BID Magazine - March Issue 2023

THE EXPONENTIALLY SMARTER, FASTER, BETTER WAY TO TRANSACT CRE

MARCH 2023

SPOTLIGHT ON COLORADO

THE EXPONENTIALLY SMARTER, FASTER, BETTER WAY TO TRANSACT CRE

12 MILLION

MONTHLY WEBSITE VISITORS

Executive Summary

In late 2022, CoStar and Ten-X made a strong commitment to the Colorado market by onboarding James von Kreuter and Marjorie Patton as dedicated Ten-X sales executives to the Mountain Region, with primary focus to Colorado. In 2022, the team supported CBRE, Newmark and Column Commercial Partners in creating markets that resulted in successfully closing four transactions totaling over $36M in value.

We are pleased to see the strong growth in our pipeline in Colorado as James and Marjorie continue to develop relationships with brokers, sellers, and buyers.

THROUGH TEN-X, WE FOUND THE MASSIVE EXPOSURE WE DESIRED AND MY CLIENTS WERE ABLE TO IDENTIFY QUALIFIED BUYERS IN A TIMELY MANNER. I’M A HUGE FAN OF THE TEN-X EXPERIENCE WHEN SELLERS ARE MOTIVATED TO MOVE THEIR ASSETS QUICKLY. I WOULD RECOMMEND TEN-X TO QUALIFIED CASH BUYERS SEARCHING FOR A QUICK PLACEMENT OF CAPITAL EARMARKED FOR COMMERCIAL REAL ESTATE.

JAIMEE KEENE  VICE PRESIDENT & CRE BROKER DENVER, CO BENCHMARK COMMERCIAL REAL ESTATE

Enclosed in this issue of BID Magazine, we:

• Provide market insight into Colorado

• Spotlight closed deals in Colorado

• Introduce the Ten-X team that serves the Mountain Region

• Explain how auctions differ from traditional CRE sales

• Highlight recent enhancements to the Ten-X platform

• Showcase 78 properties coming to the Ten-X auction in March 2023

Ten-X is the world’s largest online commercial real estate exchange. At Ten-X, we are empowering the commercial real estate industry to close deals faster, better and with more certainty. We bring together the most expansive pool of buyers, asset intelligence, advanced technology platform and end-to-end operation to create an online exchange where brokers, sellers and buyers can buy and sell properties in the most efficient and effective way.

Interested in how Ten-X can work for you? Get started today at: www.ten-x.com or call us at (888) 770-7332 to register your account.

Colorado

Market Overview

Reprinted with Permission from CoStar

Articles By Katie Burke

CoStar News Insight

Cities across the Mountain States quickly became pandemic hot spots among renters and homebuyers, driving prices to record highs and attracting investors that had previously passed over them in favor of top-tier markets such as San Francisco or New York City.

HOT NEIGHBORHOODS FOR MULTIFAMILY

Demand in Denver

Denver’s multifamily market quickly rebounded from the temporary pandemic-related dips in rent and leasing growth, bouncing past pre-2020 levels and resulting in a crowd of developers eager to capitalize on sustained demand. Despite some recent cooling — concerns over inflation and a significant influx of new construction projects have weighed on rent growth in recent months — annual rent growth is still about 3% above the year-earlier period and is even higher in some of the city’s fastest growing neighborhoods.

The West Denver area, for example, is home to some of the region’s trendiest residential pockets, according to CoStar analysis. Renters have been drawn to neighborhoods there for the easy access to light rail and a plethora of retail options, and developers have been quick to snap up sites to accommodate rising demand for housing.

Denver’s multifamily construction pipeline is slated for another burst of action to cap a record year as developers from across the country look to the Mile High City for the ongoing demand that’s fueling rent growth.

Captivating Colorado Springs

Record rent growth in one of Colorado’s largest mountain cities has prompted an out-of-state investor to cash out more than three years earlier than it expected. Located about an hour south of Denver, the multifamily market in Colorado Springs has benefited from its proximity to major employers, including Lockheed Martin, United Health Group, Progressive Insurance, Oracle, T. Rowe Price Group and USAA. Population growth has triggered a nearly 47% spike in apartment construction in the city, according to CoStar data. Even so, housing demand continues to outweigh available supply.

Rents in Colorado Springs have climbed by almost 6% in 2022, according to CoStar data, settling at an average of nearly $1,300 per month.

published on January 9, 2023

(Initially published on December 27, 2022 - Denver’s Steady Housing Demand Drives Ohio Developer To Break Ground on Second Multifamily Project)

(Initially

- Growth in Colorado Springs Pushes Texas Investor To Offload Multifamily Property Years Early)

In Denver, the average per-unit price among multifamily properties has soared by more than 10% in 2022 as a widening pool of buyers compete for a stake in the fast-growing area.

(Initially published on January 24, 2023 - Cushman & Wakefield Adds Longtime Denver Executive to New Land Services Division)

Accelerating in Aurora

Renters have flocked to Aurora — Colorado’s thirdlargest city — for the past decade, fueling record rent growth as high as 14% in 2022, according to CoStar data.

As a result, developers have been quick to break ground on new projects in the area to capitalize on accelerating demand. More than 3,100 units have been added to the region’s inventory over the past five years, dwarfing the 1,200 units that were completed between 2010 and 2017. What’s more, another 1,500plus units are moving through the construction pipeline, set to expand Aurora’s inventory by roughly 4%, according to CoStar data.

Thriving in Thornton

Located about 10 miles north of downtown Denver, Thornton has become a multifamily hot spot in recent years as renters descended on the area in search of affordable housing options and a seamless commute. The region has been one of Denver’s best rent growth submarkets through the pandemic, according to CoStar data, with annual rent growth as high as roughly 15% in early 2022.

Thornton renters now pay an average of $1,685 per month, according to CoStar data, about 2.5% higher compared to this time last year (2022).

Prospering in Parker

With its proximity to a mix of recreational amenities and a number of transit hubs, the Parker area has grown in recent years thanks to an influx of emptynesters and office workers looking for an easy commute. Companies including Kaiser Permanente and Charles Schwab have recently expanded their presence in the area, helping to boost annual rent growth to nearly 9.5% at the end of the second quarter in 2022, according to CoStar data.

Rents in the Parker area also surpass those reported across greater Denver, averaging about $2,000 per month compared to the metropolitan average of roughly $1,770 a month. The ongoing population and employment growth has also resulted in a 60% boost to apartment rents over the past decade, according to CoStar data.

(Initially published on November 17, 2022 - Denver’s Multifamily Market Lands Another Big-Name Developer Chasing Rising Demand)

(Initially published on December 15, 2022 - Chicago Firm Plans Transformation of Denver-Area Hotel Into Apartments)

(Initially published on February 2, 2023 - Avanti Residential Teams With Texas Investor To Recapitalize Denver-Area Apartments)

Renters have flocked to Aurora — Colorado’s third-largest city — for the past decade, fueling record rent growth as high as 14% in 2022.

ECONOMIC DRIVERS

Biotech Boom

Growth in the life-science sector has far outpaced that of industries that had previously fueled demand for traditional office space. As a result, big-name developers and biotech companies have shifted their attention — and capital — to expand their real estate portfolios in some of the nation’s largest life sciences markets.

As demand for space has outstripped supply in established markets such as Boston and San Francisco, life sciences companies have looked to emerging hubs in Philadelphia, Atlanta and Denver for more space at cheaper rates.

DIA Industrial Growth

The Denver industrial market, similar to others across the country, has benefited from the unprecedented surge in e-commerce and warehouse demand that kicked off in the early days of the pandemic. Developers have collectively added more than 26 million square feet of industrial space to the region over the past five years, according to CoStar data, with another 10 million square feet in the construction pipeline on track to be completed before the end of 2022.

Construction has been concentrated in the region surrounding the airport, where developers have scrambled to capitalize on rising demand and take advantage of the neighborhood’s land availability. Tenants hunting for access to major distribution routes and proximity to the transportation hub have fueled leasing volume. In 2022 alone, companies including Target and PepsiCo have signed on for significant expansions.

That spillover demand has created fast-growing hubs in those cities, pushing rents to record highs and vacancies to all-time lows. Life science space in the United States now exceeds 166 million square feet, a more than 65% increase from 2014, according to data from JLL. The Denver area has about 3 million square feet — much of which is already spoken for.

The industry has become an important economic propeller for the state, which now generates about $12.3 billion in annual sales from the bioscience sector, according to the Colorado Office of Economic Development. Life science employment spiked by more than 34% between 2010 and 2019, and the sector now employs more than 32,000 workers in the state.

(Initially published on January 9, 2023 - Construction Materials Giant Expands Warehouse Hub in Denver With Major Lease)

(Initially published on January 18, 2023 - Pharmaceutical Firm Commits to $725 Million Expansion of Denver-Area Manufacturing Hub)

Our Team is Your Team

At Ten-X, our mission is to empower you to close commercial real estate transactions faster and with more certainty. We have dedicated sales and operational support working in tandem with you to help maximize efficiency and execution.

James A. von Kreuter

Senior Sales Executive, Ten-X (720) 527-7166

jvonkreuter@ten-x.com

Marjorie Patton

Senior Sales Executive, Ten-X (303) 416-0502

mpatton@ten-x.com

TEN-X IS A POWERFUL PARTNER FOR BROKERS AND PROPERTY OWNERS WHEN MARKETING CRE FOR SALE. THE OVERALL PROCESS WAS STREAMLINED AND EFFICIENT. ONCE THE PROPERTY WAS UNDER CONTRACT THERE WAS A CERTAINTY OF CLOSING WHICH ESTABLISHED A HIGH-LEVEL OF COMFORT WITH EVERYONE INVOLVED ON THE SELLER’S SIDE. AFTER THE POSITIVE OUTCOME WITH TEN-X, I RECOMMEND LISTING BROKERS AND SELLERS TO CONSIDER USING TEN-X WHICH WILL PRODUCE AN OUTCOME WITH REALISTIC PRICING, IF NOT BETTER.  TEN-X IS ALSO A GREAT RESOURCE FOR BUYERS AND THEIR BROKERS AS THE INVENTORY CONTINUALLY INTRODUCES A DIVERSE VARIETY OF INVESTMENT OPPORTUNITIES.

John Hickman

Regional Director, Ten-X (425) 246-9583

jhickman@costar.com

JOHN GUSTAFSON   DIRECTOR | DENVER, CO NEWMARK

In an age of market uncertainty across all commercial real estate sectors, handling the disposition of assets can be tricky. Sellers are looking for ways to swiftly convey an asset and maximize sales price. On the flip side, investors are geared up to capitalize on opportunities. That’s the space in which auctions thrive, according to Ten-X.

LoopNet spoke with some of the heads of Ten-X, as well as some brokers that do business on the site, to understand some of the elements of the auction process that prove advantageous on both sides of the deal.

What Are Some Key Differences Between Choosing to Auction and Going With a Traditional Sale?

The first step in deciding between the two methods is to determine whether the property being sold is a good fit for an auction. To decide whether to auction an asset, sellers and brokers can refer to auction specialists or thirdparty platforms to determine how it’s likely to perform and how long it will take, particularly if expediency is of the utmost importance.

Assets that do best in an auction are discussed below, but in general multifamily, retail, hotels and offices tend to drive the most interest and provide the best opportunities for buyers, according to the online auction platform specialists and brokers LoopNet spoke with. Distressed assets do make up a big component of auctions, but players involved in commercial real estate auctions are quick to point out that “distressed” doesn’t define the market.

If it makes sense to auction a property, the process can start immediately. Beginning the moment a seller agrees to auction through a site like Ten-X, “a buyer could have keys and title to a property within 100 days or less,” said Joseph Cuomo, Senior Managing Director at Ten-X. That’s significantly shorter than a traditional process, he points out, which is advantageous, in many instances, to both buyer and seller.

What Steps Make an Auction More Streamlined?

Unlike traditional sales, a lot of the dynamics that shake out in the closing process are handled upfront. To auction a property on a site like Ten-X, for instance, the first steps after the initial agreement involve an asset manager from the platform that’s assigned to the property scrutinizing the title, obtaining all due diligence reports and lining up escrow arrangements for closing.

This might not be the case with all auction platforms, Cuomo added, but Ten-X goes to work immediately on supplementing any of the broker’s existing marketing of the property, which includes lining up professional photos, reaching out to potential buyers and buyers’ agents, vetting leads and building out an asset page online, with all the property’s relevant information and promotional material, within about two weeks.

Sellers then pick a reserve price, which is the minimum they’re comfortable selling for, and the team starts garnering and fielding buyer interest right away.

Multifamily, retail, hotels and offices tend to drive the most interest and provide the best opportunities for buyers.

What Are Some of the Benefits on Each Side?

One key advantage to sellers over traditional means can be the auction platform’s assistance with marketing and sales outreach. Ten-X, for instance, fields and relays a tremendous amount of inquires — such as concerns about the age of a property’s roof, or market conditions that might affect the deal, Victor Gutierrez, Vice President of platform operations at Ten-X explained — and “divides and conquers” the handling of these requests.

“We work in a partnership with a broker and every week we update the seller as to how our marketing campaigns are going and the feedback that we're hearing from the market,” he added.

If buyers are serious about purchasing the property, they sign confidentiality agreements, non contingent purchase and sale agreements, and in some instances, make a hard money deposit of around 10% of the purchase price within a 24-hour window of their final bid, which is nonrefundable if they win.

This all adds up to sellers knowing who is serious. “We’re trying to prepare the seller...during this 45-day marketing period, and all of that leads up to auction day, by which time the seller should have a good idea of what’s going to happen,” Gutierrez said.

One of the most important elements of a successful auction, said Tyler Hague, Executive Vice President of Colliers International’s National Multifamily Advisory practice, is pre-qualifying potential buyers. Buyers must provide some information about themselves when they register for the site, anyway, but brokers get the jump on this by conducting their own outreach efforts.

With the marketing, outreach, and data collection efforts that occur prior to auction day, the information a seller has on potential buyers before bids go live is advantageous in facilitating an efficient transaction.

In the days before the auction goes live, buyers have a chance to get set up to properly bid and help position themselves as best they can to win and close on a deal. To bid, investors must register and provide proof of funds if they are non-institutional or new to the platform, and they have zero wiggle room to negotiate after the winning offer, Colliers’ Hague said. On the seller’s side, he explained, “certainty of execution is probably the number one reason to auction a property.”

What Are Some of the Differentiating Dynamics on the Buyer Side?

One benefit for both sides, Hague added, has to do with the engagement among bidders, which is an important dynamic in reaching a price that both parties are excited about. The inherent nature of an auction empowers the buyer as with; it democratizes the process, so it’s less about relationships with brokers, as is the case in traditional sales, and more about intent to win, strategy, and having the cash to back it up.

Compared to a traditional process, in which more time is drawn out in the negotiation process, auctions cut through an array of interested parties to zero in on the buyer who wants the property most. As Gutierrez said, “whoever offers the best price wins.”

“With the private capital market, or even more so for the sub-$10 million space, the buyer pool in these auctions seems to act a little more aggressively than most traditional buyers would in a normal process,” Hague noted. “Once these buyers get invested in these deals, it usually comes down to a few potential buyers really bidding up the deal quite a bit up until the last minute of the auction.”

Hague’s team had historically focused on traditional sales until relatively recently, after a streak of successful

auction deals. “One of the assets we sold this year was 485% of the reserve price … I don’t know if we would have gotten that same result in a traditional sale given that it was only 40% occupied and seen as a challenged deal.” As some sources pointed out, a completed auction can sometimes be a better determinant of what a property’s really worth on an open market.

something in a secondary location or tertiary location and/or it has some kind of issue, I think that’s when it’s especially smart to auction through a site like Ten-X,” he continued. “If you have a brand-new Class A or 4-star office in Austin, Texas, for example, you don’t have to hold an auction to push the price on that. So when you do auction, it has to be thoughtful, but when executed properly, it’s very successful.”

What Sort of Properties Do Best in Auctions, and What Are Key Opportunities for Buyers?

Hospitality does “gangbusters” on Ten-X, Gutierrez said, and value-add assets do really well in general, especially if they have a leasing component or a repositioning component, such as a potential conversion of a Class C multifamily asset into a Class B property.

The buyer base tends to be a bit more opportunistic in general, he added, so value-add properties do generate a lot of interest. Furthermore, he said, multifamily does exceptionally well as an auctioned property, because it’s easier to underwrite and easy to understand from a buyer’s perspective.

The “sweet spot” on Ten-X now happens to be properties in the $3 million to $5 million range, he added, making it ideal for smaller, non-institutional investors.

In Hague’s experience, multifamily leads by far with hotels and offices following to represent the three commercial real estate asset classes that have done best in auctions he’s observed. But deciding whether to auction a property mostly comes down to the individual asset, its status and its location.

“If you’re in a gateway market with zero distress and you have a pretty sellable asset as is, that’s when you really don’t need to auction, but if you’re selling

Do All Auctions Represent Distressed Properties?

Auctions can cater particularly well to maximizing the price of distressed assets, while also providing opportunistic buyers avenues for making a shrewd deal, Hague continued, but no, auctions are not confined to distressed assets.

“Auctioning is a sales tactic”, Steven Jacobs, president of Ten-X told LoopNet. “It’s a way of selling. That’s all it is. It’s not a negative. It doesn’t [always] mean your property is distressed.”

In the first few years of business, shortly after the Great Recession, Ten-X’s auctions comprised around 80% distressed assets, he explained. “Now the business is sort of the inverse,” he added. “It’s about 30% distressed revenue and 70% private client revenue.”

Auctions are also a great way to sell an asset’s debt rather than the property itself, Hague said, which can be a smart investment. “We’re also ramping up our note sale business quite a bit, and that exclusively is going to be run through auctions.”

One key advantage to sellers over traditional means can be the auction platform’s assistance with marketing and sales outreach.

STEVEN JACOBS President Ten-X

Auctioning is a sales tactic. It’s a way of selling. It doesn’t [always] mean your property is distressed. Now the business is sort of the inverse. It’s about 30% distressed revenue and 70% private client revenue.

but the third-party platform generally acts in a vetting capacity as well, says Ten-X’s Gutierrez.

To sell a property on Ten-X, the listing agent or broker is required to provide as much information as possible, including information on the title, to ensure the seller owns the property and can convey it to a buyer. Getting that step out of the way first and foremost is prudential, because conveying a clear title is the most important aspect of the deal. As Gutierrez says, “At the end of the day, we’re selling paper — a piece of paper that says, ‘I own this building.’”

Environmental and property condition reports are due upfront as well. In the case of Ten-X, sellers can recommend preferred vendors or work together to order third-party reports, but either way, the step is taken to eliminate as many unanswered variables as possible before pricing is even discussed.

Because sellers are required to shell out all this information on the front end to prepare for a climatic sale that then closes in as little as 30 days after the winning bid is secured, buyers also benefit, Gutierrez said. But buyers should take the time to sift through due diligence documents and get comfortable before bidding, because they’re pretty locked into the deal if they do place the winning bid.

How Do Buyers Conduct Due Diligence for an Online Auction?

Due diligence is fundamental to any large commercial real estate transaction and paramount to making a smart investment. To many newcomers, the expediency of the auction process might warrant some skepticism that key aspects of the property or its title history could be overlooked. But brokers that LoopNet spoke with, along with conductors of the Ten-X platform, urged potential participants to fear not.

Not only are all materials and steps for due diligence required and organized before a property is marketed,

How Do Buyers Register to Bid and Win a Deal?

The process to register as an eligible bidder on an online auction site is relatively similar across platforms, Ten-X’s Gutierrez explained, and it starts with simply creating a profile on the site with some basic information about your investment interests and positioning.

Registrants then have access to search properties slated for upcoming auction events and an ability to request private due diligence documents after electronically accepting a confidentiality agreement.

Following that, an investor must formally register to bid at a particular auction event, along with providing timesensitive proof of funds that set a ceiling for bids in order to verify that a potential buyer can pony up the funds to transact.

After those steps are done, bidders are set to place bids through their account — from anywhere with an internet connection — during the event.

bids arbitrarily, as could have been the case with some other platforms in the past.

And the excitement of the final moments does result in the process being both emotional and sometimes fun, Hague continued, as most activity happens in the final moments before an auction ends.

Immediately after the auction is won, the successful bidder is walked through the next steps, which involve corroborating proof of funds, signing some paperwork and setting up the terms of the deal so that it can effectively close within 30 days.

How Does Auction Day Play Out?

There are usually a few early bidders in the 48 hours or so an auction is open, Gutierrez said, but the key turning point in an auction event is when the reserve price is met. That’s when the buyer knows the property will be sold. From that point on, Hague said, it’s a dynamic process that involves adjusting minimum bid increments to maximize bids on the sale side, and concerted strategy with timing successful bids on the investors’ side.

“As soon as you see that reserve met, you know the property is selling that day and it’s yours to lose,” Gutierrez said.

Sometimes, early interest results in parties wanting to buy out the deal early and take it off the market, which Hague noted can be one of the only significant challenges about auctioning, since sellers sometimes can be influenced by an early offer instead of trusting the process. “If you start the auction process you should see it through, so once the freight train leaves the station, it’s not stopping. I would say that’s one of the only pitfalls.”

From the buyer’s perspective, he added, it could be frustrating if you really want to buy the property but don’t end up producing the winning bid, especially if it comes down to the final moments. An advantage of a longstanding site like Ten-X, though, he posited, is that it has built up a reputation over time that its transactions are legitimate, and that there’s no one pushing up the

Occasionally, but very rarely, a buyer might try to pull out of the deal at that point, but as Hague mentioned, a winning bid usually means that the parties are ready to start closing the deal.

VICTOR GUTIERREZ Vice President of Platform Operations Ten-X

Compared to a traditional process, in which more time is drawn out in the negotiation process, auctions cut through an array of interested parties to zero in on the buyer who wants the property most.

It’s Time to Ten-X it

Ten-X, LoopNet, and CoStar have come together to give you 12x more reach, unparalleled transparency, greater control, and unmatched speed. It’s now easier than ever to transact CRE online.

We are excited to unveil powerful enhancements to our platform that will empower you to seamlessly close deals faster and better – all in one place.

FEATURES BENEFITS

All Users Brokers/Sellers

Ten-X, LoopNet, and CoStar users now have access to all listings in one centralized location

Brokers/Sellers

Discover who is viewing your property, track and target leads through Marketing Center

Reach over 12 million global visitors and investors

Brokers/Sellers

Gain unparalleled transparency and control into buyer interest and activity

Buyers Buyers

Manage and update proof of funds directly on the website

Buyers

View your property details, access due diligence, register to bid, and bid — across the CoStar network

Increase efficiency from list to close, twice as fast with more certainty

All Users

Enjoy one experience across Ten-X, LoopNet, and CoStar

ARE YOU READY TO GAIN A COMPETITIVE EDGE?

TEN-X IT TODAY!

Sharonville, OH

Phillip Shirk

AW Commercial & Development

(319) 269-2477

phillip@amywienands.com

Lic# IA S63101000

Johnathon Slater Ten-X

(804) 510-0859

jslater@ten-x.com

Heather Boren Estate Match Realty

(818) 437-1266

heather@estatematchrealty.com

Lic# CA 01756392

Corina Irvin

Peninsula Commercial Real Estate Group (626) 421-9465

Corina@peninsulacregroup.com

Lic# CA 01427705

401 N. 2nd Street

Harrisburg, PA

LEARN MORE www.10x.com/M930666-D

Amber Corbo | NAI CIR (717) 761-5070 | ACorbo@naicir.com Lic# PA RS351891

Amanda West | Ten-X (804) 956-0731 | awest@ten-x.com

Sean Baird Colliers (727) 450-6158

sean.baird@colliers.com Lic# OH SL3241867

Jonathan Holt Colliers (727) 743-7432

Jonathan.Holt@colliers.com Lic# OH SL3287076

Sean Baird Colliers (727) 450-6158

sean.baird@colliers.com Lic# OH SL3241867

Jonathan Holt Colliers (727) 743-7432

Jonathan.Holt@colliers.com Lic# OH SL3287076

Al Barlas

Re/Max Chino Hills Masters (949) 231-7753

al_barlas@hotmail.com Lic# NY 01457726

Carlos Silguero Ten-X (909) 493-2579

csilguero@ten-x.com

Ryan Shook Shook Commercial Real Estate (949) 220-0212

ryan@shookcre.com Lic# OR 201240182

James Waddy Ten-X (949) 617-0127

jwaddy@ten-x.com

Andrew Stape

NAI KLNB

(202) 652-2335

astape@klnb.com Lic# DC BR98350

Kevin Grace Ten-X (804) 533-5330

kgrace@ten-x.com

Ryan Vinco Encore Real Estate Investment Services

(248) 702-0299

ryan@encorereis.com

Brian Brockman

Bang Realty Lic# OH 2009000214

1933-1939 E. Pembroke Avenue Hampton, VA

Jim Davis NAI Beverly-Hanks (828) 210-3940

jdavis@naibeverly-hanks.com Lic# NC 292479

Amanda West Ten-X (804) 956-0731

awest@ten-x.com

Alan Cafiero Marcus & Millichap (201) 742-6118

alan.cafiero@marcusmillichap.com Lic# NJ 791092

Kevin Grace Ten-X (804) 533-5330

kgrace@ten-x.com

1830 Towne Centre Drive

North Aurora, IL

LEARN MORE www.10x.com/M615519-D

John May | Prodigy Real Estate Group (630) 990-7979 | jmay@prodigyreg.com Lic# IL 471010722

Reid Eber | Prodigy Real Estate Group (630) 990-7904 | reber@prodigyreg.com

Graysville,

LEARN MORE www.10x.com/M614769-D

Kyle Simon | AQRE Advisors (248) 921-6730 | Ksimon@aqreadvisors.com Lic# AL 6505243541

Zac Luckey | Ten-X (984) 849-2668 | zluckey@ten-x.com

556

LEARN MORE www.10x.com/M553549-D

David Bartz | RE/MAX Waterfront (201) 300-4777 | dbartz@mac.com Lic# NJ 0230724

Corey Talley | Ten-X (804) 404-2215 | ctalley@ten-x.com

AL

LEARN MORE www.10x.com/M651546-D

Jonah Yulish | Matthews Real Estate Investment Services (216) 503-3610 | Jonah.yulish@matthews.com Lic# OH 2018114451

13939

East Cleveland, OH

David Monroe Berryfield Hotel Group Lic# SC

Mason McDavid

Paramount Lodging Advisors (512) 543-4653

mmcdavid@paramountlodging.com

Lic# TX 731557

1908 Forest Ridge Drive

Bedford, TX

Kami Burnette Paramount Lodging Advisors (512) 831-5605

kburnette@paramountlodging.com

235 W. Capitol Street Jackson, MS

Gray Fiser Newmark (901) 260-1154

Gray.Fiser@nmrk.com

Steve Rudesill ARA Newmark

Lic# MS 13428

Dinesh Dan Rama

NewGen Advisory (602) 648-2700

dan.rama@newgenadv.com

Lic# IL BR5152233000

Noah Cavazos NewGen Advisory (805) 515-3923

ncavazos@newgenadv.com

LaCrisha Butler Butlercook Real Estate (202) 422-6100

info@butlercookrealestate.com Lic# MD 613301-1

Brittany Degrassi Ten-X

(949) 223-1963

bdegrassi@ten-x.com

7396 Tiffany S. Youngstown, OH

7065 Jimmy Carter Blvd Norcross, GA

Dinesh Dan Rama NewGen Advisory (602) 648-2700

dan.rama@newgenadv.com

Lic# IL BR5152233000

Noah Cavazos NewGen Advisory (805) 515-3923

ncavazos@newgenadv.com

Dinesh Dan Rama NewGen Advisory (602) 648-2700

dan.rama@newgenadv.com

Lic# IA BR5152233000

Andrew Post NewGen Advisory (805) 557-8857

Apost@newgenadv.com

Lic# IA F06143000

Charles Germscheid OBX Life Realty (252) 489-9063

kip@obxliferealty.com Lic# NC 239741

Brittany Degrassi Ten-X (949) 223-1963

bdegrassi@ten-x.com

Subu Thiagarajan Paramount Lodging Advisors (510) 205-7931

subu@paramountlodging.com

Daniel Beider Paramount Lodging Advisors Lic# AL 105810

7395 Tiffany S. Youngstown, OH

2511 Elm Hill Pike Nashville, TN

Lora Simpson Paramount

(515) 729-4516

lsimpson@paramountlodging.com Sergio Convers eXp Commercial Lic# AR EB00059330

Daniel Beider Paramount

(312) 239-0574

dbeider@paramountlodging.com Lic# MS 21268

Brittany Degrassi Ten-X

(949) 223-1963

bdegrassi@ten-x.com

18032 McKay Drive Humble, TX

1428 Sniders Highway Walterboro, SC

Skyler Cooper

Marcus & Millichap (540) 522-9115

skyler.cooper@marcusmillichap.com

Tim Speck

Marcus & Millichap (918) 294-6300

tim.speck@marcusmillichap.com

Lic# OK 149994

Jennifer Stein

jstein@jenniferstein-realestate.com

Jeff Lloyd Horizon Realty (323) 804-7653

jlloydsold@aol.com

Lic# CA 00931954

Carlos Silguero

Ten-X (909) 493-2579

csilguero@ten-x.com

Matthew Rosenfeld

Weitzman

(214) 720-6676

mrosenfeld@weitzmangroup.com Lic# TX 626809

Corey Talley

Ten-X

(804) 404-2215

ctalley@ten-x.com

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