Welcome to a brand new newsletter from The Source of Commercial Real Estate and me, Jonathan Hayek. This will be a regular newsletter to keep you up to date on current trends in commercial real estate and the podcast. I'll also throw in other things that I find interesting on the topics of personal development, growing a business, endurance sports, some personal things, and other fun random stuff. Don't want to continue receiving this? No problem - just scroll to the bottom and click Unsubscribe. Here we go.

THIS WEEK ON THE PODCAST

I talk with Don Spafford with Happy Camper Capital, who is an expert in investing in campgrounds. Some of my biggest takeaways from this conversation revolve around the outsized returns some investors are seeing in campgrounds, RV parks, and marinas!

Listen/ download here on Apple Podcasts.

Listen here on Spotify.

It's also available anywhere else you might find podcasts. (PS - I listen to podcasts on Google Podcasts. I think I might be the only one! :-)

READ

Sale leasebacks are a super intriguing investing strategy to me. Well, apparently it's not just me, because sale leasebacks broke a record in 2022, both in the number of transactions and total deal value. Here's how it works: imagine buying a commercial property that is already occupied by a great tenant, who immediately signs a lease of 5, 10, or more years. A sale-leaseback is often a win-win: the selling occupant receives an influx of cash to grow their business, while an investor is able to purchase a property with a quality, long-term tenant. This is often done when a private equity firm purchases a mom and pop business that owns the real estate on which the business resides. Often, the PE firm doesn't want the real estate; they want the cash. So, they sell the real estate to get the cash to invest in the just-purchased business, buy more businesses, or pay investors.

FOLLOW

One of my favorite new follows on Linked In is Jon Chang, Senior VP of Research at Marcus and Millichap. Most of what's on social media is a train wreck, so it is really notable when somebody is adding actual value to the internet! Jon does it! His weekly videos are packed with data and his own insight. He also posts articles and reflections on the state of the commercial real estate market. I promise, he'll be your best follow this week.

WATCH

As an aspiring backcountry skier, I have been thoroughly enjoying watching Cody Townsend ski (up and down) the 50 greatest lines in North America on his Youtube channel. Even if you are not into skiing, watching Cody's athletic prowess is incredible. Every episode has some drama! He often leaves in the early AM when it's dark, skins up a mountain for hours, and then skis down the gnarliest line you can imagine. Spoiler - sometimes he gets painfully close to the top, only to have to turn around because of unsafe conditions. The episodes are short, so they're easy to watch... but it's hard to watch just one. Enjoy!

CUTE

Speaking of skiing, our family has fallen in love with Steamboat Springs, Colorado, over the last few years. The fluffy snow, the proximity from Cheyenne, the lack of crowds, the hot springs, the aspen, the summers... I could go on! As Eliza (3 years old) is up for almost anything, we put her on the some skis this year, and she loved it. Steamboat has a great learner area, which she wore out over the course of several ski days in February and March. She started with the magic carpet in February, and then even got on a chair lift in March! Very exciting for her (and her dad!). It took her dad, her Omi, and her Opi to make it happen but it was well worth the work. Very special times!

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Curious about commercial real estate? Read The Top 6 Reasons to Invest in Non-Residential Commercial Real Estate. ​