What we buy
Acquisition Criteria
These are screening criteria, not a wish list. A property that meets them gets a fast, serious look. A property that misses gets a straight answer instead of a maybe.
| Property type | Multi-tenant commercial flex and small-bay industrial. |
|---|---|
| Construction | Metal or pre-engineered construction preferred. |
| Building profile | Multi-tenant, under 10,000 square feet. Unit count and building size are flexible where the fundamentals hold. |
| Geography | Tampa Bay, including the I-4 corridor into Polk County and the I-75 corridor into Pasco and Manatee Counties. |
| Purchase price | $500K to $1.5M, depending on risk profile. |
| Value add | A clear value-add angle through leasing, light renovation, or operational improvement. |
| Preferred attributes | Off-market or lightly marketed. Sites with land supporting an additional building. Outdoor storage. |
Exclusions
What we avoid
- Brownfield sites
- Multi-family residential
- Special Flood Hazard Areas
- Stabilized assets with no value-add
Approach
How we underwrite
Price what exists, not what is promised
Value is anchored to income in place. Upside earns credit at a discount, and the wider the gap between current and stabilized rent, the wider the margin a deal has to clear before we bid.
Model the downside before the upside
Every deal runs in three scenarios, with sensitivity on the assumptions that move the outcome: rent, lease-up timing, exit pricing, and cost of debt. The downside case has to clear on its own.
Treat a pro forma as a hypothesis
Broker projections are a starting point for diligence, not an input to a bid. Every assumption gets tested against comparable leases, quoted costs, and what the market is actually doing today.
Leave room
Conservative leverage, funded reserves, and honest assumptions on vacancy, growth, and capital expense. Deals go wrong in ways nobody modeled, and the buffer is what buys the flexibility to fix them.
Process
How we transact
Sandmark buys with private capital and a single decision-maker. There is no fund to call capital from and no partnership to assemble, so our equity is settled before we make an offer and our answer never waits on someone else's committee.
Each property is acquired in its own single-purpose entity. If our read on a deal differs from the broker's, we will show our work.
We would rather give a fast no than a slow maybe.
Have something that fits?
Send it over. Off-market and lightly marketed opportunities are welcome.
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