The Art of Finding Deals Before They Hit the Market
By Endrina Marchena, Property Sourcing Lead at CommercialGRP
Some of the best commercial real estate opportunities don’t begin with a listing.
They begin with a conversation.
A property owner may be considering a sale but hasn’t contacted a broker yet. A business owner may be approaching a transition. A property may have an upcoming lease expiration that could create an opportunity. Or a broker may know that something is changing before that information ever reaches the broader market.
Finding these opportunities requires more than searching listings every day. It requires relationships, consistency, curiosity, and attention to detail.
At CommercialGRP, property sourcing is about connecting those dots. Our focus is on identifying industrial properties generally within the 50,000–120,000 square-foot range, along with select retail opportunities, that fit our acquisition criteria and have the potential to create lasting value.
What Does “Off-Market” Really Mean?
The term off-market can sound more complicated than it is.
An off-market opportunity is generally a property that is not being broadly marketed for sale through the traditional public listing process.
That doesn’t necessarily mean the owner is unwilling to sell.
Sometimes the owner simply hasn’t decided to list the property.
That creates an important distinction:
We’re not necessarily looking for owners who are actively selling. We’re looking for owners who may be open to having a conversation.
That conversation can happen through an existing relationship, a broker connection, direct outreach, market research, or simply being in the right place at the right time.
Why Relationships Matter So Much
Commercial real estate is a relationship-driven business.
Data can tell us where opportunities might exist, but people often provide the context that data cannot.
A broker may know that an owner has been considering a sale for several years.
A property manager may know that ownership is evaluating a major capital project.
A local professional may know that a business is preparing for a transition.
These conversations can provide early insight into opportunities that aren’t visible through traditional listing platforms.
That’s why building relationships isn’t something we treat as a one-time activity.
It’s an ongoing process.
Our approach to sourcing is discussed further in How We Source Off-Market Industrial Opportunities.
1. Start With a Clear Investment Profile
Finding opportunities before they reach the market doesn’t mean pursuing every property.
In fact, having a clear acquisition profile makes sourcing more effective.
At CommercialGRP, we focus on industrial properties generally between 50,000 and 120,000 square feet, along with select retail opportunities.
That gives us a framework for evaluating opportunities.
We can ask:
- Does the property fit our size range?
- Is the location attractive?
- Does the asset type fit our strategy?
- What is the current occupancy?
- What is the tenant profile?
- Is there an opportunity to improve the property?
- Does the situation potentially support a transaction?
A clear buy box helps us spend our time where it matters most.
2. Look for Signals, Not Just Listings
Traditional listings tell you what is being marketed today.
Sourcing requires us to think about what could become available tomorrow.
There are often signals that an ownership situation may be changing.
For example:
- A long-term owner may be approaching retirement.
- A property may have significant deferred maintenance.
- A major lease may be approaching expiration.
- Ownership may have changed internally.
- A property may be underutilized.
- A business may be expanding or relocating.
- The property may have changed hands multiple times within a portfolio.
- Local development may be changing the property’s strategic position.
None of these signals guarantees that a property will become available.
But they can tell us where a conversation may be worth having.
3. Build Relationships Before You Need Them
One of the biggest mistakes in sourcing is waiting until you need a property before building relationships.
Strong relationships take time.
If we first meet a broker only when we’re asking for a deal, the relationship is transactional.
If we’ve already established communication and trust, the conversation is different.
We can share what we’re looking for.
The broker understands our criteria.
We understand the broker’s market.
And when an opportunity eventually appears, there is already a foundation for productive communication.
This reflects one of CommercialGRP’s Core Values: Outstanding Communication.
We want our brokers and partners to know what we’re looking for and what happens when they bring us an opportunity.
4. Listen More Than You Talk
Sourcing isn’t just about asking, “Do you have anything for sale?”
Sometimes the better question is:
“What are you seeing in the market?”
That opens the door to a much more valuable conversation.
Brokers may share trends they’re seeing among owners and tenants.
They may know which properties are becoming available.
They may have insight into changing tenant demand.
They may also know which owners are realistic about pricing and which situations are more complicated.
Listening helps us understand the market from the perspective of people who are interacting with it every day.
5. Look Beyond the Obvious Properties
Some opportunities are easy to identify.
Others require more digging.
An underutilized industrial building might initially appear unattractive because of its current occupancy.
But perhaps the property has:
- A strong location
- Good highway access
- Functional loading
- Significant land
- Below-market rents
- Expiring leases
- Opportunities for physical improvements
The current situation may not tell the entire story.
That’s why our sourcing process is closely connected to property analysis.
We aren’t simply asking:
“Is this a good property today?”
We’re also asking:
“What could this property become?”
6. Local Knowledge Can Reveal What Databases Miss
Technology has made property research dramatically easier.
We can analyze ownership records, market statistics, comparable properties, demographic information, and other datasets much faster than we could in the past.
But technology doesn’t replace local knowledge.
A spreadsheet might tell us that a property has been owned by the same entity for 20 years.
A local broker might tell us why.
That context can be invaluable.
This is why we combine research with relationships.
The data helps us identify possibilities.
People help us understand them.
7. Direct Outreach Requires Patience
When an opportunity isn’t actively being marketed, there is no guarantee that the owner wants to sell.
That’s okay.
The purpose of outreach isn’t to pressure someone into a transaction.
It’s to create an opportunity for a conversation.
Sometimes the answer is no.
Sometimes the timing isn’t right.
Sometimes the owner is interested but wants to wait.
And occasionally, the timing is exactly right.
Our responsibility is to communicate professionally, respect the owner’s position, and maintain relationships for the future.
That approach reflects our commitment to Honesty and Integrity.
We would rather build a relationship that lasts than push for a transaction that doesn’t make sense.
8. Timing Can Create Opportunity
Real estate opportunities are often connected to timing.
A property that doesn’t make sense today may look completely different six months from now.
A lease may expire.
A loan may mature.
Ownership circumstances may change.
A development project may alter the surrounding market.
A property may become vacant.
A seller’s priorities may change.
This is one reason consistent sourcing matters.
If we only look once, we can miss the moment.
If we stay engaged with a market and its relationships, we’re more likely to recognize when circumstances change.
9. Evaluate Before You Get Excited
Finding an off-market property can be exciting.
But sourcing is only the beginning.
Once a potential opportunity is identified, we still need to determine whether it fits our acquisition criteria.
That means evaluating:
- Location
- Building size
- Physical condition
- Occupancy
- Tenant quality
- Lease terms
- Current rents
- Market rents
- Operating expenses
- Capital requirements
- Comparable properties
- Potential value-creation opportunities
- Purchase price expectations
This is where being Self-Reliant & Detail-Oriented matters.
We want to understand the opportunity before making assumptions about its potential.
10. The Best Sourcing Strategy Is Collaborative
I don’t believe great sourcing happens in isolation.
It happens when brokers, owners, analysts, investors, and acquisition professionals communicate effectively.
A broker may identify an opportunity.
An analyst may identify a market trend.
An acquisition professional may recognize a value-creation strategy.
An investor may bring a different perspective on risk.
When those perspectives come together, the quality of the decision can improve.
That’s why relationships are at the center of how we approach sourcing.
From Opportunity to Value Creation
Finding a property before it reaches the market is not the final objective.
The real objective is finding a property where there is a compelling reason to pursue a transaction.
That could involve improving operations, strengthening occupancy, addressing deferred maintenance, improving the tenant experience, or repositioning an underutilized asset.
Our goal is to identify opportunities that fit our investment profile and have the potential to create meaningful value.
This connects directly to CommercialGRP’s broader Core Focus: transforming communities and improving lives through thoughtful commercial real estate investment.
A successful acquisition isn’t just about buying a building.
It’s about understanding what that building can contribute to the businesses, tenants, investors, and community around it.
Why Consistency Beats a One-Time Search
Off-market sourcing isn’t a shortcut.
It’s a long-term process.
It requires:
Research → Relationships → Communication → Follow-up → Evaluation → Patience
Sometimes the work produces an immediate opportunity.
Sometimes it doesn’t.
But every conversation can expand our understanding of a market and strengthen our network.
That consistency is what allows opportunities to find their way to us before they become widely marketed.
For additional perspective on the acquisition process, take a look at What Makes a Property a “High-Potential” Acquisition and How Strong Broker Relationships Lead to Better Deal Flow.
The Art Is in Connecting the Dots
Finding deals before they hit the market isn’t about having a secret list of properties.
It’s about paying attention.
It’s knowing the market.
It’s building genuine relationships.
It’s listening carefully.
It’s following up when the timing isn’t right.
And it’s having the discipline to evaluate an opportunity objectively once it appears.
At CommercialGRP, we’re motivated to keep looking because the right opportunity may not always be the one everyone else is already talking about.
Sometimes it’s the property that hasn’t been listed yet.
Sometimes it’s the owner who hasn’t made a decision yet.
And sometimes it’s the conversation that hasn’t happened yet.
Let’s Start a Conversation
If you’re a broker with an industrial property in the 50,000–120,000 square-foot range, a retail opportunity, or an owner who may be considering a future transaction, I’d be happy to connect.
And if you’re an investor interested in how CommercialGRP identifies, evaluates, and acquires opportunities, we’d welcome the conversation as well.
Great deals can start long before a property reaches the market. Sometimes, they start with a relationship.
Let’s connect and see where the next conversation leads.
This content is for informational purposes only and should not be considered legal, tax, financial, or investment advice. Investors should consult qualified professionals regarding their individual circumstances and applicable IRS regulations.