This episode breaks down the hidden costs of closing a commercial real estate deal, showing investors exactly what to budget beyond the down payment to avoid surprises and protect their capital.

TIme Stamps: 0:00 – Introduction 0:11 – Podcast energy & banter 0:21 – Sponsor pitch / OSU joke 1:06 – Criterion updates & distributions 1:51 – Closing sale & project recap 3:16 – IRR, returns, risk in development 4:01 – Newsletter & investor communications 5:15 – Gateway acquisition update 7:29 – Cost items: loan charges, appraisal 9:53 – Title & escrow charges 13:04 – Title endorsements, easements 15:19 – Survey, property condition, closing summary 16:33 – Second deal cost comparison 18:21 – Using “points” and closing cost buckets 20:54 – Operating capital, over‑raising 22:06 – Final advice & wrap

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Criterion breaks down how interest rate cuts, upcoming debt maturities, and real-time deal closings are shaping its commercial real estate investment strategy right now — and what that means for you as an investor.

Time Stamps: 0:00 - Introduction
1:04 - Crypto Prediction & $100 Bet
2:19 - Real Estate Market Update: Rate Cuts & Treasuries
4:14 - H-1B Visa Fee Controversy & Economic Impacts
4:43 - Criterion Deal Update: Smith Farm One Closing
5:38 - Lessons Learned From a Challenging Deal
6:38 - Aspen Dental: Construction Wrap-Up & Buyer Interest
7:25 - Grand Prairie & Burleson TLEs on the Market
8:03 - New Development: Granbury & Hudson Oaks Retail Projects
9:31 - Improved Development Timeline & Cost Planning
10:29 - How Each Deal Sharpens Our Strategy
11:18 - Midwest City Shopping Center Opportunity
11:44 - Core Strategy: Community & Neighborhood Centers
12:30 - Why We Prefer Buying Over Developing Right Now
13:09 - Market Recap: COVID to Inflation to Today
13:46 - Q2 2025 CRE Stats: Retail Up 10%
14:28 - $1.8 Trillion in Debt Maturities Ahead
15:20 - Grocery-Anchored Retail Dominance
16:48 - Walgreens Decline & Risk in Pharmacy Retail
18:03 - Fast Food, Service, & Automotive Retail Resilience
19:17 - Power Centers With Strong Inlines Performing Well
20:13 - Office: Dead or Just Dormant?
20:37 - Top CRE Markets Right Now (TX, FL, NC)
21:15 - Why We Focus on Tax-Free States
21:59 - Sports Talk Closer & Final Thoughts
22:47 - Outro

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In this episode, we sit down with Alec McElhaney to break down his FlexSpace development strategy in Texas, covering land costs, phasing, leasing, and how he’s structuring deals to hit a 22% IRR.

Time Stamps: 0:00 ‑ Introduction 2:23 ‑ Who’s Alec & What He’s Building
4:00 ‑ What Is FlexSpace & How It Differs
6:00 ‑ Splitting Bays / Site Layout Details
7:01 ‑ Debt Structure & Equity Raising (506(c))
9:05 ‑ Projected Returns & Phasing Strategy
10:25 ‑ Land Price + All‑In Cost Per Square Foot
12:11 ‑ Rent Projections & Triple Nets
14:27 ‑ How Alec Got Started in CRE
17:28 ‑ Where to Find More (Website + LinkedIn)

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Connect with Alec & his team at https://land-play.com/