to read - Colliers Retail Investment

Summer 2012 | REtail
Single Tenant Net Lease
HIGHLIGHTS
Record Net Lease Cap Rates as
Institutions Join the Fray
Ann T. Natunewicz Manager, Retail Research | USA
Real estate’s appeal to a wider group of yield-seeking investors continues to strengthen. Gone
are the days of loading up on paper and debt instruments. In trying to identify the correct SPF
(Stock, Property and Finance) formula for their portfolios, investors continue to prefer tangible
assets over paper in this dangerous “UV” (Uncertainty and Volatility) environment.
Single-Tenant Transaction
Count by Product Type
Auto
4%
Specialty
11%
Restaurant
10%
Bank
8%
Big Box
7%
Convenience
5%
QSR
14%
Misc.
4%
Drug
27%
Dollar
6%
Grocery
4%
Source: CoStar, RCA, Colliers Research
(*data available as of 8/06/12)
The continued imbalance between retail supply and demand, combined with increased investor
interest and the availability of cheap debt financing, has extended the frenzy on single-tenant net
lease (STNL) assets. Aggressive pricing escalated even further during 1H 2012, with cap rates
for some product types falling to levels not seen since 2005–06. Our preliminary look at Q2
transaction data suggests that average cap rates for drug store deals, the “blue chip” category
in STNL, have compressed by 20–30 basis points since the beginning of the year. In May, a Las
Vegas Walgreens fetched $27 million ($1,738 PSF)—the priciest drugstore ever to trade in the
U.S., shattering the record set last year. Another headline-grabber, a 17,500-square-foot Apple
store under construction in Santa Monica, CA, generated strong interest before being sold to a
family trust for just under $60 million at a sub-4% cap rate.
While demand remains high for STNL assets, our 1H 2012 data reflect slightly higher cap rates
in some categories as pricing spreads widened between trophy assets and weaker, non-credit
or non-corporate guaranteed properties. Inventory slated to appear later this year is tilted
toward infill locations versus new markets as retailers, especially in the grocery and drugstore
space, react to new cross-category competition. Convenience is a key component of service,
and is likely to translate into more robust real estate pipelines, although perhaps still not at a
level to meet investor demand.
1031 buyers aren’t going away (barring changes to U.S. tax code), but in the past 1–2 quarters
we’ve observed increased institutional interest in STNL assets and portfolios. STNL properties—
generally in that $3–10 million price range—have traditionally been too small for institutions
outside of a few niche players. Ongoing economic uncertainty and capital’s continued “flight to
quality and safety” now make a bundle of NNN assets selling at a blended 6.5% cap rate much
more attractive to a large investment entity when compared to yields on traditional “safe” assets
such as U.S. Treasuries. Changes to retailers’ preferred deal structure (e.g., from 10-year, NN
leases to 15-year, NNN leases) also provide investors more flexibility to bundle assets with
different loan maturities, geographies, and retail property types.
www.colliers.com
Summer 2012 | retail | Single-Tenant Net Lease
Automotive
In Colliers’ 1H 2012 sample, Advance Auto Parts and O’Reilly Auto Parts
traded the most frequently, with an average cap rate of 7.0%. This is slightly
lower than our sector average, 7.4%, which was impacted by a handful of
weaker credit, shorter-term transactions. Prices on Firestone and
Goodyear, which are building more of their new locations in less visible,
less accessible locations, are trending 40–50 basis points higher than
credit peers.
We remain bullish about the future retail expansion in the auto parts space.
At the corporate level, the four major players—Advance Auto Parts,
AutoZone, O’Reilly Auto Parts, and Pep Boys—continue to benefit from an
aging U.S. auto fleet whose owners are willing to maintain their vehicles for
longer periods of time. Improvements to design have extended vehicle
longevity, although the newer, more complex internal systems often require
a higher level of mechanical expertise when they fail. Retailers in this
sector are focusing more attention on improving in-store service, expanding
online troubleshooting tools, and expanding their network of physical
locations to better reach their customer base.
Auto parts retailers’ gradual shift to services marketing is almost certainly
a response to rising new car sales: June numbers came in at an annualized
pace of more than 14 million vehicles, with most major manufacturers
posting healthy year-over-year gains. Even as the economic expansion
faltered this spring, more people appeared able or willing to take on new
auto loan debt while simultaneously increasing their personal savings (the
June rate was 4.4%, the highest in more than a year).
Tenant
S&P Credit
Rating
Existing
Locations
Estimated
2012 Openings
AAMCO
NR
800
50
Advance Auto Parts
BBB-
3,680
140
AutoZone
BBB
4,800
160
Firestone
NR
2,000
75
GoodYear Tire &
Rubber
BB-
1,700
5
Jiffy Lube
NR
2,000
5
NAPA Auto Parts
NR
3,400
50
BBB
3,850
180 (net)
B
750
40
O'Reilly Auto Parts
Pep Boys
NR = Not Rated
Source: Retail LeaseTrak, Standard & Poor’s, PNC Real Estate, retailer websites
Property
City, State
Bridgestone / Firestone
922 Loughborough Ave.
Total SF
Sale Date
Sale Price
Cap Rate
St. Louis, MO
7,609
13-Jan-12
$ 3,093,000
n/a
Tuffy Auto Service Center
7445 Vanderbilt Beach Rd.
Sarasota, FL
5,100
31-Jan-12
$2,150,000
7.9
National Tire & Battery
6320 Charlotte Pike
Nashville, TN
6,668
9-Feb-12
$2,522,200
6.4
Advance Auto Parts
56 W. Lincoln Hwy.
Langhome, PA
6,858
10-May-12
$2,756,000
n/a
Goodyear (with Mountain View Tire)
27584 Clinton Keith Rd.
Murrieta, GA
5,000
22-May-12
$2,640,000
6.5
O'Reilly Auto Parts
2901 6th Ave.
Tacoma, WA
6,500
29-May-12
$1,550,000
7.5
Tires Plus
2480 10th St.
Coralville, IA
5,046
21-June-12
$1,350,000
7.5
Source: Real Capital Analytics, CoStar, Colliers Research
p. 2
| Colliers International
Summer 2012 | retail | United States
Bank
Within the retail STNL sector, transactions involving banks continue to
register some of the lowest cap rates and the steepest compression yearto-date. Cap rates for credit tenant, long-term deals routinely close below
5.5%, with ground leases anywhere from 50 to 100 basis points lower in
California and New York. Pricing frenzy continues as banks prune their
portfolios of unproductive retail locations: 767 net closings in the last four
quarters (see map below). Many of these locations represent prime retail
redevelopment opportunities for other uses, as the bank usually restricts a
competitor from buying or leasing.
Net Change in Number of Bank Branches (July 2011 – June 2012)
S&P Credit
Rating
Existing
Locations
Estimated
2012 Openings
Bank of America
A-
5,700
80
BB&T
A-
1,800
10
BBB
2,000
5
JP Morgan Chase
A
5,500
n/a
PNC Bank
A-
2,400
10
Wells Fargo
A+
10,400
10
Tenant
Capital One
NR = Not Rated
-83 to -50
-50 to -25
-25 to -10
-10 to 0
0 to 6
6 to 22
Branch openings are identified as those that have opened since the last FDIC
Summary of Deposit survey as of June 30, 2011; Branch closings are identified
as those that have closed since the last FDIC Summary of Deposit survey as of
June 30, 2011; Excludes credit unions.
Source: Retail LeaseTrak, Standard & Poor’s, PNC Real Estate, retailer websites
Source: SNL Financial
Property
City, State
Capital One
991 Third Ave.
Total SF
Sale Date
Sale Price
Cap Rate
New York, NY
4,560
22-Feb-12
$18,420,000
n/a
Wells Fargo
3216 W. Braker Ln.
Austin, TX
4,054
13-Mar-12
$4,100,000
5.0
Bank of America
7126 W. North Ave.
Elmwood Park, IL
6,100
14-Mar-12
$4,400,000
6.8
Chase Bank
10 Town Center Dr.
Santee, CA
5,265
17-Apr-12
$2,475,780
n/a
Chase Bank
2175 Colorado Blvd.
Eagle Rock, CA
4,672
15-June-12
$4,140,000
5.0
Bank United
4406 W. Lake Mary Blvd.
Lake Mary, FL
2,579
3-Apr-12
$3,233,100
5.8
Sources: Real Capital Analytics, CoStar, Colliers Research
Colliers International |
p. 3
Summer 2012 | retail | Single-Tenant Net Lease
Big Box
As of late last year, after much internal discussion, many big-box retailers began
launching smaller prototypes. While still a small part of their overall real estate
portfolios, these new stores make up larger percentages of planned 2012 openings.
Walmart, Target, and Cabela’s are among the companies to see strong consumer
acceptance as they test their first new format stores; all three recently raised
earnings guidance for the back half of 2012.
Expanded development pipelines translate into more available product, but
even with current supply-demand imbalance investors remain wary of tenants
in the 30,000-70,000 SF space. Further consolidation is expected in the
consumer electronics sector as retailers test pricing and risk models; Best
Buy, after another rough quarter, is the most prominent example. Even at
current yields above 8%, investors don’t want to risk being stuck with a vacant
box, as roughly one-third of Borders locations remain vacant more than a year
after the chain liquidated. Re-tenanting options, including expanding movie
theater/restaurant chains, are attractive second-generation uses but not
appropriate for all spaces. The more likely option—subdividing a box into two
or more spaces—could become the new norm for many chains with large- and
mid-size stores, including those that are performing well.
Among small-box retailers, Ross, T.J. Maxx, and DSW consistently lead
their discounter peers in monthly and quarterly same-store sales growth,
and all three chains have recently reiterated their commitment to their real
estate programs.
Tenant
S&P Credit
Rating
Existing
Locations
Estimated
2012 Openings
Aaron's
NR
1,980
165
Academy Sports
B
135
10
Bed Bath & Beyond
BBB+
985
70
Best Buy (Mobile)
BBB-
1,300
200
Big Lots
BBB
1,460
90
Cabela’s
NR
40
6
Costco
A+
600
10
DSW
NR
340
35-40
Guitar Center
B-
215
10
hhgregg
NR
210
20
Home Depot
A-
2,250
15
Kohl's
BBB+
1,130
20
Lowe's
A-
1,740
40
Office Depot
B-
1,680
n/a
Petco
B
1,100
50
PetSmart
BB+
1,240
10
Ross
BBB+
1,070
50
Staples
BBB
2,500
50
Target
A+
1,760
10
TJX Cos
A
2,900
40-50 (net)
AA
4,520
300
Walmart/
Sam’s Club (U.S.)
NR = Not Rated
Source: Retail LeaseTrak, Standard & Poor’s, PNC Real Estate, retailer websites
Property
City, State
Total SF
Sale Date
Sale Price
Cap Rate
Staples
2321 N. Germantown Pkwy.
Cordova, TN
18,000
21-Feb-12
$3,330,000
7.5
Best Buy
5916 W. Loop 289
Lubbock, TX
30,000
29-Feb-12
$5,700,000
8.0
REI
840 Brannan St.
San Francisco, CA
48,019
April-12
$16,250,000
5.5
Macy's
281 Geary St.
San Francisco, CA
110,000
April-12
$117,000,000
n/a
Walmart Supercenter
805 Hwy 9 Bypass W.
Lancaster, SC
208,000
26-Apr-12
$14,650,000
n/a
PetSmart
part of 3-property portfolio
Merced, CA
31,000
27-Apr-12
$5,400,000
n/a
Nordstrom Rack
1702 N. Dale Mabry—part of
3-property portfolio
Tampa, FL
45,000
27-Apr-12
$12,000,000
n/a
PetSmart
part of 3-property portfolio
Redding, CA
45,000
27-Apr-12
$5,800,000
n/a
Lowe's (ground lease)
13631 SE Johnson Rd.
Portland, OR
133,000
21-May-12
$14,100,000
n/a
Tractor Supply Company
2900 S. Memorial Dr.
New Castle, IN
22,670
1-June-12
$3,340,400
8.0
Source: Real Capital Analytics, CoStar, Colliers Research
p. 4
| Colliers International
Summer 2012 | retail | United States
Convenience
7-Eleven’s franchise-driven real estate program is driving down cap rates:
at 6.0–6.5%, they’re among the lowest in the Convenience sector. The
chain has aggressive expansion plans globally and here in the U.S.,
including 1,000 new U.S. locations opening in 2012. Corporate stores
remain part of its program, but the chain is also focused on identifying
existing convenience stores between existing 7-Eleven locations, converting
their banners, and then finding franchisees.
Wawa, with 550 locations in the Mid-Atlantic region, is making a big push
into Florida this year. As this report was being written, Colliers knew of
around 30 committed deals as Wawa works with a handful of preferred
developers to secure between 70–80 locations primarily for build-to-suits.
Three weeks ago, S&P reaffirmed Valero’s BBB rating but lowered its
outlook from Stable to Negative as the firm considers spinning off its nearly
1,000 retail stations.
Tenant
S&P Credit
Rating
Existing
Locations
Estimated
2012 Openings
AA-
9,200
1,000
A
11,500
n/a
7-Eleven
(N. America)
BP/ARCO/ampm
Chevron/Texaco
AA
8,000
100
Circle K
BBB-
5,500
5
Exxon Mobil
AAA
9,200
n/a
Kwik Trip
NR
350
15
Shell Oil
AA+
25,000
n/a
Sunoco
BB+
4,800
5
Valero
BBB
980
n/a
Wawa
NR
550
40
NR = Not Rated
Source: Retail LeaseTrak, Standard & Poor’s, PNC Real Estate, retailer websites
Property
City, State
Total SF
Sale Date
Sale Price
Cap Rate
7-Eleven
6001 Stanford Ranch Rd.
Rocklin, CA
3,226
13-Jan-12
$2,785,000
6.0
Harrisburg, PA
106,286
12-Apr-12
$2,000,000
6.9
New Britain , CT
2,100
2-May-12
$2,645,570
n/a
Crowley, TX
2,114
15-May-12
$2,185,000
6.0
Chevron
500 N. Garfield Ave.
Montebello, CA
533
7-June-12
$1,822,341
6.5
Circle K
1901 W. Cactus Rd.
Phoenix, AZ
3,078
21-June-12
$2,285,000
8.0
Sheetz (ground lease)
6010 Derry St.
Exxon
1079 W. Main St.
7-Eleven
501 Renfro St.
Source: Real Capital Analytics, CoStar, Colliers Research
Colliers International |
p. 5
Summer 2012 | retail | Single-Tenant Net Lease
Drug
Since the start of 2012, the drugstore sector has added approximately 400
new locations, bringing the combined total of the three largest national chains
to 20,200. At the corporate level, CVS has had an extremely strong year,
beating expectations on revenues and profits as it—and multiple other players
in the drug, grocery, and big-box space—capitalized on Walgreens’ monthslong struggle to manage its departure from the Express Scripts network
(ESRX). Although Walgreens and ESRX finally reached an agreement on
reimbursements last month, CVS estimates that it will retain ~50% of
customers that came over from Walgreens. By contrast, Walgreens experienced
negative same-store monthly sales comps since January and lost more than
10% of its quarterly profit during the ESRX impasse. Recently, Standard &
Poor’s and several big banks downgraded Walgreens after it took a $6.7 billion
(45%) stake in Switzerland-based Alliance Boots.
Overall, though, the drugstore sector continues to perform well as an aging
U.S. population increases its demand for prescription drugs; pharmacy sales
generate approximately two-thirds of the major chains’ revenues. The
Walgreens S&P downgrade is not expected to materially impact either investor
demand or willingness to pay cap rates that, while averaging 6–6.5%, are
trending more frequently into the 5% range. Institutional interest is accelerating
for drugstore deals, with more buyers assembling blended portfolios of assets
(Drug/Dollar/QSR are often bundled) across multiple geographies.
Looking ahead to the availability of future inventory, all signs suggest that the
major chains will continue their robust expansion, with Walgreens generally
expected to return to its pre-ESRX store openings program. The major chains
are also making significant corporate investments to upgrade in-store
technology, expand or improve their in-store clinics, and fine-tune their online
programs to better communicate with patients. The personal touch is especially
important as they go head-to-head with grocers and big-box retailers that are
reformatting their stores to emphasize “wellness” initiatives.
Property
City, State
CVS
1000 E. Tarpon Ave.
Tenant
S&P Credit
Rating
Existing
Locations
Estimated
2012 Openings
BBB+
7,450
250-300
CVS/Longs Drugs
Duane Reade*
NR
250
36
Rite Aid
B-
4,650
100
BBB
7,890
150-175
Walgreens
NR = Not Rated
* Subsidiary of Walgreens
Source: Retail LeaseTrak, Standard & Poor’s, PNC Real Estate, retailer websites
Total SF
Sale Date
Sale Price
Cap Rate
Tarpon Springs, FL
13,013
17-Feb-12
$5,096,000
5.5
Rite Aid
4-property portfolio
Central CA
69,088
21-Feb-12
$23,000,000
8.35
Walgreens
1654 N. Pebble Creek Pkwy.
Goodyear, AZ
14,820
22-Mar-12
$5,049,000
5.4
CVS
9225 Twin Trails Dr.
San Diego, CA
16,793
23-Apr-12
$6,240,500
5.8
CVS
945-47 Providence Hwy.
Dedham, MA
12,900
1-May-12
$14,100,000
n/a
Walgreens
3025 S. Las Vegas Blvd.
South Las Vegas, NV
16,016
9-May-12
$27,832,300
n/a
Walgreens
910 Broadway St.
Alexandria, MN
14,820
11-May-12
$5,025,000
6.6
Source: Real Capital Analytics, CoStar, Colliers Research
p. 6
| Colliers International
Summer 2012 | retail | United States
Dollar
Dollar stores continue to impress Wall Street analysts and investors as
they capitalize on growing economic uncertainty and price sensitivity
among a larger group of consumers. Within the past 18 months, store
design and product mix are shifting more toward a consumables-centric product mix. While this has negatively impacted gross margins, it
has positioned them to compete more aggressively with grocery stores;
and their small footprint allows them to open infill locations. Within the
STNL sector, Dollar General recently moved from a standard NN 10year lease (landlord responsible for structure) to NNN 15-year lease.
Dollar General transactions are now priced in the 7.25–7.75% range,
with Family Dollar deals higher at 7.75–8.5%.
Tenant
S&P Credit
Rating
Existing
Locations
Estimated
2012 Openings
99¢ Only
B
300
28
BBB-
10,050
625
NR
4,450
300
BBB-
7,200
400-500 (net)
Dollar General
Dollar Tree
Family Dollar
NR = Not Rated
Source: Retail LeaseTrak, Standard & Poor’s, PNC Real Estate, retailer websites
Property
City, State
Total SF
Sale Date
Sale Price
Cap Rate
Family Dollar
2630 Old Norcross Rd.
Lawrenceville, GA
5,631
2-May-12
$1,948,930
n/a
Family Dollar
1110 Dickerson Pike
Nashville, TN
9,100
4-Jan-12
$1,284,883
8
Dollar General
1502 E. Baker St.
Plant City, FL
9,014
17-Jan-12
$1,725,000
7.7
Dollar General
3-property portfolio
AL
40,299
3-May-12
$5,081,000
n/a
Family Dollar
1551-1555 E. Bayview Dr.
Norfolk, VA
7,877
7-June-12
$815,000
7.5
Dollar General
2272 Quindaro Blvd.
Kansas City, KS
9,100
10-May-12
$1,100,000
7.75
Source: Real Capital Analytics, CoStar, Colliers Research
Colliers International |
p. 7
Summer 2012 | retail | Single-Tenant Net Lease
Tenant
Quick-Serve/Fast Food
S&P Credit
Rating
Existing
Locations
Estimated
2012 Openings
B+
3,700
100
Arby's
Because of their strong revenue growth and robust development pipelines,
quick-serve restaurants (QSR) remain one of the most sought-after
property types within retail STNL. The consumer marketing firm NPD
Group recently reported that the QSR visitor counts grew by 2% during the
first quarter of 2012 versus 1% growth in the Restaurant sector. QSR
chains benefitted from enhanced menu offerings and their use of targeted,
limited-time promotions during different day parts, especially breakfast.
Higher visitor counts drove average comp store sales growth, and many
chains met or exceeded earnings expectations during the recent Q2
reporting period. Over the past two quarters, cap rates have continued to
compress with high-profile tenants such as McDonald’s transacting in the
4.75% – 5.5% range. Franchisees are signing long-term sale leasebacks in
the mid-7% range.
Burger King
B
7,600
250
Carl's Jr.
BB-
1,275
20
Chick-fil-A
NR
1,500
80
Chipotle
NR
1,100
155-165
Dunkin' Donuts
B+
7,000
280
Jack in the Box
KFC
McDonald's
Pizza Hut
NR
2,200
35
BBB
5,200
350
A
32,000
170
BBB
5,900
n/a
Sonic
NR
3,550
40
Starbucks
A-
10,950
100
Steak 'n Shake
B
500
40
Taco Bell
BBB-
5,400
n/a
Wendy's
B+
6,500
65
NR = Not Rated
Source: Retail LeaseTrak, Standard & Poor’s, PNC Real Estate, retailer websites
Property
City, State
Total SF
Sale Date
Sale Price
Cap Rate
McDonald's
1915 Scenic Hwy N.
Snellville, GA
4,080
17-Jan-12
$2,140,000
4.9
Wendy's
178 Ryders Ln.
Milltown, NJ
2,210
26-Jan-12
$1,700,000
n/a
KFC/Pizza Hut
14570 Baseline Ave.
Fontana, CA
2,800
24-Feb-12
$1,200,000
5.5
KFC
915 N. Main St.
Suffolk, VA
3,400
24-Apr-12
$1,324,200
7.25
McDonald's
1265 W 9000 S.
South Jordan, UT
3,296
3-May-12
$859,000
5.4
Panera Bread
6410 SW 3rd St.
Oklahoma City, OK
4,377
22-May-12
$1,885,000
7.2
Pizza Hut
4300 E. U.S. Hwy 83
Rio Grande City, TX
2,552
5-June-12
$759,000
7.5
Source: Real Capital Analytics, CoStar, Colliers Research
p. 8
| Colliers International
Summer 2012 | retail | United States
Restaurant
Despite muted consumer confidence, Americans are still finding ways to fit
restaurant dining into their budgets. One of Colliers’ bellwether economic
indicators, the National Restaurant Performance Index, has registered
expansionary readings (RPI > 100) since August 2011 despite this spring’s
economic slowdown. During the recently ended Q2 earnings period,
standout performers included Benihana, BJ’s Restaurants, Buffalo Wild
Wings, and the collection of Bloomin’ Brands (formerly OSI Holdings)
concepts Bonefish Grill, Carrabba’s, Fleming’s, and Outback Steakhouse.
Cheesecake Factory and Cracker Barrel were among the restaurant
companies that raised earnings guidance for the second half of the year.
The Restaurant category tallied the fourth-highest number of confirmed 1H
2012 transactions in Colliers’ database. Deal pricing is being compressed
as more chains shift from corporate-owned locations to a franchise-driven
model. One of the more prominent examples: DineEquity, parent company
of Applebee’s and IHOP, recently completed its 4-year Applebee’s
refranchising initiative with the sale of around ~135 restaurants in three
separate transactions this spring and summer.
S&P Credit Existing
Rating
Locations
Tenant
Estimated
2012 Openings
Applebee's
NR
2,000
33
Buffalo Wild Wings
NR
775
125
Chili's
BBB-
1,520
n/a
Darden Restaurants
BBB
2,050
n/a
Denny's
NR
1,600
75
Hooters
NR
450
4
IHOP
NR
1,500
5
Landry's, Inc.
Lone Star Steakhouse
Ruby Tuesday
B
n/a
n/a
NR
135
5
B
800
3
NR = Not Rated
Source: Retail LeaseTrak, Standard & Poor’s, PNC Real Estate, retailer websites
Property
City, State
Total SF
Sale Date
Sale Price
Cap Rate
IHOP
1906 S. Hwy 92
Sierra Vista, AZ
4,509
13-Jan-12
$2,510,000
7.25
Olive Garden (ground lease)
1565 Scenic Hwy N.
Snellville, GA
7,441
30-Jan-12
$2,031,300
6.4
Denny's
1409 E. 4th St.
Ontario, CA
4,360
6-Feb-12
$844,500
5.0
Chili's
1700 N. Woodland Blvd.
Deland, FL
5,876
5-Mar-12
$1,554,000
6.4
Applebee's
4132 Portsmouth Blvd.
Chesapeake, VA
5,156
31-Mar-12
$2,535,000
7.0
Buffalo Wild Wings
3220 E. Empire St.
Bloomington, IL
7,000
5-June-12
$3,150,000
7.7
Ruby Tuesday
6-property portfolio
GA/SC/NC/VA
30,125
14-June-12
$12,800,000
6.85
Source: Real Capital Analytics, CoStar, Colliers Research
Colliers International |
p. 9
Summer 2012 | retail | Single-Tenant Net Lease
More than $1 Billion in
2011 NNN Transactions
Colliers NNN Group is a national investment group
with more than $1 billion in successful transactions. We focus on the acquisition and disposition
of single tenant net lease investments throughout the United States, offering customized debt
placement solutions and investment opportunities.
Our relationships with qualified institutional and
private investors enable us to strategically match
buyers with sellers to achieve the best possible
match for our clients. Our extensive pool of
exclusive listings ensures that our clients find the
property that helps them meet their objectives and
drive their success and business forward.
Big-Box Retailers
Quick-Serve/Fast Food Restaurants
Automotive
Dollar Stores
Restaurants
Ground Leases
Drugstores
Banks
› Commercial Buildings
› Retail Boxes
› Office Buildings
› Warehouses/Manufacturing
› Build-to-Suits
› Sale-Leasebacks
› Private Equity Placements
› 1031 Exchange Properties
› Portfolio Sales
FOR MORE INFORMATION
Ann T. Natunewicz
Manager, Retail Research | USA
+1 202 534 3608
[email protected]
Contributors
KC Conway, EMD Market Analytics
Aaron Finkelstein, Communications Manager | USA
Zach Kroupa, Sr. Graphic Design | USA
Updated May 2012
www.colliers.com/nnn
SACRAMENTO, CA
ADAM LUCATELLO
209 475 5118
[email protected]
SAN FRANCISCO, CA
JAY GOMEZ
415 288 7825
[email protected]
LINDSEY LANTIS
415 288 7888
[email protected]
JAMES KAYE
415 288 7840
[email protected]
SAN DIEGO, CA
JOHN R. WERTZ
858 677 5338
[email protected]
Accelerating success.
p. 10
| Colliers International
LOS ANGELES, CA
CHICAGO, IL
CHRISTOPHER MALING
213 532 3292
[email protected]
PETER BLOCK
847 384 2840
[email protected]
SHAWN BAKKE
213 532 3282
[email protected]
BRAD TEITELBAUM
847 384 2841
[email protected]
DAVID MALING
213 532 3291
[email protected]
ERIC SUFFOLETTO
847 384 2842
[email protected]
IRVINE, CA
PHOENIX, AZ
ERIC CARLTON
949 724 5561
[email protected]
NEIL GLASSMOYER
480 655 3332
MAURICE NIEMAN
949 724 5536
[email protected]
JOHN GLASSMOYER
480 655 3323
[email protected]
IAN SCHROEDER
949 724 5590
[email protected]
JEREME SNYDER
949 724 5552
[email protected]
[email protected]
CHARLESTON, SC
SCOTT ROGERS
843 290 9948
[email protected]
CLEARWATER, FL
MIKE MILANO
727 442 7184
[email protected]
ORLANDO, FL
CYNTHIA SHELTON
407 362 6142
[email protected]