Aiming to tap into the $6.5 trillion U.S. net lease real estate market, Brokers + Engineers has launched the first tech-driven brokerage firm and trading platform that will make sales easier for an estimated 1.3 million NNN properties.
“Brokers + Engineers is the first technology platform created specifically for the trading NNN property, from origination to close. B+E will maintain the largest NNN data set in the industry, with technology products that will leverage this data to provide a new standard of advisory to brokerage clients,” Camille Renshaw, CEO & co-founder, B+E, said in a prepared statement.
Scott Scurich, B+E’s co-founder and president, noted that the firm will be launching with two products. The team introduced their firm, which has offices in New York City and Tampa, Fla., and plans to unveil a third office in San Francisco soon, at the ICSC New York Deal Making Show on Tuesday.
“The first tech product we will launch offers predictive pricing, followed by a second product which will provide 1031 advisory to exchangers, leveraging artificial intelligence,” Scurich said in a prepared statement. “All of this will be delivered through a transformative technology platform that allows us to help virtually anyone intelligently trade net lease.”
Renshaw and Scurich note that the NNN market in the United States is estimated to have a total market value of $6.5 trillion that consists of more than 1.3 million properties, with greater than $55 billion in average annual sales volume. Less than 1 percent of the NNN transactions use brokers. They add that NNN property values are driving by lease terms and a single tenant’s credit rating as well as the real estate, making it a unique investment.
“Until now, the tech industry has failed to transform NNN because it overlooked the fact that senior people and their relationships are crucial to our transactions. At B+E, our people are empowered by data analytics, artificial intelligence and innovative engineering, but senior people still drive all the deals,” Renshaw said.
Renshaw, a CRE veteran, was most recently head of sales for Ten-X, a Google Capital company and the leading online marketplace for commercial real estate with products like Auction.com. Scurich, was also at Ten-X, serving as a managing director and head of the Net Lease division.
Both Renshaw and Scurich also worked at the Stan Johnson Co., where Renshaw founded the net lease brokerage firm’s New York office. She led the sales team as its top producer for five years. Scurich was a senior partner on Renshaw’s team. He was a top national producer of retail NNN assets as well as one of the firm’s leaders in 1031 exchange advisory.
Scurich previously worked in the Capital Markets Group for Cushman & Wakefield in Atlanta, covering an eight-state territory, where he closed in excess of $1.5 billion transaction volume.
Renshaw originally entered commercial real estate as an owner of Dyzco Technologies, which she later sold to American Financial Services Corp., Inc. She was also director of the US Capital Markets division of Colliers International and a Top 40 Worldwide Producer. An industry leader, Renshaw often speaks at CRE events and is a member of both CREW NY and CCIM NYC.
Source: Commercial Search