SF Commercial Property Conversations

The Bay Area commercial real estate market may be hard to describe with one simple trend. Bruce Bean's word for it is "quirky."
In this September 2026 update, Bruce shares what he is seeing across office, retail, industrial, and flex space. He talks about AI firms taking vacant office space in San Francisco, smaller retailers moving into open storefronts, and growing demand for flex space from small robotics firms.
Bruce also gives an update on 1515 South El Camino in San Mateo, where roughly 6,000 square feet that had been vacant for years was recently leased to Felton for a three-year term. He also discusses new interest at 390 Bridge Parkway in Redwood Shores.
Then Bruce shifts from real estate to persuasion. Drawing on his experience teaching public speaking at Stanford, he walks through Monroe's Motivational Sequence:
Get their attention
Define the need
Show how the need can be satisfied
Help them visualize the result
Ask for action
Bruce also shares one of the most important parts of making an ask: once you ask, be quiet and let the other person respond.
Later, Bruce tells the story of a San Mateo client relationship that developed over roughly 20 years and eventually led to the opportunity to list and sell two properties.
The conversation closes with something outside real estate. Bruce shares highlights from a 10-day trip to Copenhagen with his wife, including biking through the city, touring the canals, and visiting an opera house that stood out to him for its architecture.

What if buying a fixer-upper did not mean finding a separate way to pay for all the repairs?
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce talks with renovation loan specialist Skip Schenker about FHA 203K loans and other renovation financing programs that can help buyers purchase a property and finance improvements through one loan.
Skip shares how his early career selling windows and French doors eventually led him into the mortgage industry. After discovering FHA 203K loans in the 1990s, he saw an opportunity to specialize in a loan program that he believed was dramatically underused.
Bruce and Skip discuss how renovation financing works, including the important role of the after-renovated value, or ARV. Instead of looking only at a property's current condition, a renovation loan appraisal can consider the plans, specifications, and improvements that will be made to the property.
They also explore how these programs can apply to owner-occupied multi-unit properties. Skip explains how an entry-level real estate investor may be able to purchase a distressed property with up to four units, live in one unit, and renovate the property while using a portion of projected rental income to help qualify, subject to the applicable loan program requirements.
Skip also introduces Ready4Remodel, the platform he developed to make the renovation loan process easier. The platform uses location-specific remodeling cost data to help estimate renovation expenses earlier in the process. According to Skip, this can help move the appraisal forward sooner and potentially shorten the time required to close a renovation loan.
The conversation goes beyond financing. Skip discusses his book, The Living House, and his belief that a home is an extension of the people who live there. He compares the systems of a house to the systems of the human body and explains why maintaining and improving a home can affect the quality of life of the people inside it.
Whether you're a homebuyer, real estate professional, mortgage professional, or someone interested in getting started with small multi-unit properties, this conversation offers an introduction to a financing option you may not have considered.
 
---------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest

Craig Taggart: 200 Companies, Millions Raised, and 25 Exits
What does it take to spot promising companies before they reach their next big stage of growth?
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce sits down with capital markets veteran and venture investor Craig Taggart. Craig shares lessons from more than two decades in investment banking, capital raising, M&A advisory, venture capital, and working with growth companies.
Craig discusses his work with LIGO Partners and its co-investment network, which has helped capitalize nearly 200 companies and has seen roughly 25 exits. He explains why identifying businesses near a value inflection point can create opportunities for investors and why the Series A stage can be such an important—and difficult—period for growing companies.
The conversation then turns to some of the technologies attracting Craig's attention today, including artificial intelligence, quantum computing, cybersecurity, defense technology, government technology, robotics, and the infrastructure needed to support these fast-growing industries.
Bruce and Craig also explore how this growth can affect commercial real estate. As technology, robotics, defense, and manufacturing companies expand, many need more office, industrial, infrastructure, and manufacturing space.
Craig also shares how he is putting AI to work in his own business. He describes a software tool designed to identify small inefficiencies across many areas of a company. His goal is to show business owners how improvements in areas such as operations and pricing can work together to increase profitability.
For Craig, the key question is simple: How can a business find the problems holding back its profits and turn those improvements into measurable growth?
About Craig Taggart
Craig Taggart is a capital markets professional with more than two decades of experience. His background includes wealth management, investment banking, M&A advisory, financial modeling, capital raising, venture capital, and working with growth-stage companies.
His current areas of interest include AI, quantum technologies, infrastructure, cybersecurity, defense technology, government technology, and other emerging sectors.
 
---------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest

Dennis Havrilla: From Professional Football to the Triple Net Playbook
What happens when a professional quarterback takes the lessons he learned on the football field and applies them to commercial real estate?
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce sits down with Dennis Havrilla, founder of Havrilla Commercial Investment Group and creator of the Triple Net Playbook.
Dennis shares his unusual path from professional football into the world of triple net (NNN) commercial real estate. It all started when a fellow professional football player encouraged him to get his real estate license—and even sent him the money to sign up for the classes.
That decision eventually introduced Dennis to a boutique commercial real estate firm focused on triple net properties such as drugstores and dialysis centers. Dennis had to learn quickly, but his experience as a quarterback had already taught him how to absorb a playbook under pressure.
Today, Dennis and his wife work together helping investors understand triple net properties and opportunities to move from actively managed real estate into more passive investments through strategies such as 1031 exchanges.
Dennis also shares how investing in his first triple net property changed his own relationship with professional football. Knowing he had cash flow outside of the game gave him greater financial peace of mind and allowed him to play with more freedom.
Bruce and Dennis also discuss what investors should look for before purchasing a triple net property. Dennis explains why a property marketed as a “triple net” may not always be a true absolute triple net lease. Investors need to understand who is responsible for expenses such as the roof, structure, and parking lot.
They also discuss tenant quality, location, traffic counts, exit strategies, cap rates, essential businesses, and why the underlying real estate matters when evaluating a deal.
Dennis believes successful triple net investing comes down to understanding the lease, the tenant, the location, and the long-term strategy—not simply chasing a cap rate.
 
---------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest

Finding talented commercial real estate brokers is one thing. Finding the right people for your company—and creating a business model that works for both the broker and the brokerage—is another.
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce welcomes back commercial real estate entrepreneur Joe Killinger for a practical conversation about recruiting, company culture, compensation, and building successful brokerage teams.
Joe recently stepped back into management at Commercial Brokers International in Los Angeles, where recruiting has become a major part of his day. He explains why successful recruiting starts long before making the first call. Brokerage owners need to know the type of person they want, understand their company culture, research potential recruits, and be able to explain exactly how joining their firm can help an agent grow.
Joe shares how he researches brokers using tools such as CoStar, Google, AI, and LinkedIn before reaching out. He also explains why recruiting is similar to prospecting for a commercial real estate deal: do your homework, understand the person you're calling, find a meaningful point of connection, and show them why the conversation may be worth their time.
Bruce and Joe also dig into one of the biggest challenges facing boutique commercial real estate firms: compensation and profitability. A high commission split may attract an agent, but brokerage owners still need to understand their margins, expenses, production levels, and the real cost of supporting each broker. Joe discusses why some firms can actually lose money on their highest-producing agents when compensation isn't structured carefully.
The conversation then turns to Joe's Commercial Real Estate Affiliate Network. Joe explains how the network grew out of a problem his brokerage experienced when clients wanted help expanding into markets across the country. Today, the network connects independent commercial real estate firms so they can collaborate, exchange referrals, share relationships, and compete for opportunities that might otherwise go to much larger national firms.
Throughout the conversation, Joe returns to one central idea: successful commercial real estate businesses are built around the right people and relationships. Recruiting should create a win for the broker and the company, while strong industry connections can help independent firms reach far beyond their local markets.
 
----------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest

What if your storage unit was right where you park your car?
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce talks with serial entrepreneur Scott Slinker, CEO of Deluxe Storage, about a simple problem that led to a much bigger business idea.
Scott was living in a high-rise condominium in San Jose when his car began getting broken into. He had thousands of dollars of golf equipment in his SUV, so he started carrying everything from his car to his condo whenever he went out. It worked, but it was a hassle.
That experience gave Scott an idea: Why not create secure storage right inside the parking garage?
Scott explains how Deluxe Storage is bringing smart, freestanding storage units to luxury condominiums, multifamily properties, and student housing. Residents can have convenient storage close to their parking space instead of driving to a traditional self-storage facility.
Bruce and Scott also discuss how technology is built into the system. Residents can use their smartphones to access units, while property managers can track demand and manage the program. Scott also shares how the units can include security cameras and sensors, as well as the company's plans to support EV charging.
Scott brings years of entrepreneurial experience to this challenge. During the conversation, he shares stories from previous companies, including Silicon Image, which helped create HDMI technology, and Fraud Sciences, which was acquired by PayPal.
Scott also explains the business opportunity for commercial real estate operators. Deluxe Storage offers different models for owners who want to own the storage assets and those who prefer a more hands-off approach.
 
 

How do you manage more than 750 rental units while keeping vacancies and evictions remarkably low?
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce talks with Rachelle Souza, founder of Manzanita, a full-service real estate brokerage based in Manteca, California.
Rachelle shares how she went from earning her real estate and contractor licenses to building a company that now manages more than 750 doors. After 19 years in the business, she has learned that successful property management starts long before a tenant moves in.
A major part of Manzanita’s approach is doing the work upfront. Rachelle explains why her team carefully verifies tenant qualifications and income rather than simply filling a vacancy as quickly as possible. That extra effort has helped the company maintain strong tenant retention and avoid many of the costly eviction problems landlords can face.
Rachelle also shares an impressive look at the Manteca rental market. At the time of the interview, Manzanita had calculated an extremely low vacancy rate. She discusses why rental rates have remained fairly steady even as the residential sales market has slowed and experienced more price reductions.
Bruce and Rachelle also explore how artificial intelligence is beginning to change the real estate business. Rachelle is using AI to help create property descriptions, support bookkeeping processes, develop design ideas, visualize property improvements, and even explore landscaping concepts.
The conversation also covers rental fraud, social media marketing, tenant screening, lease agreements, multigenerational homebuyers, interest rates, and why some homeowners with low mortgage rates may want to consider turning their current homes into rental properties instead of selling.
Rachelle’s story is also one of steady business growth. What started with Rachelle working by herself has grown into a 12-person team, including four employees who have been with the company for more than 10 years.
 
----------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest
 

Affordable housing is needed across California, but getting a project built can be far more complicated than most people realize.
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce talks with Al Marshall about his journey from architect to real estate developer and his decades of experience working with affordable housing and Low-Income Housing Tax Credits.
Al’s interest in development started early. In high school, he designed a house for a science project. He later became an architect, started his own development company, renovated multifamily properties, built homes and townhomes, and eventually focused on apartments.
After moving to California, Al entered the affordable housing world. He initially questioned the tax credit program when it appeared in the 1980s. Within a decade, however, he was deeply involved in it.
Al gives Bruce a simple explanation of how the Low-Income Housing Tax Credit program works. Tax credits help provide equity for affordable housing projects, reducing the amount of debt a project must carry. Less debt can help developers keep rents lower.
But getting those credits is highly competitive.
Al explains why successful projects need more than a good idea. Developers must understand scoring systems, soft funding, set-asides, tiebreakers, land costs, and years of competition. He also discusses how dramatically construction costs have increased and why developers can spend significant amounts of money before knowing whether a project will receive an allocation.
Bruce and Al also explore another opportunity: surplus property owned by churches and other organizations. Al discusses how long-term ground leases can potentially provide landowners with an ongoing source of income while allowing their property to support affordable housing.
For anyone interested in affordable housing, commercial real estate, development, or California’s housing challenges, this conversation offers an inside look at how these projects actually come together.
 
----------------------------------------------------------------------------------------------------- We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest

 
Commercial real estate has changed dramatically over the past five decades. Few people have had a front-row seat to those changes quite like Carl Muhlstein.
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce sits down with Carl to explore a commercial real estate career that began in 1978 and has included brokerage, investment, entertainment industry real estate, major studio transactions, and now an independent consulting practice that is embracing artificial intelligence.
Carl shares how his family background first sparked his interest in hard assets and real estate. After studying journalism, he made his way into commercial real estate with Cushman & Wakefield, where he began building a career by going directly to property owners, creating relationships, and finding opportunities.
From Brokerage to Major Transactions
Carl explains why he never wanted to limit himself to one neighborhood or property type. Instead, he followed opportunities across Los Angeles and built experience through transactions in markets including Hollywood and Burbank.
His career eventually took him into financial services, institutional real estate, entertainment, and studio properties. Carl discusses working with major companies and property owners and how becoming a principal gave him a much deeper understanding of what happens behind the scenes of a real estate transaction.
He also shares one of the largest transactions of his career: representing Viacom in the $1.854 billion sale of Radford Studios.
How Technology Changed Commercial Real Estate
Carl has watched technology reshape the way businesses use real estate.
He recalls how the growth of the internet and e-commerce changed the need for showrooms and other physical spaces. Today, he sees artificial intelligence creating another major shift.
Carl discusses how he is using AI with a team that includes people trained in architecture, urban planning, and business. Together, they use technology and data to develop reports, lender briefs, and other real estate analysis.
Why Carl Is Watching Southern California’s South Bay
Carl is especially bullish on Southern California’s South Bay, from south of El Segundo to north of Long Beach.
He sees significant activity in advanced manufacturing, aerospace, robotics, and energy. The growth of these industries is creating new jobs and affecting commercial real estate, housing, retail, and multifamily properties throughout the area.
Carl and Bruce also discuss the challenges facing Los Angeles and compare some of those issues with changes taking place in San Francisco and New York.
------------------------------------------------------------------------------------------------------ We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest

What does it take to build a commercial real estate career that lasts more than four decades? For Allen Buchanan, the answer comes down to relationships, preparation, discipline—and following the right sequence.
In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce sits down with Allen Buchanan, SIOR, a longtime commercial real estate professional with Lee & Associates and author of The Sequence.
Allen shares the unlikely path that took him from Arkansas to California. After college, he joined Procter & Gamble and found himself selling Crisco shortening to grocery stores in San Mateo. His career eventually brought him to Southern California, but constant business travel became difficult for his growing family. Allen decided to leave the corporate world and explore commission-based careers.
Commercial real estate stood out. In 1984, Allen joined Lee & Associates, where he has remained ever since.
Understanding “The Sequence”
After more than 40 years in commercial real estate, Allen wanted to pass what he had learned to the next generation of professionals. That led him to write The Sequence and develop a training program around its principles.
The idea has two meanings.
First, there is the sequence of major decisions that create the foundation for a career and life.
Second, there is the sequence behind a commercial real estate transaction: source the opportunity, evaluate it, qualify it, get it under control, execute the plan, negotiate and close, collect the commission, and expand the win.
Allen explains how putting structure around these steps can help commercial real estate professionals turn the industry's “soft skills” into a more repeatable process.
Why Commercial Real Estate Is Harder Today
Allen also explains why he believes starting a commercial real estate brokerage career today can be harder than when he entered the industry in 1984.
There is more competition, experienced brokers have decades of relationships behind them, and professionals face an enormous amount of information every day.
One of Allen's biggest lessons for new brokers is simple: plan for the time it takes to succeed. A new commercial real estate professional may need to prepare financially for a year, 18 months, or even two years before developing a sustainable practice.
AI and the Future of Brokerage
Bruce and Allen also explore artificial intelligence and how it is changing commercial real estate.
Allen is already using AI throughout parts of his Sequence framework, including prospecting, preparing questions for client meetings, creating marketing materials, managing tasks, and expanding relationships after a transaction closes. He has even used AI to help develop tools supporting his Sequence training.
While technology may automate some traditional brokerage functions, Allen believes commercial real estate will continue to be driven by relationships and real-world market knowledge.
He is also optimistic about the industry's future, pointing to advanced manufacturing, aerospace and defense activity, data centers, and related infrastructure as areas creating demand for industrial real estate.
 
------------------------------------------------------------------------------------------------------ We’re excited to feature your voice in the conversation about building wealth and legacies through commercial real estate. Join us to share your journey and insights with our growing audience! Learn more and apply at https://sfcommercialconversations.com/guest