? On Drug Store Developing
I have an equity and debt partner that is willing to put up all the money for Drug Store developing, and all I have to do is find the sites and oversee the projects,leasing, and disposition. I will receive the commission on the land purchase, 4% developer fee and 10-20% of the profits on an escalated scale depending on how many I can bring him a year.
MY question is how do you get in with the drug store companies to be a prefered developer? We are a new RE firm and have never worked with build to suit. How can I find where the gaps in the markets area? It seems that getting the foot in the door is that hard part but I have the opportunity to do as many as I want as money is no object here.
Can someone give me some advice how these guys get started?
Get them started by finding the ideal piece of land and optioning it. The drugstores will work with anybody if they are in control of the right piece of land.
Well I am a broker and a member of the ICSC, and have talked to all the drug store RE directors for our area. They do not divulge info on where they want to be as they have many PREFERRED developers already. It leave us with no option at this point to option corners where there are gaps in their market and present it as a build to suit.