Josh Pollock

talked to a GC today who has a book made up of 60% public work

mentioned his sub base had dramatically cut pricing in the last month and a half seemingly worried about lack of jobs

i don't get why someone who takes that position won't just admit that's functionally what they think, it's fine to think it just own it

yeah, just tell ppl we are full and to go somewhere else

can't get approved by a fire chief today

you think they will
launch the grok IPO on trumpcoin?

time for the mediterranean hospitality fund

it's not exactly a new thing, development requires navigating a shifting landscape, but what feels different is how comfortable ppl at these places are disregarding prior commitments

have a variety of different development agreements with municipalities / quasi governmental entities (utility providers) and increasingly it feels like there is nothing stopping these folks from totally disregarding what they had previously agreed to just because it's convenient

class A office towers and metal buildings with yard basically trading at the same $/SF (total cap stack) or maybe slightly higher for the metal building -- weird times

Have a long thread on the other site about how AI is making the Internet useless and why everything is going to be forced offline again, allow me a moment to port over so I can continue here

was hoping you'd say Cruyff, generational talent who is an acknowledged great but somehow gets left out of conversations at times, has fundamental moves that are given as instructions to children

left hand of darkness

this is so enjoyable

i'm sure you are just like surrounded by awfulness in LA, right? right?

pad turned over

i would characterize it as as resigned pragmatism, everyone hopes things settle sooner than later, those who can make calls are, those who have to wait are frustrated, lots of "this is life on a border" sentiment

oh i'm sure they have some ability to push a sale, not sure what exactly, think it's geared toward merchant development

message from everyone we talk to is basically it's all the uncertainty (duh) about what actual policy is going to be that is keeping firms from making calls

but even with tariffs, firms are still expanding capacity in northern mexico and southern texas for a host of factors

probably not a ton of real estate ppl on here but gonna make a go of this

signed a 50K SF lease last week on an industrial deal on the TX / MX border in the middle of this tariff goat rodeo

supposedly open after 18 months, the rates come down a good bit from the last time someone brought it up to me, i think we'd consider it with no outside partners on the right deal

life cos doing participating fixed rate construction loans at 5.75%, 80-85% LTC for 30-35% of the deal

that's so good

not irr driven*

*unless i can just print with a quick transaction

love seeing a firm whose entire thesis is set up around generational holds and evergreen capital looking to flip a contract at closing for a 30% premium to where it was bidding quietly amongst a small group of bidders 90 days ago

aren't all the new studio office spaces on the west side near marina del rey or in culver?

perfect 5 o'clock shadow, shaved legs, all vuori kit, walking up to the trendy bread spot in park slope, this man has a lady friend in town from the midwest on a test it out weekend, i'd put money on it

this is your brain on "hospitality"

Or just not do anything

so if PLD & BX trade at a ~4 trending toward 5.25, who want to go buy some core stuff at a 5.75ish trending to a 6.25 and just do it unlevered?