Palmer Capital
Does anyone know anything about this group? What’s their deal? Looks like they push a lot of institutional quality office product in Northern California.
I find it strange that of all places they’re based out of Roseville in the Sacramento MSA.
Haven’t dealt with them in years, but bought a deal from them 10+ years ago. They used to specialize in funky deals with hair or in secondary/tertiary markets. Not sure if they have moved up to more institutional deals post recession.
They picked Sacto as a homebase due to the proximity to most western markets, this was explained to me in detail as I asked the same question.
Agree with this post. They bring some deals to my firm time to time but wouldn't necessarily call those assets institutional quality and also lot of those assets are in tertiary markets. Seems like a decent company though.
Dying brokerage with limited juice remaining. Staffed with brokers who don't "get it". Once Bill Palmer (founder) retires what little product control they have will dwindle further.
Formerly made their clip on peddling Sac deals, but now they're losing market share in their hometown as well.
Terrible place to work from what I've heard. It's my understanding you have to sign out every time you leave your desk (including to go to the bathroom).
Very interesting color guys - thanks. I would say that they touch a reasonably flow of office inventory and/or the financing assignments in the range of $25MM-$100MM+. The secondary market business model was particularly interesting to me as a debt/equity broker- thought they made for a good gut check/case study.
I've found a bunch of their stuff archived via google. Here are a few memorandums for sales and debt:
1050 Page Mill http://www.palmercapital.com/memo/2175%20-%201050%20Page%20Mill%20-%20D…
Riverpark Tower http://www.palmercapital.com/memo/2241%20-%20Riverpark%20Tower%20I%20-%…
Cascase Mall http://www.palmercapital.com/memo/2363%20-%20Cascade%20Mall%20-%20Cross…
California Plaza http://www.palmercapital.com/memo/2541%20-%20California%20Plaza%20DEBT…
Chaparrel Business Park http://www.palmercapital.com/memo/2120%20-%20Chaparrel%20Business%20Par…
General Dynamics Building - Santa Clara http://www.palmercapital.com/memo/1997%20-%20General%20Dynamics.pdf
Thanks for adding all of these memos. Did you come to any other conclusions on Palmer Capital? Not sure if you were interviewing with them.
I exchanged some dialogue with the principal there over the course of the last year while at grad school. Gave me weird vibes. PM if you really want to explore opportunities there and I'll give you my read. I don't necessarily think it's a bad place but not a fit for me culturally.
Also spoke with a few people who left and the head principal/owner. I received the same weird vibes. He seems to have an obsession with Ray Dalio...which is fine... I like the idea of an idea meritocracy. However, this seemed for like an autocratic leadership, missing the boat completely on its goal of transparency.
The owner and other directors have a second email to conduct off their system, where the company employees can see all sent and received messages.
Wasn't a fit for me either and I passed.
I have seen deals from Palmer, they appear to focus on the west coast. Decent deals. I love that they send excel versions of the rent roll, proforma and historicals. I have mentioned this so many times in several threads- if you send me excel versions of the rent roll, operating statements and proforma, I will love you as you make my job a little easier and that will allow me to get back to you sooner with feedback on pricing and structure.
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