes in LA, OC and Santa ClaraAwaiting reply⚠ Not set
Situation
Cold outreach 8/5 12:59pm. Josh emailed Kyle D at MRC — Mosaic Industrial intro, actively buying flex warehouse across CA all-cash, recent closes in Los Angeles, Orange County and Santa Clara. No reply yet.
Reminder
No cron set — say the word and I will set a 14-day nudge.
Reynolds Business ParkCACold OutreachOutreach SentMedScott
metcom.scott@gmail.com (Metcom)
TBDAwait reply — offer has been physically dropped at the office several times without response; Josh emailed direct 8/5 12:54pmAwaiting reply⚠ Not set
Situation
Josh 8/5 12:54pm: "I'm not sure if this ever made its way to you but we have dropped this offer at your office a few times." Positions Greenmont as an LA group with funded capital for small-bay industrial in CA, able to put up big deposits. Attachment included. Repeat approach — the owner has never engaged.
Reminder
No cron set. Given this is a multi-attempt target, worth a 30-day cadence rather than a one-off nudge.
7203-7285 Causeway BlvdTampa, FLBroker (Corepoint)In DiscussionMedMarc Smouha
marc@corepointre.com · 917-992-5781
TBDGive Smouha your read — he has followed up twice ("Hey let me know what your thoughts are!" / "Lmk!"); Jared is cc'dOwed a reply⚠ Not set
Situation
Small-bay package in Tampa from Marc Smouha at Corepoint RE, with Jared Rechnitz copied. Thread opened 8/3 6:54pm; Smouha followed up twice on 8/4 (11:26am and 11:29am) asking for a read. Josh replied 11:29am. Ball is on Greenmont for a view. Smouha also sent 322 Industrial Park Dr, Lawrenceville GA on 8/4 3:51pm — same relationship, separate asset.
Note
Florida small bay is outside the Western-US thesis but Smouha is an active source; worth keeping the relationship live even on a pass.
Live Bids
2
Under Review
3
Equity Relationships
2
Markets
TN · OH · TX · OH-CLE
Multifamily runs under Jason Mink, with Belsky as the primary equity relationship. Working threshold agreed 8/4: bid broadly on new-construction deals where the in-place cap is north of 6%. Falling Treasury yields have compressed pricing across the board — brokers are now calling to solicit bids on deals that looked overpriced two weeks ago.
① Live Bids
DealMarketAskOur BidEconomicsEquityStatusNext ActionDue
Preserve at Forest Creek
2008 vintage · Coastal Ridge seller
Memphis, TN$74,000,000$70,000,000~6.25% going-in
~7% day-1 CoC → ~10%
~8% YoC · no abatement
BelskyBid Submitted 8/5Jason submitted at USD 70M 8/5 — notify Belsky and get it in front of equity the moment momentum shows; select third-party manager (Greystar / RPM / incumbent Coastal); confirm the debt structure call — buy the spread down for full-term IO at 65% LTV vs more proceeds with two years IO~2wks to award
Why it won
Jason's read: an A-plus Memphis submarket with a B-minus/B micro-location. Coastal Ridge is disposing following the passing of an equity partner. Going-in cap ~6.25% on the ask (T12 nearer 6.5% pre-adjustment); the broker indicated USD 70M would be competitive. Josh's differentiator: no tax abatement, so the going-in cash flow is genuine — unlike other deals where strong day-one cash is abatement-driven. Day-one cash-on-cash near 7% growing to close to 10%; yield on cost ~8%, roughly 150 bps wide of a comparable Charleston deal.
Business plan
~200 remaining unrenovated units (seller did roughly half), adding ~USD 100 blended to rents at ~6 units a month — manageable through a third-party manager. Historical bad debt is elevated from post-COVID screening lapses; Jason models 3% going forward. CoStar shows submarket rent growth ~4.2–4.5% from 2027 tapering after; Jason underwrites a flat 3% across the hold, which Shawn and Josh found defensible on supply constraints.
Decisions
The 2.5% mark-to-market assumption gets stripped — Shawn flagged it as double-counting on top of the renovation premium; Jason agreed since it is immaterial to returns and hard to defend to equity. Josh had no objection to USD 70M and said he would not be surprised if it gets bid higher; the broker tempered expectations citing a smaller bid matrix (Memphis market size, deal scale relative to the MSA, the current Treasury spike). Reluctance to retain Coastal as manager while raising equity on a bad-debt-improvement story, though they have tightened screening portfolio-wide.
Clock
~2 weeks to award, then 30 days PSA and 30 days DD — roughly 80 days total to raise the capital.
Austin & East Meadows
combined two-asset bid
Columbus, OH$32,000,000
~$18M + ~$14M
Combined-bid strategyBelsky (held)Awaiting SellerGet the broker's read on whether the seller takes the combined route or demands a price increase — the seller holds ~USD 18.5–19M of standalone offers on East Meadows but no other combined bid; send to Belsky the moment it is a green light rather than risking an immediate rejectionBroker read
Status
Combined bid of USD 32M submitted with the breakdown disclosed to the broker (~USD 18M and ~USD 14M). LOI acknowledged by Carter Stephens (Newmark, Columbus) 8/4 10:49am — "Confirming receipt we'll be in touch." The seller has roughly USD 18.5–19M in standalone offers on East Meadows but no other combined offers, which is the whole argument. Broker was speaking with the seller that evening.
Timing
Tighter capital-raise window than Preserve — approximately 65 days, because the award is closer. Smaller check size offsets some of that pressure. Jason deliberately held off forwarding to Belsky to avoid a forward-then-rejection sequence.
② Under Review / Exploratory
DealMarketSizeReadStatusNext ActionDue
Domain at Houston
Vitel co-GP · via Mendel
Houston, TX$54,300,000
peak price was $72M
Too boring — not core enough for core capital, not enough value-add juice for a compelling IRRLeaning PassJason to relay to Mendel that the deal lacks IRR and value-add juice, and ask whether a co-GP structure still makes sense given those constraintsFeedback owed
The numbers
Vitel has it locked at USD 54.3M, down from a USD 72M peak purchase price — the current seller is likely facing an equity wipe against a ~USD 57M loan balance. 2012 vintage in a top-five Houston submarket with significant recent nearby supply; the supply cliff is approaching, making it a textbook Sunbelt distress story. Basis at ~USD 165–167K/unit sits well below comparable trades at USD 180–200K+.
Why it fails
Fundamentals are challenged for ~2 years and Jason found no meaningful value-add upside after working the rent and comp set. The model shows ~15% IRR on a 5-year hold but a 2x multiple — a disconnect the group put down to a back-ended return structure: buying at ~7% yield on cost, exiting at ~5.75 cap, with most rent growth and value late in the hold. Texas tax dynamics cost roughly 100 bps of IRR (prior owner bought at USD 72M so assessed value resets to ~100% of sale price, while the prospective exit buyer is modelled roughly flat since Texas historically reassesses at 80–90%). Josh and Jason concluded it is too "boring" and Josh suggested going back to Mendel on the co-GP question directly.
Tennessee Three-Pack
Clarksville · Chattanooga · nr Memphis
TN (3 MSAs)~250 units
$20–23M
LIHTC with ~USD 200 of built-in rent upside to market as units turn; ~7% YoCModelingJason to run it through the model and share results; evaluate specifically whether combining with Preserve is accretive to blended returns — Shawn cautioned against diluting Preserve just to build check sizeThis week
Shape
Roughly 70 units in Clarksville, 70 in Chattanooga and 110 near Memphis — ~250 units at USD 20–23M, 2005 vintage in strong Tennessee submarkets, estimated 7% yield on cost. LIHTC, which typically carries ~USD 200 of built-in rent upside to market as units turn; execution needs bridge financing and rolling rents on vacates, taking going-in yield from ~5% to ~7% over the turnover period.
The concern
Operational fragmentation — three MSAs up to three hours apart makes single-manager oversight difficult. Shawn's angle: if the numbers are strong, combined check size with Preserve could open more LP doors, but only if accretive to blended returns. Jason agreed and noted the strategies are complementary — Preserve is yield-driven, Tennessee is value-add/LIHTC.
Cleveland Roll-Up
five ~50-unit assets, two sellers
Cleveland, OH~250 units
2 on-market + 3 off
Fragmented portfolios trade at a discount because institutions prefer clean single-site deals — outsized return potential for an aggregatorNumbers PendingJason to put together the numbers and share ahead of a team huddleAhead of huddle
Shape
Two on-market deals totalling ~110 units, a third off-market asset from the same owner, plus two additional small deals from a separate seller — potentially five ~50-unit assets in a single MSA, all newer vintage. Shawn flagged the transactional complexity of five separate closings; Jason expects it consolidates into two transactions (three assets with one seller, two with the other), and all-Cleveland geography enables one property manager and centralised operations.
The thesis
Jason's broader read: sellers are bringing individual assets that are too small for institutional buyers, and fragmented portfolios trade at a discount because institutional groups prefer clean single-site deals. That is the aggregator's edge if you are willing to do the work.
③ Equity & Process
RelationshipContactWhere It StandsNext Step
PCCPJohn Randall · Scott Nugent
JRandall@pccpllc.com · snugent@pccpllc.com
Intro Made Josh 8/4 1:43pm thanked John and asked Scott for a call Thursday or Friday, adding Jason as the multifamily lead.Get the Thu/Fri call scheduled with Scott + Jason
Note
PCCP is the repositioning conversation Josh has been running on the institutional side. Bringing Jason in makes it a multifamily-programmatic conversation rather than a single-asset one — the same structural argument that works on the industrial platform raise.
Deal sourcing cadenceShawn ↔ JasonProcess Fix Agreed Shawn raised that deals surface with very short bid deadlines, leaving no room to diligence assumptions or build conviction.Jason to send models and deal memos on remaining active pipeline deals and schedule a huddle
The exchange
Shawn's ask: share models as early as possible — seeing a model is the first step that unlocks vetting cap rates, calling brokers and stress-testing assumptions, as happened on Aviara. Jason's context: the multifamily process is a broker blast then ~3 weeks to underwrite before the call for offers; Preserve is an example with adequate runway, while a few imminent deals were not surfaced because they were not viewed as strong fits. Shawn compared other asset classes at roughly 4 weeks to initial offer then 3–4 weeks to award — 7–8 weeks blast to award.
Market note
Jason: Treasury volatility has compressed pricing broadly over the past two weeks, with brokers proactively calling to solicit bids on deals that previously looked overpriced. Better entry points, same competitive capital-raise requirement.
Strategy
Utility-Land Flip
Primary Market
Texas (ERCOT)
Node
Oncor 765/345kV
Phase
Phase 1 — Ellis County
Thesis

Contract-flip strategy: tie up parcels adjacent to new utility substations/transmission lines before public need, assign or back-to-back close to utility or DC developer. Primary zone: Ellis County, TX — Oncor building new 765/345kV substation + switch station in Stainback/Farrar Road corridor (I-45 SE DFW), serving hyperscaler cluster (Google, Amazon, QTS, Databank, Compass, Skybox, Stack). Investor already sold land to Oncor in this corridor → Play 1 validated. Secondary: Houston/CenterPoint Hockley/Becker 345kV (fresh Apr 2026 route selection).

Ellis County Parcel Shortlist
ParcelLocationAcreageOwnerDist. to NodeBasis / NotesNext ActionDue
±96.7ac Farrar Rd
ALL-STAR PICK
Palmer, TX 75152~96.7Hilda Moya (CoStar)~1.0 miAPN 186660. Dry (no floodplain). Flat ag. CoStar tags retail but land is raw ag. Off-market = no proven willingness. Owner/basis CoStar-inferred, not deed-verified.Ellis CAD deed pull to verify ownership/basis; assemblage check (Martha Stewart, Nydia Garcia, undisclosed 87ac parcel)Pending CoStar
Coordinates
~32.4696 / -96.7063
Honesty Flags
Off-market — no proven willingness to sell. Owner/basis CoStar-inferred, not deed-verified. CoStar tags "retail" but land is raw agricultural. Condemnation risk exists if Oncor can condemn cheaply.
Assemblage Partners
Martha Stewart (adjacent), Nydia Garcia (adjacent), undisclosed 87ac owner — need CAD deed pulls on all three.
1629 Hunsucker Rd
60 ac
Palmer, TX~60Apollo RE Holdings (Jan 2026)~0.9 mi#1 on shortlist. Recent buyer — likely flippable at right price. Need TX SOS unmask.TX SOS unmask Apollo RE Holdings Ltd identityPending
Notes
Competition parcel — recent Jan 2026 acquisition suggests awareness of node value. Apollo RE Holdings identity unknown — TX SOS filing needed.
AGC Custom Homes parcelFarrar Rd area, Palmer TXAngel Gonzales (since 2008)Near-nodeIdeal flip counterparty — transactional builder, raw basis $10.9K/ac. Phone: 972-921-xxxx.Outreach approach strategyPending Josh
Notes
Deep-dive finding. Transactional builder with low basis — ideal for contract flip at meaningful premium to ag value but below utility land value.
Batchler Cir / Matt Rd / FM 983
3 parcels
Palmer area, TXVariousVariousNear-node3 cheapest near-node listings ($15-17K/ac) — ALL in 100-yr floodplain. Cheap BECAUSE they flood. Flood ≠ necessarily disqualifying for utility but limits residential flip.Assess utility-use viability despite floodLow priority
Scoring Insight
Price is attractive but flood risk explains low basis. CoStar screen identified these as cheapest near-node parcels. May still work for utility/transmission use if not residential.
Houston / CenterPoint (Secondary)
NodeLocationStatusNext ActionDue
Hockley/Becker 345kVNW Harris County, TX
~30.0258 / -95.8452
Screen CompleteConfirm CenterPoint fee-purchase track record (buyer gate); awaiting Josh CoStar export (77447/77484/77445/77493/77355)Pending CoStar
Details
Fresh Apr 2026 route selection PASSES flip tests. Key verify: does CenterPoint BUY land or condemn? Oncor had proven Ellis precedent; CenterPoint unconfirmed. 943 TX land parcels in CoStar exports, 102 from Dallas area. Williamson County secondary: Muscovy 345kV node (Iron Mountain Taylor Meadows ~500ac anchor). Land repricing $22-25K → $41-68K/ac.
Active Ventures
7
Lead
Eyal · Josh
Sectors
Data Ctr · Cyber · Tax · SNF · F&B
Geography
Israel · US
Non-Real-Estate Ventures
VentureSectorLeadStageNext ActionDue
Anann (Israel Data Center)
Tzora + Afula
Data CenterEyalCapital RaiseReview v13 deck open items (3 red flags flagged 6/12); track K3 co-leadActive
Deal
$75M @ $275M pre-money = 21.4% Day-1. Base case 4.72x MOIC / 32.6% IRR / 5.5yr hold to 2031 / $354M sponsor proceeds. K3 Family Office (Apostolos Kakkos) named co-lead.
Structure
Tzora 28.5 MW IT + Afula Ph1 80 MW IT = 108.5 MW IT by 2031. Total project cost $1,535M (85% LTC senior debt). 2031 EBITDA $207M. 18x exit → EV $3.0B. Lian Group (Michele Di Minno) modeling.
Open
v13 review delivered 6/12: (1) Slide 4 MW IT contradiction; (2) Afula timeline model mismatch; (3) Slide 28 sensitivity cells off. Ball on Eyal/Peter to reconcile.
Anann — SecondaryData CenterEyalStructuringConfirm secondary terms & participants[confirm]
Note
Anann secondary opportunity — details to be confirmed. Related to primary Anann DC raise (Eyal-led).
Anann — New RaiseData CenterEyalStructuringConfirm new-raise size, timing & use of proceeds[confirm]
Note
New Anann capital raise (distinct from secondary). Size/timing to be confirmed.
United Cost Segregation
w/ Matthew Gigantelli
Tax ServicesJosh / EyalLOI ExecutedOpen the EIN and the two Chase accounts (UCS Investor + UCS Venture) — Josh elected a sub-account first, adding Matt G as a full signer later; pay the Vcorp invoices (#6462556 UCS Investor, #6463558 United Cost Segregation LLC); settle where the accounting and monitoring fee is paid — it drives who controls the bank account; fund within 8 business days of the Aug 1 LOI dateFunding clock
Execution (8/4–8/5)
LOI fully executed. Eyal sent the final signed version 8/4 6:06pm; changes from the prior draft were the funding timeline moved from 5 to 8 business days (the document is dated Aug 1 but was signed Aug 4) and the company formation dates filled in. Matthew Gigantelli countersigned 8/4 7:02pm: "Countersigned and attached. Time to grow baby grow!" Entities: Vcorp (Taylor Lolya) delivered United Cost Segregation LLC — Delaware formation documents 8/5 8:44am, plus UCS Investor LLC docs 8/4. Two invoices outstanding — #6462556 and #6463558. Banking: Josh asked Chase (Brett Epstein) 8/4 5:32pm to open two business checking accounts — UCS Investor (Josh, Eyal, Matt as usual) and UCS Venture with a third-party signer with full permissions. Epstein flagged that a branch signer cannot be capped at USD 25K — "being a signer implies full access to any and all transactions." Josh 8/5 9:52am: "Let's start with a sub account and we'll think about adding him as a signer later." Chase to confirm what ID and contact details are needed.
Structure
UCS Venture LLC + UCS Investor LLC (DE, via Taylor Lolya). David Zalaznick (JZ Advisors) = majority capital. Greenmont (Josh+Eyal) sponsors. Gigantelli founder/operator. Term sheet executed 6/1; Matt withdrew 7/15, deal re-papered 7/17 (simplified).
Open
Steve Rist (Dentons) definitive-agreement draft outstanding. Confirm Dentons = DZ's counsel. Q3 historical monthly books still owed by Matt.
Offensive Cybersecurity Co.CybersecurityJoshUnder EvaluationConfirm company, check size & investment thesis[confirm]
Note
Investment in an offensive cybersecurity company. Company name, structure, and terms to be confirmed — drop docs/thread to populate.
Nursing HomesHealthcare / SNFJoshEarly LookConfirm market, operator & deal structure[confirm]
Note
Skilled-nursing / senior-care opportunity. Details to be confirmed. (Prior Seniors-101 work exists — confirm if related.)
Restaurant Venture
[name TBC]
Restaurant / F&BJoshEarly LookConfirm concept, operator, check size & investment thesis[confirm]
Note
New venture opp flagged by Josh 2026-07-28 — "some sort restaurant business." Concept, operator, structure and check size all TBC. Distinct from 555 Washington / Chubby buildout (existing NYC restaurant PROJECT, not a venture investment). Awaiting Josh to share materials.
Open Items
10
Owner
Josh · Matt
Areas
Systems · HR · Ops
Company
Greenmont
Corporate & Back-Office Items
ItemAreaOwnerStatusNext ActionDue
Yardi UpgradeSystemsJosh / MattIn ProgressConfirm upgrade scope, timeline & vendor contact[confirm]
Note
Yardi platform upgrade. Scope/timeline to be confirmed.
PTO PolicyHRJoshDraftingFinalize PTO policy & roll out to team[confirm]
Note
Company PTO policy — drafting/finalizing. Details to be confirmed.
StaffingHRJoshOngoingTrack open roles & hiring pipelineOngoing
Note
Staffing / hiring. Open roles and candidates to be tracked here.
TerminationsHRJoshAs NeededTrack any pending personnel actionsConfidential
Note
Personnel / termination matters. Sensitive — keep detail minimal.
FY2027 BudgetFinanceJoshDraft OutJosh circulated the FY2027 budget draft to Matt and Eyal 8/4 4:54pm — get their comments back and lock a versionComments owed
Note
"FYI here is a budget I have been working on for FY 2027 if you wanted to take a look." Attachment sent to Matthew Nicholas and Eyal Greenberg. No responses logged yet.
UCS Bank Accounts (Chase)TreasuryJosh / MattIn ProgressSend Chase the information needed to open the UCS Investor and UCS Venture sub-account structure; decide later whether Matt G becomes a full signerWith Chase
Note
Brett Epstein (Chase Business Banking, Cedarhurst) is working the request. The constraint that shaped the decision: a branch signer cannot be capped at USD 25K — signer status implies full transaction access. Josh chose a sub-account first. See the United Cost Segregation venture row for the full chain.
NY Biennial ReportComplianceMattPast DueFile the New York biennial report for Greenmont Group — FileForms flagged it past due 8/5Past due
Note
FileForms notice 8/5 8:53am: "Avoid Penalties: New York Biennial Report Past Due for Greenmont Group." Low cost, real penalty exposure — clean it up. Separately, Vcorp (Lauren Conley) is pushing a year-end entity portfolio review, and a BB LEI 7-day renewal reminder landed 8/4.
Brokerage Database / OutreachBusiness DevShawn / JessicaIn ReviewTighten the outreach targeting before any blast — Shawn wants it more surgical and dislikes the "(City, State)" suffix and non-address deal namesPre-launch
Note
Jessica Xie circulated the latest version 8/4 3:21pm using each broker's first two listed deals on the Email Outreach tab. Shawn 8/4 3:33pm: "We have to be a bit more surgical in our outreach. I don't love the idea of having the (City, State) after each deal and some of the deal names aren't addresses. 'SF Multi Tenant Industrial (Burlingame, CA)' looks weird." He and Jessica are working out an AI-driven blast mechanism. Pairs with the Groove Digital kickoff on Aug 12.
Weekly Reporting TemplatesAsset MgmtShawn / MattRolling OutLincoln template to Gabe then Aaron; 364 template already accepted by Gabe and forwarded to the Charney team; add the completed A10 renovation to the CapEx tabThis week
Note
Shawn 8/4: plan is to send the Lincoln template to Gabe first, have him adjust, then have him send to Aaron. Matt asked whether the completed A10 renovation should show under CapEx given the template shows completed work against total budget — Shawn: yes, and the team can add it as they update for this week's meeting. Admiral Elevator deposit went out a couple of weeks ago. Gabe Siegal signed off on the 364 version 8/5 7:23am and forwarded it internally.
Jadian Responsible Contractor PolicyComplianceJared / MarkAgreed — ImplementingJared acknowledged and agreed to comply 8/5 1:18pm, so this is now a live obligation, not a proposal. Two things have to actually happen: (1) add the Responsible Contractor review line to Mosaic's internal service-provider approval write-ups, and (2) get Jadian's rep-and-warranty language into contractor contracts — the short form in Good Faith contracts and the long form with the 5-year payroll-records and audit rights in Material ones. Assign an owner for the annual questionnaire before it is rolled outThis week
What this is
A JREF II investor requires it, so Jadian adopted a responsible contractor policy that flows down to every investment made by Jadian Real Estate Fund II — including the Mosaic industrial condo deals. Jake Block introduced it 7/31, Bryan LaPlant (GC & CCO) runs it. Call held 8/5 at 1pm ET; Bryan sent the books-and-records language 1:25pm.
Thresholds that trigger the full requirements
New construction capital works at USD 25M+ aggregate · ongoing capital works at USD 10M+ aggregate · operating or maintenance contracts at USD 2.5M+ annually. Below those, Mosaic is "encouraged to comply with the spirit" — which in practice means the contract language should just go into everything, since arguing about which tier a contract sits in costs more than inserting a clause.
What Mosaic actually has to do
Selection: run contractor hiring so that Responsible Contractors are considered wherever possible, weighing skill, experience, dependability, fees, safety record and policy adherence — and document the process, including evidence that eligible Responsible Contractors were in the pool and how Mosaic concluded the standard was met. Approval memos: carry a Responsible Contractor Review statement — that on reasonable inquiry the recommended party does not fail the standard and has not committed material violations of law, labor and employment in particular. Contracts: contractor reps and warrants that it and its subcontractors at all tiers are Responsible Contractors, comply with insurance, withholding, minimum wage, labor relations and OSHA law, and pay fair wages and benefits; must furnish verification information on request. Material contracts add teeth: keep all Project payroll records five years, Owner may audit and investigate all pay and benefit practices, and Owner may suspend or terminate for material non-compliance — or require a non-compliant subcontractor be terminated with no increase in the contract sum.
Worth flagging
The termination-at-no-cost and five-year records provisions are real cost and administrative exposure that flow down to subs — the subcontract forms need to carry them or Mosaic absorbs the gap. An annual questionnaire is being rolled out by Jadian and will need a named owner at Mosaic. Thread: Bryan LaPlant, Rick DeCesare and Jake Block at Jadian; Josh, Jared and Mark Heavey on our side.
Total Brokers
72
Firms
16
Source
Master List + Outlook deep-dive (Jul 24)
Firm Filter
All Ashwill AssociatesCBREColliersCushman & WakefieldGlobal Commercial PropertiesJLLKidder MathewsLee & AssociatesNAI Capital CommercialNewmarkPriority Capital / TBCSRS Real Estate PartnersStream Realty PartnersTBCVoit Real Estate Services
Broker Directory
BrokerFirmEmailPhoneMarket / DealRoleStatusLast Contact
① Live Engagements16active deals / working relationships
Brian MasonEB Mason CREbrian@ebmasoncre.com408-472-9498Silicon Valley small-bay industrial / 423 Lano St & 1691 Villa Stone Dr, San JoseFounder / Principal (30+ yr CRE)Active2026-07-24
Christian LeeCBREchristian.lee@cbre.com ⚠ verifySouth FL capital markets / 555 Washington valuation teamVice ChairmanActive2026-07-17
Jeff CarrCBREjeff.carr@cbre.com ⚠ verifyOC/SoCal industrial disposition / Alcalde (Laguna 3) listing & lease-upSr VP, SalesActive2026-07-20
Ryan AdleshCBRERyan.Adlesh@cbre.comC 805-709-1089Silicon Valley industrial / 1257 Tasman Dr, Santa ClaraSalesActive2026-07-20
Sean R. KellyCBREsean.kelly@cbre.com ⚠ verifySouth FL capital markets / 555 Washington BOV + Two Town Center, Boca RatonCapital Markets (First VP)Active2026-07-17
Brent DressenColliersbrent.dressen@colliers.comDirect 408-282-3979 / Mobile 408-202-4740Silicon Valley / 1675 Walsh Avenue (recorded condo map)SalesActive2026-07-15
Kyle McGillenCushman & Wakefieldkyle.mcgillen@cushwake.comDirect 949-930-9229 / Mobile 206-372-0423Costa Mesa / 3303 Harbor Blvd (Commerce Business Park); prior: Goodyear IrvineSalesActive2026-06-11
Ralph LongoGlobal Commercial Propertiesrlongo@globalcommercialprop.com(408) 529-1362Silicon Valley / 110 Pioneer Way, Mountain ViewSalesActive2026-07-16
David CoffmanJLLDavid.Coffman@jll.comNortheast industrial capital markets / 295 Ella Grasso Tpke dispositionSr Director, Capital MarketsActive2026-07-23
Daniel KnokeLee & Associatesdknoke@lee-associates.com760.929.7836North San Diego small-bay industrial parks (20–40k SF). 1230 Activity Dr intro 7/22/2026.SalesActive2026-07-22
Peter MerzLee & Associatespmerz@lee-associates.comNorth San Diego small-bay industrial parks (20–40k SF). 1230 Activity Dr intro 7/22/2026 with Daniel Knoke.SalesActive2026-07-22
Brett SiegelNewmarkbrett.siegel@nmrk.com ⚠ verifyT 212-372-0798 / M 516-458-1872NY retail capital markets / High Street Portfolio LOI (lead seller-side)Capital MarketsActive2026-07-22
Meaghan PhilbinNewmarkmeaghan.philbin@nmrk.com ⚠ verifyNY retail capital markets / High Street Retail Portfolio LOI (seller-side)Associate DirectorActive2026-07-23
Zack StreitPriority Capital / TBC⚠ firm+email TBCDebt & equity capital markets / intro via Jared ("four property recap")Capital Markets (intro)Warm Intro2026-07-21
Ron DalalTBC (Aviara seller-side)⚠ firm+email TBCIndustrial portfolio / Aviara Portfolio (passed — keep warm)SalesCold2026-07-16
Sean McDonaldVoit Real Estate Services⚠ email TBCC 949-351-7113SoCal small-bay industrial / off-market Gardena small-bay (+ rent roll)SalesActive2026-07-23
② Needs Check-In11contacted before — gone quiet, worth a touch
Cameron MerrillCBREcameron.merril@cbre.comBroker who toured us through commerce on 9.4.2025LeasingActive2025-09-04
Gian BrunoColliersgian.bruno@colliers.comMobile 714-928-5979EVP, Western Region Industrial Capital Markets (Irvine) — Temecula deal 9.4.25; re-engaged 8/5/26 on small-bay industrial, said team will revert with anything worth a runEVPActive2026-08-05
Kenny PatriciaCollierskenny.patricia@colliers.comBroker on Temecula deal sent 9.4.25SalesActive2025-09-04
Michael KendallColliersmichael.kendall@colliers.comBroker on Temecula deal sent 9.4.25SalesActive2025-09-04
Zach NilesJLLZach.Niles@jll.comBroker on AnaheimSalesActive2026-02-17
John WitherallKidder MathewsOceansideSales + LeasingActive2026-03-12
John CollinsLee & Associatesjcollins@lee-associates.comBroker on Laguna, Huntington 1Sales + LeasingActive2026-03-12
Tim WalkerLee & Associatestimwalker@lee-associates.comLeasing broker on 1540-1570 Reynolds - Mapped deal we made unsolicted offer onLeasingActive2026-02-17
Brandon WhiteNewmarkbrandon.white@nmrk.comBroker on Costa MesaSales + LeasingActive2026-02-17
Joey FarneyNewmarkjoey.farney@nmrk.comLeasing broker who toured commerce with us on 9.4.2025LeasingActive2025-09-04
Trent WalkerVoit Real Estate Servicestwalker@voitco.comLeasing broker on Irvine Barranca | Leasing broker on BarrancaLeasingActive2026-02-17
③ Haven't Contacted45new / mapped brokers — no outreach yet
Greg GeraciNorth HollywoodNew
Jeffrey RichardsOceansideNew
Karen SundaySanta AnaNew
Kevin CarrollNorth HollywoodNew
Kevin LeeAnaheimNew
Robert ColacionGardenaNew
Rusty WilliamsSan MarcosNew
Gary MartinezAshwill Associatesgary@ashwillassociates.comBroker on Yorba LindaNew
Eric CoxCBREeric.a.cox@cbre.comBroker on Kearny MesaNew
Hunter RoweCBREhunter.rowe@cbre.comBroker on Kearny MesaNew
Joe CestaCBREjoe.cesta@cbre.comBroker on Kearny MesaNew
Jonathan GarrickCBREjonathan.garrick@cbre.comBroker on Signal HillNew
Robert FerraroCBREUnion CityNew
Ryan SparksCBRESan DiegoNew
Sean WilliamsCBRESan DiegoNew
Thomas TaylorCBREFremontNew
Vince MachadoCBREFremontNew
Matt DierckmanColliersSylmarNew
Mike CarriggColliersLivermoreNew
Mike LloydColliersLivermoreNew
Brett LockwoodCushman & WakefieldAnaheimNew
Bryce AbergCushman & Wakefieldbryce.aberg@cushwake.comBroker on San Marcos | Broker on La Costa MeadowsNew
Charlie JacobsCushman & Wakefieldcharles.jacobs@cushwake.comBroker on La Costa MeadowsNew
Conor BoyleCushman & WakefieldSan MarcosNew
JEFF CHIATECushman & Wakefieldjeff.chiate@cushwake.comBroker on Barranca | Sales brker on BarrancaNew
Kris HagarCushman & WakefieldConcordNew
Louay AlsadekCushman & Wakefieldlouay.alsadek@cushwake.comBroker on La Costa MeadowsNew
Maddie MawbyCushman & Wakefieldmaddie.mawby@cushwake.comBroker on La Costa MeadowsNew
Nico NapolitanoCushman & Wakefieldnico.napolitano@cushwake.comBroker on BellgraveNew
Randy EllisonCushman & WakefieldCosta MesaNew
STEVE BOHANNONCushman & Wakefieldsteve.bohannon@cushwake.comBroker Buggati Business ParkNew
Steve PaceCushman & WakefieldSteve.Pace@cushwake.comBroker on O'Toole which we bid onNew
Tyler EptingCushman & WakefieldConcordNew
Jim BensonKidder MathewsOceansideNew
Andrew GageLee & Associatesagage@lee-associates.comBroker on PacoimaSalesBroker on Pacoima
Dale CameraLee & AssociatesSanta AnaNew
Erica BalinLee & Associatesebalin@lee-re.comBroker on Calabasas small bay dealNew
Scott CaswellLee & Associatesscaswell@lee-re.comBroker on Calabasas small bay dealNew
Sean AhernLee & AssociatesCosta MesaNew
J.R. WilliamsonNAI Capital CommercialSanta AnaNew
Nick KrakowerSRS Real Estate Partnersnick.krakower@srsre.comBroker on PacoimaSalesBroker on Pacoima
Peter JoyceStream Realty PartnersMoreno ValleyNew
Mike VernickVoit Real Estate ServicesCerritosNew
Patrick ConnorsVoit Real Estate ServicesSan DiegoNew
Ryan MooreVoit Real Estate ServicesCoronaNew