Free investor guide · 9 pages

Know what you're buying before anyone asks for a wire.

Lease structures, cap-rate math, how syndications are actually structured, and the twelve questions any sponsor should be able to answer. Including us.

Market notes and offering announcements. No spam; unsubscribe anytime.

Guide cover
Read a rent roll
Spot concentration and rollover risk in under a minute.
Price a deal
Know whether a cap rate is on real income or a hopeful projection.
Question a sponsor
Twelve questions that separate operators from storytellers.
Judge the structure
Understand promotes, prefs and fees before you sign anything.
Inside the guide

Eight chapters, front to back in one sitting

01
Necessity retail, explained
Why daily-needs tenants held up through e-commerce and recessions, and what actually makes a center durable.
02
NNN vs. gross leases
Who pays taxes, insurance and maintenance under each structure, and why the difference decides what reaches you.
03
Cap rates without the jargon
The one formula behind every price conversation, and how to sanity-check a deal in sixty seconds.
04
How syndications work
The entity, what you actually own, distributions, K-1s, and where sponsors earn their money.
05
506(c) and accreditation
What accredited means, why verification is required by federal rule, and what it really involves.
06
12 questions to ask any sponsor
The diligence checklist we would use on ourselves. Bring it to us.
07
The risks, stated plainly
Vacancy, illiquidity, market and projection risk, and how underwriting should account for each.
08
Glossary
The ten terms that cover ninety percent of syndication conversations, defined in one page.
A look inside · chapter six

Five of the twelve questions

The quality of a sponsor's answers matters as much as the answers themselves. Direct answers, in writing, with numbers, are the pattern of a good operator. Deflection is data too.

We published these knowing investors would bring them back to us. That was the point.

  1. 01How much of your own money is in this deal?
  2. 02Walk me through every fee you earn, in dollars, on this deal.
  3. 03Is the cap rate on in-place income, or pro-forma?
  4. 04What is your track record, and is it the firm's or the principals'?
  5. 05What did your last deal actually return versus projection?
  6. +7more in the guide
Grocer-anchored shopping center on an arterial retail corridor
The asset class the guide is about: grocer-anchored, multi-tenant retail on corridors people already drive.
Who it's for

Written for three kinds of reader

First-time passive investors
You have built wealth in a business or career and keep hearing about syndications. Start here, before you start anywhere that wants your money.
Experienced LPs new to retail
You know multifamily or industrial. Lease structures, expense recovery and gross-to-NNN conversion are where retail behaves differently.
Advisors doing homework
CPAs and attorneys evaluating an offering for a client. The structure, fee and risk chapters map directly to what appears in a PPM.
Why we wrote it

An educated investor is a better partner.

The questions in chapter six get asked of us on real calls. We would rather you arrive with them than without. And if the guide convinces you that syndications are not for you, it did its job too.

Next: how investing works · investor FAQ · our strategy

Is it really free?

Yes. No cost, no call required, no obligation. Enter an email and the download opens immediately.

Will someone call me?

Only if you ask. You will receive our research notes by email, and you can unsubscribe in one click at any time.

Do I need to be accredited to read it?

No. The guide is educational. Accreditation only matters when someone actually invests in an offering.

Is this a pitch for a specific deal?

No. There is no offering in it. It explains how this asset class and these structures work, including how to pressure-test us.

Free download · 9 pages

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Educational material only. Not an offer to sell or a solicitation of an offer to buy securities, and not investment, legal, or tax advice. Securities are offered only through Regulation D 506(c) private placements to verified accredited investors.