Founder and Principal
Eric Liiv
I own and operate Sandmark Capital, a Tampa-based investment company focused on acquiring and improving small-bay flex and light-industrial property across the Tampa Bay region.
The idea behind the firm is straightforward. The discipline that institutional buyers apply to large assets, real underwriting, documented assumptions, tested downside, mostly disappears below the institutional threshold. Sandmark applies it to buildings that are too small for a fund to bother with, on behalf of tenants who deserve a professional landlord.
Background
I hold a Master of Science in Real Estate from the University of Florida's Warrington College of Business, along with a B.S. in Business Administration and a B.A. in Economics.
Before Sandmark, I spent more than fifteen years in enterprise client development, most recently as Executive Director of Strategic Business Development at Wunderkind.
That work was, in substance, the same work: finding opportunities nobody had surfaced yet, underwriting the party on the other side of the table, negotiating structure and terms, and building relationships that outlast any single transaction. The asset changed. The job did not.
Approach
How I underwrite
Price what exists, not what is promised
Value is anchored to income in place. Upside gets credit at a discount, and the wider the gap between current and stabilized, the wider the margin a deal has to clear.
Model the downside before the upside
Every deal runs in three scenarios with sensitivity on the assumptions that actually move the outcome: rent levels, lease-up timing, exit pricing, and cost of debt. The bad case gets documented and has to be acceptable on its own.
Treat a pro forma as a hypothesis
Broker projections are a starting point for diligence, not an input to a bid.
Leave room
Conservative leverage, real reserves, and honest assumptions on vacancy, growth, and capital expense. Deals go wrong in ways nobody modeled, and the buffer is what buys time to fix them.
Affiliations
Urban Land Institute (ULI) · International Council of Shopping Centers (ICSC) · Society of Real Estate Professionals (SOREP)
Let's talk.
Sandmark Capital LLC is a Florida limited liability company based in Tampa.
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