SPG - Lessons Learned: Designing A Crack-Free REIT Portfolio
2024-03-21 07:00:00 ET
Summary
- In this lessons learned article, I will highlight a property that I developed for PetSmart.
- I discuss the concept of a crack-free slab in construction and how it can prevent cracks and improve the longevity of a building.
- I recommend four REITs that are considered "crack-free" and have strong foundations, quality management, and steady dividend payments.
My life was drastically different three decades ago.
There are plenty of personal changes I can point to – including an ever-growing grandson who’ll be hitting the big 2 soon enough! – but let’s focus on the professional for this particular article.
Three decades ago, the housing market was still busy bubbling. So I was still busy building commercial real estate ("CRE") shopping centers.
Back then, I was a developer who would scout out suitable retail locations… secure the proper permits… hire competent construction companies… and oversee everything until there was a brand-new stand-alone store or strip mall ready to open its doors.
Sometimes, I did all this on my own terms before I had a tenant. Other times, specific companies contracted me to build to their particular specifications, also known as “to-spec.”
That was the case with a PetSmart job I accepted about 27 years ago in Spartanburg, South Carolina. I remember the place well considering the specific instructions it came with....
Lessons Learned: Designing A Crack-Free REIT Portfolio