Relationships Are Crucial for Off-Market Deals

Blanchard: “The relationship component is most often the driving force behind the off-market opportunity.”

IRVINE, CA—Without developing and maintaining strong relationships with deal sources, few off-market transactions would be completed in commercial real estate, Greenlaw Partners’ acquisitions and asset-management professional John Blanchard tells GlobeSt.com. The firm recently purchased an off-market single-tenant net-leased industrial property at 6280 Artesia Blvd., in Buena Park, CA, for $25.5 million—the largest free-standing industrial sale in Orange County for the year so far—from SHA Enterprises Inc., a private owner. CBRE’s Josh Bonwell, Rick McGeagh and Steve Young represented Greenlaw in the purchase of the building, while the seller was advised by Rick Hertel from Corporate Real Estate Services. The 218,640 square-foot facility with large fenced yard, truck court and major street visibility is currently occupied by Exemplis Corp. We spoke exclusively with Blanchard about forming relationships for off-market deals and getting them done in a competitive environment.

GlobeSt.com: How do buyers develop the relationships necessary to find out about and execute off-market industrial deals?