Power Players: CBRE's Phil Kates and Adam Sklaver

  • Feb 10, 2021
  • Power Players

Marketplace's Power Players Series Kicks Off with a Catch-up from CBRE's Phil Kates and Adam Sklaver

RealINSIGHT Marketplace prides itself on long-term partnerships and an industry-leading sell-through rate. In this series, we interview brokers who successfully sold challenging assets through the RealINSIGHT Marketplace platform. To make moves on Marketplace, connect with our team at the link in bio.

Adam Sklaver and Phil Kates of CBRE
Specialization: Auction/Accelerated Marketing Sales
Years in the Industry: 9

1. When did you start working with Marketplace?
We started working with Marketplace in January 2019

2. Why did you choose to partner with Marketplace?
In 2020 as well as in years past, we have maintained a 95% trade rate.  We were looking for a partner that understood real estate fundamentals and how certain assets need to be marketed differently.  Likelihood of trade is the most important statistic we track and Marketplace being the highest in the industry made it a no brainer.  Marketplace is willing to spend marketing dollars on a sale, whether it’s a $1 reserve or a $10,000,000 reserve, which we appreciate. 

3. Tell us about some of your transactions on Marketplace over the last year. 
We traded 100 deals on Marketplace in 2020 so we were definitely busy!  We sold every asset class priced from $1 to $15,000,000.  We sold 20+ vacant QSR’s and bank branches.  Newspaper printing facilities all over the country.  Office towers in Dayton, OH and office parks in Atlanta, GA.  We even sold a shopping center in Tennessee that was auctioned December 16th and closed before the end of the year!

4. Which of these deals stand out with surprising outcomes or unforeseen challenges?
We sold a former newspaper printing and distribution facility in Tucson, AZ that had a two-ton printing press in it.  The cost to remove the press was $500,000 and the seller didn’t want to pay for it, so they included it in the sale.  We set our reserve price knowing buyers were likely going to bake that removal cost into their bid amount and it ended up having 21 registered bidders and sold for more than double the initial reserve.  The buyer was from out of state and had never visited the property!

5. What is your favorite aspect of Marketplace?
Whenever we bring on a deal with Marketplace it feels like we are adding more members to our team.  You feel like it gives you a better shot of successfully transacting because you have that many more people working together for the good of the deal.

6. What do you think we will see on Marketplace in 2021? 
More private seller and corporate product in the first half of 2021.  The servicer product likely won’t come until the second half and even then I don’t think the volume will be crazy. 

Learn more about working with the RealINSIGHT Marketplace team here.