The Second Pillar

We sponsor commercial real estate and build the sites our brands operate in.

Gramcor structures and sponsors commercial real estate investments, and delivers development work for multi-unit rollouts. The two activities inform each other: we underwrite property with an operator’s view of what a site can actually produce.

Two-story mixed-use commercial building with glass storefronts and landscaped parking
Medical and professional office: the asset class most of our work sits in, and one of three we syndicate.
The Structure

Sponsor and general partner.

Gramcor sources the opportunity, structures the entity, and takes the general partner role alongside limited partners who invest passively. We stay in the deal, and our compensation is weighted to performance rather than fees.

Underwriting is conservative by policy. We stress rent, vacancy, exit assumptions and debt terms before a deal is presented, and we walk away from deals that only work in the best case.

Reporting is scheduled and plain: what was projected, what happened, what changed, and what we are doing about it.

  • Our roleSponsor and general partner
  • Investor roleLimited partners: passive capital
  • UnderwritingStress-tested rent, vacancy, debt and exit assumptions
  • ReportingScheduled institutional-style reporting to LPs
  • AlignmentSponsor economics weighted to performance

How a waterfall works, plainly

Cash from a property is distributed in a set order. First, limited partners receive their preferred return, a stated annual rate on invested capital. Next, invested capital is returned. Only after those two steps are met does the sponsor share in remaining profit, at an agreed split.

The order matters more than the percentages: investors are paid before the sponsor participates.

Where the Money Goes

Three asset classes we know how to underwrite.

We stay in the sizes and property types where an operator’s read on a building is worth something. Each of these is a place we already work: as a landlord, as a tenant, or as the developer.

Corner entry of a two-story medical and professional office building at dusk with lit soffits and glass curtain wall
Medical & Office

Tenants who build in and stay.

Medical and professional tenants fit out their own space, sign long leases and rarely move. That makes income and renewals easier to forecast, at a building size we can control without competing with national funds.

Bright commercial retail plaza with brick and stone storefronts under a blue sky
Retail & Mixed-Use

We read it as the tenant.

Traffic, co-tenancy, access, visibility and rent a tenant’s model can actually carry. This is the asset class we work in every week for our own brands, which is why we can tell a good site from a good-looking one.

Newly built three-story residential buildings with brick and siding facades, landscaped walkways and young trees
Small & Mid-Size Multifamily

Housing in growing submarkets.

Smaller communities across the Carolinas and Virginia: below the size that draws institutional buyers, but large enough to support professional management and real operating discipline.

In Writing

Four things we put in writing.

Passive capital deserves to know exactly what it is buying, who is on the other side of the table, and when it will hear from us. None of that should be a surprise after closing.

If you would rather see how the distribution order works before anything else, the waterfall is explained in plain English above.

  1. 01

    A defined structure

    Roles, capital commitments, decision rights and the distribution order are written down before capital is called.

  2. 02

    Conservative underwriting

    Rent, vacancy, cost, debt and exit assumptions are stress-tested. Deals that only work in the best case are not presented.

  3. 03

    Institutional reporting

    On a schedule, in plain language: what was projected, what happened, what changed, and what we are doing about it.

  4. 04

    Sponsor alignment

    We stay in the deal, and our economics sit behind the preferred return and the return of investor capital.

Investors

Looking for a sponsor who operates?

Tell us the asset class, the market and the size you are working in. We will give you a direct read on whether it fits what we do, and if it does, you will hear from us when the next opportunity is structured.

Nothing here is an offer to sell securities or a solicitation of an offer to buy securities. Any offering is made only through the applicable offering documents.

Ground-Up

Medical and commercial development, done as a syndicate.

Gramcor participates in a syndicate developing medical and commercial properties. The work is the same discipline described above, applied to ground-up and repositioned assets rather than stabilised buildings.

01

Structure

Investments are structured as limited partner and general partner positions, with the syndicate’s roles, capital commitments and decision rights written down before capital is called.

02

Underwriting

Conservative by policy. Construction cost, timeline, lease-up and exit assumptions are stress-tested, and projects that only work in the best case are not pursued.

03

Reporting

Investors receive reporting to an institutional standard: what was projected, what happened, what changed, and what is being done about it, on a schedule.

Medical and commercial development carries different risk than stabilised property. Project specifics are shared only with investors, through the applicable offering documents.

Site Intelligence

Site selection backed by the intelligence behind 200+ national brands.

Gramcor is aligned with Locate.ai, the AI-powered retail real estate advisory named the #1 real estate advisor by Entrepreneur. Two of our founders, Danny and George Grammenopoulos, serve as Directors on its real estate advisory team.

Every site Gramcor underwrites is informed by the same location intelligence national brands use to decide where they belong, then checked against our own read of the street, the co-tenants and the drive times.

locate.ai

Locate logo
200+Brands served
#1Real estate advisor, Entrepreneur
2Gramcor founders on its advisory team

The 200+ brands and #1 advisor claims are Locate.ai’s, attributed to Locate.ai.

Development, Delivered

From site selection to open doors.

We do this work for our own brands, and for partners who need multi-unit execution rather than a single project.

01

Site selection

Trade area review, co-tenancy, access and visibility, and rent that the operating model can support. Lease structure is negotiated with the operating model in hand.

02

Build-out

Design coordination, permitting, contractor management and equipment procurement, sequenced against a committed opening date.

03

Multi-unit rollout

Repeatable prototypes, a build calendar and vendor relationships that let several units open in sequence without restarting the process each time.

This is also how we develop our own concepts, including the purpose-built indoor facilities for our Sport Fundamentals concept, see the brands page for what that building does.

Start Here

Who we hear from.

Investors

Reviewing a syndication, or looking to be included when the next opportunity is structured.

Landlords & brokers

Holding a site in the Carolinas, Virginia or a market where our brands are expanding.

Operators & partners

Needing development execution for a multi-unit rollout or a purpose-built facility.

Nothing on this page is an offer to sell securities or a solicitation of an offer to buy securities. Any investment offering is made only through the applicable offering documents.

Discuss an opportunity.

Send the site, the market or the structure you have in mind, and we will come back with a direct read on whether it fits. No deck required.