Know what the building actually costs to deliver before you close on it.
A broker's pro forma and a contractor's ballpark are optimistic by design. We build a defensible number before you commit capital: tenant improvements, landlord scope, the code and environmental items that move the budget, and a clear-eyed read on what stands between the asset and certificate of occupancy, including the approval risks that can move the date. The people who run these projects in the field do the work, so the basis in your underwriting is one you can defend to your investors, refined by an on-site walk before you close.
A sample of the pre-acquisition deal sheet we build inside your diligence window. Every figure ties back to a line item, not a broker's estimate.
A basis you can defend, not a placeholder you hope holds.
Most deals get underwritten on a construction and TI budget nobody can stand behind. The broker's figure is light, the GC's real number lands after you are already in contract, and the surprises that move returns show up after closing when it is too late to reprice. We close that gap inside your diligence window. You get a line-item projected budget tied to the specific asset, presented as a range until an on-site walk firms it up, so the basis in your model is one you can take to investors instead of a broker placeholder. The work behind it is real: code research, lease audits, a zoning read, and coordinated environmental review that surface the items that quietly double a scope.
- Acquisition diligence support: property condition review, lease audits, financial modeling, and coordination of third-party environmental and engineering reports for shopping centers, strip malls, and multi-tenant retail
- Pre-acquisition projected budget with line-item renovation, landlord scope, and building-upgrade figures, presented as ranges and refined on site
- Zoning and permitting read: pre-application strategy, variance exposure, and code triggers that block the intended use
- The code, environmental, and deferred-maintenance items that move the number, called out before you commit
- A basis you can put in front of your investors instead of a placeholder you explain away later
Phase it so tenants stay open and surprises surface early.
A dark store is lost rent and an angry lease holder, and a phasing mistake can empty a center and torch the rent roll you bought it for. We project tenant-improvement budgets per deal and per tenant before you commit, then firm them up once we have walked the space. We scope the landlord work and building upgrades honestly, then coordinate the work so existing tenants stay open and paying through construction. We chase the trades, catch change orders early, and report monthly so when ownership asks what is happening on site, you have the answer before they finish the question. We do not promise to fast-track approvals, guarantee a permit date, or hand you a fixed price before we have walked the site. We give you a schedule with cost-control checkpoints and the judgment to flag a slip before it becomes one.
- TI budgeting per tenant: allowances, leasing commissions, free-rent reserve, and tenant coordination
- Landlord scope of work and building upgrades scoped from an on-site walk, not a back-of-envelope estimate
- Phasing plan that shows which tenants stay open and paying through each stage of the work
- Contractor selection, multi-trade coordination, and change orders caught early instead of explained later
- Monthly cost reporting and a paper trail that protects you when ownership asks what happened
Carry runs until the space produces income.
Every month of dark space is carry cost with no rent, and TI delays push rent commencement and break lease deals. We manage the work toward certificate of occupancy and rent commencement with one accountable party coordinating scope, schedule, and the trades on your behalf, not a stack of disconnected vendors and change orders. We drive the schedule and hold the trades to it. We do not control the inspector or the jurisdiction, and we tell you that going in. The deal sheet ties the cost of the work back to stabilized NOI, the entry cap on price, the stabilized cap rate, and a projected stabilized value, with every returns figure computed from the line items rather than asserted. You commit capital with a defensible projection of what the deal costs to stabilize and what it produces when it does, not a broker's placeholder.
- Delivery managed toward certificate of occupancy and rent commencement under one accountable party
- Schedule with cost-control checkpoints from contract through closeout
- Stabilized NOI, the entry cap on price, the stabilized cap rate, and projected stabilized value derived from the line-item budget
- In-place income protected through the business plan so NOI does not crater mid-renovation
- Numbers and judgment from a team with decades running construction, operations, and capital projects
Tell us about the deal. We will tell you what it takes to deliver, and what it is likely to cost.
No pitch deck, no methodology presentation. Send us the asset and where you are in diligence. We will tell you what we found on the last building like it, what the seller's number missed, and what it took to carry a comparable asset through to certificate of occupancy, so your projection starts from field experience instead of a guess. If we cannot get you a credible cost picture inside your window, we will say so.