When it comes to selecting a property, Millcreek Commercial does so with the utmost attention to detail. Each property is passed through a rigorous screening and due diligence process to ensure that it upholds our model of being recession resilient, and able to produce safe, secure, and stable returns.
1. Choosing from the Elect
A Millcreek Commercial Property must check a number of boxes to even be considered as a potential asset to be available in our inventory. Each property must comply with a triple net lease, making them fully managed and hassle-free for future co-owners. In addition to a triple net lease, a corporate guarantee brings a level of stability to the offering, significantly contributing to the “Recession-Resilient” aspect of the underlying real estate fundamentals. In short, we want to offer assets that are easy to own and require very little effort on behalf of the landlord.
2. Going the Distance for Due Diligence
In conjunction with picking from an elect list of potential candidates, we choose to further vet a prospective property through an in-person inspection during the due diligence period. This process ensures that even the utmost qualified property passes through a more refined filter of qualifications than what is listed on paper.
The process can seem arduous, as it requires an experienced member of the Millcreek team to travel to the property site for a walk around and visual inspection; however, such visits can greatly influence our decision to move forward and purchase. With potential properties at various spots across the country, we literally go the distance to ensure that each property meets our high expectations.
3. Finding the Unseen
This recently was the case as our team traveled from Utah to Texas to review a new property which seemed, based on the files provided by the listing agent, a likely candidate for our offering. As a new build, with a credit-rated tenant, it seemed unfathomable to consider any “red flags” with this asset. However, upon thorough inspection, there were several attention-calling characteristics of the property and location that were not initially disclosed to our team and ultimately led Millcreek Commercial to not progress forward with the acquisition of the asset.
With a significant emphasis put on in-person property visits and deep attention to detail, Millcreek Commercial takes great pride in knowing that screening each property will lead to the most productive properties available to each of our investors.
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