Broker Pofile: Senior Vice President Sean Sullivan, SIOR
In this issue of Voit’s “Meet Our Professionals” Broker Profile Series, we highlight Sean Sullivan, SIOR, SVP/Partner, of our Ontario office.
Brokers come from all walks of life, often transitioning from seemingly unrelated fields before finding their niche in commercial real estate. This is true for Sean Sullivan. Through his early career work in helping professions — first as a camp director and then as a marriage and family therapist — he developed skills essential for a successful brokerage career: listening and patience.
“One thing that successful people almost unilaterally say is that if you remain curious and open to learning new things, that’s the key to opening up pathways to success,” says Sullivan.
Life Before Voit
Sullivan grew up in Newport Beach with a dad who was a Ruby’s Diner franchisee and a mom who worked for the Newport Beach-based global investment firm PIMCO. He went to college and earned a communications degree from Biola University. But while he made many deep friendships, he was “fairly directionless. I was never the guy who knew exactly what he wanted to do with the rest of his life,” says Sullivan.
Ironically, his first job out of college was in commercial real estate at a boutique retail development shop in Laguna Beach. But after six months, he was bored. “It didn’t appeal to me at that time, and frankly, it probably wouldn’t appeal to me today,” he explains. “The asset class is very niche, as opposed to industrial.” After leaving that job, a friend recommended he take a job at a Christian summer camp/retreat center, where he worked for a few years. “There was an altruistic bend to the job, with some of the kids coming from the foster care system,” says Sullivan. “It was a great experience, and I truly loved it. So, when I came home, I wanted to continue in that sort of work.”
That led him to grad school to become a marriage counselor and family therapist at the age of 26. He practiced for three years, got married, and realized that while he enjoyed working towards his advanced degree and the clinical work, the reality of the day-to-day job was not for him. “I just looked at the occupation from a more pragmatic standpoint, including what I was going to be making as a therapist. While it’s pretty good, it’s not enough to really set yourself up in Orange County, where I grew up and wanted to raise my family.” A couple of friends, one who worked in residential land brokerage and another who did office brokerage, suggested that he give commercial real estate a try.
Voit Career
After interviewing with a handful of firms, Sean was hired by Voit in 2015. By “sheer dumb luck,” he landed in the Inland Empire market, which he describes as “the best industrial market in the country.” He began his career as a runner for Walt Chenoweth, SIOR, EVP, and another senior vice president. He learned the ropes from these industry veterans specializing in industrial real estate. Chenoweth became his mentor, and the pair have done “hundreds and hundreds of millions of dollars’ worth of deals together. “It’s been a great partnership. I owe him my career because, without his direction, I would have been lost. I didn’t know up from down when I walked through the door. And he was always very patient with me, answering any questions I had, and he still does to this day.”
Pathway to Success
In addition to mentorship, Sullivan says that his life experiences have contributed to his success as a broker — his background as a therapist, his family life, and the culture he grew up in. He feels that his unique listening skills give him an advantage over many brokers. “One of the great aspects of being a broker is that you get to share your expertise with clients. But the flip side of that is that you’ve got to understand where your expertise is actually needed,” asserts Sullivan. “I do a lot of tenant-buyer representation. When you’re working that side of the transaction, it can be a long, arduous process. I think a lot of other brokers prefer the easier deals because it can be frustrating at times when dealing with tenant-buyers, as they don’t know what they don’t know. It’s easier to spout off what you know about the market, but knowing where your expertise is needed and helping a client make an informed decision is more important than just imparting your general expertise.”
Sullivan says that he treats many of his interactions in his work “like an episode of Mr. Rogers. If you show an interest in what other people are doing, particularly something that they’re passionate about, people appreciate it. I’ve found it’s been valuable for me in terms of fostering relationships — whether it’s with clients, other brokers, or whoever.”
Current Market for Owner-Occupiers
Sullivan says that after a year of stagnation in the sales market in 2023 due primarily to the pricing gap between buyers and sellers, there were hopeful signs in 2024 and going forward. Although transaction volume is below pre-Covid levels, he has partnered with Chenoweth and other Voit brokers on some impressively creative deals. “It’s about finding strategic value for your clients,” says Sullivan.
One such deal involved a tenant in Sante Fe Springs in Los Angeles County. Last year, the tenant encountered sticker shock at the rental increase in his current space. As the tenant was not dependent on port traffic, Sullivan and his partner were able to locate a 240,000-square-foot facility in Tejon Ranch that fit the tenant’s needs. They negotiated a 10.5-year lease at 1/3 of the asking rent in Sante Fe Springs saving the tenant approximately $20 million over the length of the lease.
That deal laid the groundwork for an owner-occupier sale in March of this year. Sullivan and Senior Vice President Shy Assar were working with a national clothing and textile distributor who faced a similar rent escalation. The client was looking to purchase their own facility, but there was nothing in the market for under $320 per square foot. Regarding that deal, Sullivan says he “knew I had the playbook for success and simply needed to convince the client that was the case. We found them a brand-new building at below replacement cost.” Golden Touch Imports acquired a 223,000 or 233,000-square-foot Tejon Ranch warehouse and distribution facility for $37.1 million ($166 psf or $159 psf).
For a man who once considered himself “fairly directionless,” Sullivan has found his true calling in commercial real estate, forging a decade-long career and earning the prestigious SIOR designation last year. He realized his dream of staying in his native Orange County with his wife of 12 years and three children. “I’m just a normal guy who wants to set my family up for success,” says Sullivan.
Additional broker profiles are scheduled over the next few months. Check back to see who we highlight next.
