Are Distressed Properties the Opportunity of 2025? | Brokers Round Table
Join us for a dynamic roundtable discussion with top brokers Chad, Jesse, and Adam as we dive into the rising trend of distressed commercial property sales, like the recent high-profile losses in Nashville.
In this episode, we explore:
What's Driving Distress in Real Estate: From industrial to office and retail sectors, we break down key market pressures and regional hotspots for opportunities.
Strategies for Investors: Learn how brokers can identify, finance, and time the market for distressed properties.
Long-Term Impacts: Discover how to reposition, repurpose, and future-proof these assets to maximize returns.
Key Takeaways:
Thorough due diligence is crucial when analyzing potential deals, especially when reviewing rent rolls, leases, and tenant mixes. The distress in the market is compartmentalized, so understanding the specific risks and opportunities in each asset class and submarket is important.
Considering alternative financing methods, such as paying cash, syndications, or using creative structures like lines of credit, can help mitigate downside risk in the current high-interest rate environment.
Focusing on consistent cash flow and tenant quality, rather than chasing higher returns, is advisable. Properties with longer weighted average lease terms (WALT) and diversified tenant bases may be more resilient.
Avoiding forced deals and being selective and patient is recommended, as the market has not fully adjusted yet, and overpaying should be avoided. Sitting on the sidelines for a period may sometimes be the prudent choice.
Staying attuned to broader economic and geopolitical factors, like the potential impact of US-Canada trade policies, is important as they can affect commercial real estate transactions and operations.
Check out CRE Central: www.crecentral.com
About Your Host:
Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate developer and investor based in East Nashville. He’s the best selling author of Open for Business: The Insider’s Guide to Leasing Commercial Real Estate and has focused his career on serving commercial real estate investors.
Episode Transcript:
Tyler Cauble 0:00
This episode of the commercial real estate investor podcast is brought to you by my cre accelerator mastermind, where you'll get access to my step by step investment blueprint, essentially a library of resources on how to invest in commercial real estate. You'll get connected to a supportive community of other commercial real estate investors that are doing projects just like you. You'll get personalized coaching and feedback from me every step of the way. Go to www dot cre central.com to learn more. Welcome back to the commercial real estate investor podcast. We are live for another episode of the brokers roundtable. It's been over a month since I've been with these guys, so excited to be back at it with them. And today, we're going to be diving into distressed commercial properties. Is that going to be the big opportunity in 2025 you know, Ken Griffin just took a major loss, $50 million loss, on some condos in Chicago. We had some a seller as a northeast here in Nashville sell a couple of towers here for a combined loss of $115 million as well as numerous other deals. If you go to the real deal or any of the you know online news sources that are tracking commercial real estate opportunities, it seems like there are some pretty major losses that are starting to hit the bucks, which isn't really surprising if you look at the timing. Five years ago was January of 2020, right? So some of these assets are towards the end of their life cycle, and they didn't really have a good start. So I want to, I want to dive into the landscape of distress deals first. And Chad, I'm going to kick it off with you. Man, industrial seems to be faring relatively well in terms of distress in the market, unlike office, multifamily, some of the other asset types, I mean, what? What trends are you seeing in industrial real estate that that could signal distress or opportunity for investors?
Speaker 1 1:55
Yeah, great to see you guys as well. Again, I can see everybody's rocking a beard, which is also really good to see. So great question. Teed up. I think the biggest thing that I say to people, more than anything else right now, is that you really need to differentiate industrial into subcategories. So you usually will see a market statistic. So it'll say industrial real estate nationally is 5% just using an arbitrary number. And they might get a little bit deeper and say, well, Nashville is 4% or Chicago is 7% but that doesn't really tell the whole story. You need to go a lot deeper and delineate it between big box warehousing and small and medium sized base, because there's a huge difference in market fundamentals between the 500,000 square foot warehouse and a 5000 square foot building that's sitting on two acres of yard, just a huge difference between the two. So I think it's really incumbent on anybody to go in and understand exactly what you're trying to compare for, that proverbial apples to apples comparison. And where I see some opportunity right now is perhaps on that big box space as it's a lot of it's struggled over the last 18 months, mostly just as a run up of inventory that got added over the last three or four years. Developers love to develop and when industrial looks as attractive as it did in 2021 22 the developers just seem to think that that demand growth would continue in perpetuity, and it's slowed down, so now there's a glut of big box warehouse space all over North America, so I can see some distress in that area coming. The challenge is it's most of that is big, institutional, owned, owned property, so it's hard for an average investor or a syndicator to go and pull down a $50 million portfolio when on the other end that small bay industrial, or flex or iOS, the other end of industrial, that's still very competitive, there's still very low vacancy rates, there's still climbing growth rates. So I think if somebody's got the appetite right now, and I think that there'll be well financed, well capitalized funds right now that go out and take advantage of some of this distress. But on the industrial side, that's where I see it, distress, potential opportunities, on the big box warehouse, everything else is still very competitive. That's interesting.
Tyler Cauble 4:13
It makes sense, because a lot of the industrial developers that we we've seen over the last 10 years have shifted into building the much bigger distribution centers and away from the smaller, more local, you know, flex type of deals. Jesse, let's talk about this Nashville example a little bit. I mean, you know, one of the towers was only 45% occupied, right? And these are in the downtown core of Nashville. I don't think that this is unique to Nashville, I think the downtown cores of a lot of cities are kind of struggling because there's a lot of traffic. It's tough to park, it's tough to navigate, especially in like the southeast of the United States, right? We don't have transit, which is a which makes it a nightmare. But I mean, how have have remote work and higher vacancies? Really? Impacted the office sector. It seems like we're starting to kind of see the fallout now.
Speaker 2 5:05
Yeah, I think, I think the chats point to, like, even on the office side, you kind of have to break down the the office into the cat, the subcategories that we've talked about on the show before. So, I mean, that goes for, you know, CV, a class, trophy assets. In a lot of markets, you're starting to see a lot of the distress happen with the B's and C's. Not surprisingly, those are buildings that typically are not in the best areas, even if they're downtown, and as well as they're not amenitized like the A in trophy assets, just for an example, like our market, I think we're at four or 5% vacancy in the trophy asset class, but when you go to the the general downtown market, we're closer to like 21% or maybe 22% availability, 17% vacancy. So I think the now that with the backdrop of the trend of back to work, I've actually seen most of the statistics that we take out in the major markets in the US and Canada, we've started to see the back to work actually creep up the percentage of return to Office. So that is starting to happen. But I think the reality is that a lot of the product that we have now is not necessarily going to be utilized. So the big question is, what ends up happening with these properties? Do they get repurposed in some fashion? Is it just full redevelopment? We're in a weird part of the market for read, for development in general. So I mean, if anybody says that, they kind of know what's going to be happen in the next couple years, I think you'd be hard pressed to have a clear answer on that.
Tyler Cauble 6:39
Yeah. Yeah. I mean, there's no easy answer, right? And I think that's what's really tough about where, where the market is right now. Because, you know, everybody's knee jerk reaction is, oh, we need housing. Convert them into apartments. Well, one, the cost of construction right now, today, compared to five years ago, is astronomically high. Two, those buildings just aren't laid out for that. So it just doesn't work in most cases. Adam, yeah, yeah. I mean, Adam, are you seeing any similar risks or pressures in the retail space? Maybe consumer behavior is changing. I know that we've kind of hit an inflection point where the American consumer has more debt than they've had in a long, long time.
Speaker 3 7:25
Yeah, I'm not. We're not seeing the same pressures related to the economy like obviously, luxury has really cooled down in the last six months. But that's such, like a such a small part of the market outside of, like your major, major metros, some of the pressure that we're seeing is honestly driven by the office demand that Jesse was just talking about, or kind of the vacancy issues that Jesse was talking about. If you go like in Charlotte, for instance, we've got our uptown CBD, and then right next to it is an area called South End, which is just like the hip cool, where all the big apartment towers are, and the retail in Uptown has been negatively affected because the vacancy in the office towers has been, has been, you know, obviously no, secret, been high since COVID. So the there's just not as many footfalls on the street, which is affecting, affecting that retail. But then you go, you know, a half a mile to South End, where all the apartments are, and you know, it's freaking Mardi Gras when you're walking down the street on a Friday night. So So we've seen kind of really specific pressures on specific types of retail. But if you look back, you were just talking about that five year period from from 2020 you know, everybody remembers that it was retail apocalypse and and nothing was going to be bought anywhere except for Amazon for the rest of our lives. And if you were any kind of retail business, you were going out of business. I mean that that feels like a long time ago, but it takes a long time to build and entitle retail projects. And to your point, it's insanely expensive to build out of the ground right now, so there wasn't anything new built a while back, and now it's really hard to build. So that actually has put a lot of lot of pressure on existing retail in a good way, like, if you've got well positioned retail, you're probably sitting pretty right now, and it's probably going up if it's in a decent area. So it's kind of counterintuitive.
Tyler Cauble 9:43
Something interesting that all you guys have really touched on or kind of danced around, is that the distress is really compartmentalized, right? It's almost siloed in specific areas. I'd love to kind of pick that apart a little bit more. I mean, if I'm listening to the podcast right now, I'm thinking to myself. Okay, so office is fine in some areas. How do I find office space that's good and avoid the office space that's bad, right? In some areas, retail is good. In other areas, it's bad. How do I analyze that? How do I dive into these markets and make sure that I'm not jumping into one of those deals? Chad, we'll start it off with you.
Speaker 1 10:20
Yeah, I think the big thing right now is renewal risk for a tenant, because with rising debt costs, everybody's facing it, like you said, everybody coming off a five year debt that they placed 2020 or 2021 that's coming up for renewal in the next year. So I think there's gonna be a lot of pain on that renewal rate basis. And I think tenancy is going to be that much more important. And if you can raise rates, I think that's great, but I think the impetus is to still just make sure you have cash flow. Because I'm sure everybody right now is seeing this in their markets as well. Property taxes going up, insurance is going up, just cam in general is going up. So I think having tenants in place is key. So on the industrial side, I'd probably look for what the weighted average lease term is Walt, which just if you have one tenant, that's your Walt. If you have got multiple tenants, you start doing weighted averages for how big a space they have and how long they have left on their term. So in a lot of big institutional investors, they prefer to have a longer Walt, just because they want to have that consistent, consistent cash flow, whereas there's some value add investors that want to have a very short Walt so they can go in and do some renovations and get higher rates on the renewal or within your tenant. I think longer term Waltz is actually going to be pretty important right now, just to just to ensure that we can get through this wave of high interest rates, which I don't know about you guys, maybe that's a conversation on itself, but I don't see interest rates coming down a whole lot in 2025 so I think that this problem is going to get kicked at least another year. So I just think having consistent cash flow right now is key, because it's hard to go broke if you're paying your bills.
Tyler Cauble 11:57
That's right. I mean, I love to be the eternal optimist, but I'm looking at it going, I just don't see how the market's going to respond positively to interest rate drops like unfortunately, I think we might have to have more hikes. Not an economist, though. Jesse on the office space. How do we avoid bad office deals and how do we get into good ones?
Speaker 2 12:17
Yeah, so I can't remember who said the phrase you really want to have more money than months or at the end of the month. So I think for cash flow at the end of the day. I think the Walt is a great metric as well. I would also say the building blocks, as we all know here, the building blocks of the valuation of a building is the leases that underpin it in commercial real estate. So not just having a long lease terms, because, as we've seen, there's some people in or some companies in these markets that have, okay, great, you got a 10 year deal, and then all of a sudden this, this company's filing for bankruptcy. So I think having staggered actual lease expirations, so you don't have everybody rolling at one time. And then the other thing is, you know, if you have a building in the office, example, if you're you know if you if your risk, if you have enough ability to buy office right now, and you want to take that risk, depending on the market, I would say, try to have more tenants rather than less, right? Play the numbers game there. If you have two big tenancies, we've seen a lot of these in our market where one of those tenants goes, and then, you know, you're in a really rough situation from a landlord point of view. So I think there are deals there, but I think now more than ever, it takes more of an analysis of looking at all of the underpinning leases, and understanding the makeup of those leases, and seeing, really, with a fine tooth comb of what kind of options those tenants have and what rights you have as a landlord if you're going to take on these these buildings. So I think it's definitely something where you want to play the numbers here and not just go into something where you have all your eggs in one basket.
Tyler Cauble 13:54
Yeah. Adam, what about retail? Man, I mean, the most of what I'm saying, at least here in Nashville, retail is doing pretty fine,
Speaker 3 14:05
yeah, Charlotte. I mean, I think you could argue rates in certain parts of Charlotte shot up so fast over the last few years. I think you're seeing some some contraction in a few areas. Um, you're hearing some, some kind of rumblings of of people that can't pay the bill, like areas like South End went from, you know, mid to high 20s to to end of the 50s in the matter, matter of a couple years. So you've got some people that that are that are paying in Charlotte, pretty high numbers. So So, I mean, you're hearing some rumblings of that, but retail in general, in Charlotte is really strong. And there's so many new areas of Charlotte, the suburbs Charlotte living in the city has become untenable for normal people. So you're having that kind of sprawling, explosive growth. Growth that all the bigger cities have already had. So I mean, there's a lot of opportunity for kind of strip retail repositioning older centers that were kind of built to a lower tier demographic, that maybe you could go in buy at a lower rent, and if you got the capital kind of repositioned to a middle to upper end demographic. So lot of opportunity in Charlotte. But there are certain areas where the rents have just gone up really, really fast, and people are in retail. People all want to be on the same corner. And sometimes you can get into a little bit of bidding
Tyler Cauble 15:35
war, yeah, yeah, I've seen that. There's definitely some parts of Nashville where they went up too fast, too fast,
Speaker 3 15:44
this weird juxtaposition of tenancy too right? You got the vape shop and then the the white linen tablecloth restaurant that are that are 50 feet from one another, right? And, you know, it can, which is fun for, like, a social fabric, to kind of be fun collision space, but at the same time, it makes you kind of squint out a little bit.
Tyler Cauble 16:03
Man, that is such a retail guy thing to say. Such fun fabric and collision space, yeah. And you're amazing. You're a master at it. Owen is saying, what are waltz Oh, and those, it is an acronym for weighted average lease term. So it's the average of all of the leases that are that are on the property that you are acquiring. I mean, guys like my biggest takeaway from what you all are saying is just be careful, right? Do your due diligence as you're going into these these deals. Make sure that you're properly analyzing the rent rolls, all of the leases. And one big thing that I would say, whether you're listening and you're on the brokerage side, you're on the investment or the development side, it doesn't really matter. Remember these times, right? Because a lot of the guys that got overextended in 2021 and 2022 either hadn't gone through a market cycle like this, or they just forgot how bad it can be, right? And it's not that bad if you actually prepare for it, right? There's plenty of investors that are doing just fine today, but you know, we've seen plenty of portfolios go way belly up in the past 1218, 24, months, because everybody thought that those rents were going to keep going up too fast, and sometimes you got to stop.
Speaker 2 17:23
Tyler, I'll just say too. Like, these are the times where people look back in the next, say, year or two, there's going to be a lot of opportunities, I think, for these four different asset classes. And these are the times where 510, years from now, people go, Oh, I should have, you know, I should have invested back then. But they don't remember how precarious it was, or like, it doesn't it seems like a slam dunk 510, years from now. But really, if you want to do like, if you want to have that opportunity, like wretch, you know, retrospectively, you have to, like, really analyze on a granular level during these times, because there are going to be opportunities, but they're not going to, you know, just knock on your on your front door. I
Tyler Cauble 18:01
mean, you couldn't have said it any better. I mean, honestly, you completely teed me up for my next train of thought, which is creative financing, right? I mean, now is probably one of the better times to buy that we've had in a long time. I mean, let's be honest, the guys that that lost $115 million on those two towers, that was somebody else's gain because they got a proper one of the buildings was sold at a 94 and a half million dollar loss. I want to say it sold for somewhere between 15 and 30 million. Can you imagine an asset five years ago sold for 120 million, and somebody bought it today for 15 to 30 it's on sale. It's on sale. That is a hell of a buying opportunity. So I mean, with that being said, being creative today is probably the best thing that you can do in terms of putting these deals together. Chad, I'll let you kick us off. MAN ON, the industrial sector. I mean, what kind of alternative financing methods are you seeing being implemented today to get these deals across the finish line?
Speaker 1 19:00
Yeah, I think the easy one is vendor carry. So the seller will essentially act as a second position mortgage and carry debt for some predetermined rate. I just want to throw out, though, a different idea, and that's to not use financing. And I know that sounds obvious, if you can pay cash, people would, but they want to get the leverage so they can buy a bigger property. But there's nothing wrong in this market to actually consider just paying cash. Perhaps you bring in another investor. Perhaps you do a syndication where everybody is just putting in cash and you're buying it with the sole objection to hold it until rates come down, at which point then you're going to put debt on and repatriate some of that capital. I think if you're if you remove financing right now, you're removing a lot of your downside risk, because the property is never going to go to zero. Could we see a 20% decline? Maybe? I don't know. I have no idea what the future is going to be, but I do think that in the medium to long term, my investment thesis is that North America as a whole is going to look better in five to 10 years than. Does now. So if, if that's what it's, one thing I'm personally exploring more is to not even look at debt right now, bring in a couple extra investors. If you're just going on all, end all cash right now, and you're you're removing a lot of that downside risk, you still got to underwrite it properly. But if you're removing a lot of that downside risk with a short term exit being just wait until interest rates come down, three years, five years, I don't know, whatever it is, and then put debt on it at that point, then all of a sudden, you're paying back a good chunk of investor capital, and now you're in a position where you should be able to write out the next iteration of that, that investment. So I think that that's something more people should consider right now, is, is don't take on debt, actually find a way to bring that in through investor capital, and then you're you're really mitigating any any risk. The property goes vacant, you're still gonna have your operating costs, but at least you're not servicing a debt. So I think that's something I'm exploring more, and I think that should be on where people's radar as well. Yeah,
Tyler Cauble 20:56
I think that's interesting. We've got several clients on the brokerage side that they're doing that right. They're paying cash, right? And the idea is, as soon as interest rates come down, we'll refinance, we'll use that cash to go by the next property. We've also got a member in my mastermind paid cash for a development, and when it was done, instead of just putting debt on it, he went out and got a massive line of credit on the property, right? That's another thing you could do, too. It's a bit of a higher interest rate. But he's also not having to pay anything today, because he's not using any of it. He can use that as dry powder to go buy his next property if and when he finds one, right? Which is a another interesting way to go about that. Jesse, you know, Chad mentioned syndications, partnerships. You know, raising capital has always been a big side of of taking down these larger office buildings. What are you seeing in terms of acquisition structures today? How are these groups still going about taking down these, these projects, like that group in Nashville that paid 15 to $30 million that tower. How would you expect them to go about that?
Speaker 2 22:06
So what I've what we're seeing is, over the last, I don't know, now, four or five years, I think the kind of the operators that really didn't know what they were doing were kind of exposed. So you have a lot of investors that that were, say, high net worth individuals, but maybe they never invested in real estate before. They're now feeling very skeptical about certain investors. So you really have to show that you have the operational experience. And also this is the first time that investors got capital calls over the last four or five years in a big way. They've obviously happened before, but we saw a lot of them happen now. So I think it kind of connects with Chad's point of, you know, putting more cash down, even if you're in a syndication, putting more cash down and then explaining the lack or the lower return on equity because you're trying to de risk the deal, there's always that trade off. And, I mean, like, the other thing too, on kind of Chad's point is the, there's also the do nothing, you know, like you don't have to necessarily invest in real estate right now, that's always the future's uncertain. You got a president potentially putting tariffs on Canada. We don't know what the hell is gonna happen. So, so, I mean, there's always the, you know, sit on the sidelines, and it's really hard for guys and gals in our industry, right? Because we like action, and we feel like by not doing something, we're losing, but sometimes, kind of taking your chips off the table and seeing how you know things play out is not a bad idea as well. So I think the the underpinning message is, is risk and you know, how can we lower it at these times and maybe increase it when we're in a position to be more bullish?
Tyler Cauble 23:38
This is a bit of an aside, but you just brought up an interesting point that, you know, I don't know what other forum I'll be able to ask this, Ed, I would love to get you because, I mean, Jesse and Chad are both Canadian. I would love to get your thoughts on what's going off with what's going on with the tariff force. Like, how do you think that's going to impact, you know, transactions between the US and Canada, and how might that impact commercial real estate on your side, or just business as usual?
Speaker 2 24:06
I can quickly say my two cents there. Like from what I've seen in Trump's first term, he did talk a lot about tariffs, but he didn't really use them in this aside from the fact as using them as a negotiating tactic, and if they actually go into place, I actually think it's anti conservative. I think most conservatives would, you know, say that we like the deregulation, we like dodge, but we the tariffs are not something we're thrilled about. Now, as a real estate person, at the end of the day, you know, he is a real estate guy. So I think our market in general is optimistic, but the tariffs, you know, affect much larger, much more than just real estate, right? They affect other industries, of which I am not an expert in, and really probably wouldn't be able to comment on.
Tyler Cauble 24:53
Chad. What about you?
Speaker 1 24:55
Yeah, I agree. It's, I think it's a lot of rhetoric right now. I think he's. He's approaching the most important position in the world like an aggressive real estate deal where he's just thrown out a number, and maybe it's far from what he expects to get, but he's starting really aggressive, and hopes, hopes to bring it off there. If it did go through, I think it'd be very, very painful for Canada. I think it also be painful for the US. I think that that would ripple through the economy in terms of inflation and and delay of goods getting put there. From an energy standpoint, I think Canada would try to reroute some of their energy to other markets, so that could have price impact on oil and gas and everything down in the US. I think it would hit Canada the worst. I think I'd be very worried if, if he did actually enact a 25% tariff, I hope. And I have no idea, I'm the farthest thing from a geopolitical strategist, but I hope that it's just a posturing and rhetoric at this point, because I think it's a net loss. I think we both lose if those tariffs get put in place. I
Tyler Cauble 25:58
couldn't agree more. It doesn't
Speaker 3 25:59
already with Columbia this week? I mean, there was a that it was used and then immediately dropped. So hopefully, hopefully it'll be more the same.
Speaker 2 26:11
I will say this, though, just for listeners, I I'm not going to speak for all Canadians, but the polling that we do have is, is there is there is no love loss with the administration that's currently in there right now, all, almost all Canadians, the majority, plurality of Canadians, are ready to move on to another administration, whatever that is. So we really shot ourselves in the foot in a lot of ways, in energy over the last 10 years. And I know it's kind of a crazy concept for from an American audience, to be able to wait you've had somebody in power for 1011, 1215, years, like, you know, it's not two terms in your out here the so anyways, I think, I think we're all kind of looking at the at the light at the end of the tunnel. So we'll see what happens. Yeah,
Tyler Cauble 26:54
it seems like Trudeau is out, man. Y'all are itching for that. Yeah.
Speaker 2 27:00
Well, he's the fact that I'm pretty for years, years to come.
Speaker 3 27:03
Yeah, no kidding. I can't survive the whole trucker thing, frankly. And that was what, three years ago.
Unknown Speaker 27:12
Yep, dude, I feel like Judo has
Tyler Cauble 27:13
been in office since I was at I mean, he has about been in office since I was in high school. It's, it's been a little while, Adam, bring us home. Man, where's the opportunity today? Like, what should investors and brokers be working on so that they don't miss that window? Well, I
Speaker 3 27:31
mean, honestly, Jesse mentioned it a second ago. I was talking to one of my mentors, one of the most successful, wealthy people that I know partner of mine, and we were talking about investing just yesterday, and he was like, sheepishly, talking about what he was investing in. And this is a guy that's got some commas, right? This is a, this is a smart, smart fella done really well. And he's like, I am working really, really hard to invert, to invest in commercial real estate right now, these deals are not easy, and he is actually investing in residential right now, even though he's a dyed in the wool hardcore, you know, apartment developer, retail developer, has done all these things, and being a commercial real estate Guy, it's really easy to, like, make fun of that and talk about how it you know, we're that's, it's so simplistic and it's beneath us. But this guy could buy and sell most real commercial real estate guys that I know, and the lesson that I take away from that is is you've got to look for opportunity, and you've got to try really, really hard not to force things in a market like this and and I think that's, I think that's really smart. So while I'd love to do nothing but invest in commercial real estate, I think you have to smart enough to understand that, you know, the sellers have not figured out that it's not the same market that they were selling in 24 months ago, and the market hasn't really adjusted, and there's uncertainty. So sometimes, sometimes it does pay to just be really selective with the deals that you do. That's
Tyler Cauble 29:10
right. I think that we could all sit here and say we are grateful to not be massive shareholders of Nvidia, and instead we have commercial real estate. I
Unknown Speaker 29:19
bought yesterday. I bought the dip.
Tyler Cauble 29:21
Oh, you bought the dip? Yeah,
Speaker 1 29:25
that's a big no. No, I got Yeah, I got it at 118 and I think it went 126 again today,
Unknown Speaker 29:30
so that's awesome. Yeah, I'm
Tyler Cauble 29:33
sure it'll bounce back. They're microchips. There's plenty of things to use before it'll be interesting. Anyways, guys, cheers, thanks for joining me again. Excited to be back at it with you guys this year. If y'all are listening, don't forget to like and subscribe and check check out Adam story confetti. He's throwing up. I love it. We'll see you guys in the next one. See you. Really this episode of the commercial real estate investor podcast is brought to you by my cre accelerator mastermind, where you'll get access to my step by step investment blueprint, essentially a library of resources on how to invest in commercial real estate. You'll get connected to a supportive community of other commercial real estate investors that are doing projects just like you. You'll get personalized coaching and feedback from me every step of the way. Go to www.crecentral.com to learn more.
Join us for a dynamic roundtable discussion with top brokers Chad, Jesse, and Adam as we dive into the rising trend of distressed commercial property sales, like the recent high-profile losses in Nashville.