The Dark Side of the Spoon
A Chili Story – Pass the spoon This whole thing started on a golf trip at Lake Shastina Golf Resort and Spa. We played a lot of golf, howled at the moon, and every morning walked onto the first tee – first to pay homage to the mountain – then to spank the ball just left […]
Year-End Reflections
But deals do not come from emails, social media, or hope. They come from meaningful conversations.
Tokyo Just Reminded Us Why Institutional Real Estate Fundamentals Still Win
The $800M sale of the Hyatt Regency Tokyo shows why strong fundamentals—income, location, and operations—still drive real estate returns worldwide.
CRE Investment Metrics and BON Method
The BON Method is similar to using a cap rate because both are designed to give you a quick estimate of value. Cap rates help investors ballpark a property’s value today based on NOI; the BON Method does the same for future value once the building is stabilized. In that sense, BON is an overly simplistic reversion analysis.
Choose Your Shot Wisely
A walk through a storm-battered golf course turns into a lesson on choices, consequences, and why golf really is a mirror for life—shot by shot.
SBA Lending is loosening up, but inventory is tight.
SBA lending just hit record highs, pushing owner-user demand far ahead of available inventory. With limited office product and attractive SBA financing, pricing remains firm—and condo conversions are emerging as a smart solution for owners. Here’s what’s driving the market and why 2026 is positioned for an owner-user surge.
Downtown Sacramento: Still the Center of Gravity
Downtown Sacramento isn’t the doom-and-gloom story the national headlines keep pushing. With the lowest downtown vacancy rate in California, steady owner-occupier fundamentals, and new investment at smart pricing, the submarket is clearly resetting—not retreating. The value proposition that has always anchored Downtown remains firmly in place, and the next cycle favors the players who see it now.
Batten Down the Hatches: The 2026 Debt Wave Is Coming
A massive surge of commercial real estate debt is coming due in 2026, and higher rates are colliding with softening values. Sacramento owners—especially those with loans maturing between 2025 and 2027—need clarity now. The smart move is to run a simple “refi or sell” analysis before lenders force the
Midtown Sacramento: Pricing Resilience Across Residential & Commercial Lanes
The takeaway: Midtown’s commercial corridor isn’t wobbling—it’s holding its line. Pricing is firm, demand is steady, and owner-users are voting with their checkbooks.
“Ethan, I am your father.” Would you like to buy my building?
Costar states that Downtown’s overall vacancy factor is 8.7%. However, when you only consider Class A buildings over 150,000 SF, the vacancy factor is nearly 21%. This does not include 250,000 SF available at 1515 S Street, one block from The Ice Blocks Development. My money is on the fact that the State of California might take over the space at 1515 K Street. I still believe that Downtown Sacramento “will be back.” It has so many fantastic draws.