Net lease is the backbone of the commercial real estate industry. An unassuming asset class—or perhaps better put, real estate strategy—net lease investment volume increased by 10.9% to a record $77.5 billion last year, according to CBRE. But don't let the bread-and-butter nature of these deals fool you. They can require as much work and planning as larger deals in other asset classes. The people and teams and companies that work this space are, by necessity, rigorous and meticulous in their transactions. In the following pages, we bring to you our selection of the best deal-makers in the space. They may not be the largest or most well-known; instead we selected them for the significant contributions they have made to the industry.
ERIC ALLON
Bernkopf Goodman LLP
Unsatisfied with the industry's lack of proptech implementation concerning building design and construction, Eric Allon grew determined to establish advances and declare change by understanding its full impact. Learning from the leading real estate technology service providers, Allon quickly became an expert on the subject relating to lease negotiations, tenants' desires, costs absorbed by owners and more. As a real estate law partner and attorney at Bernkopf Goodman LLP, Allon soon established a reputation as the "Proptech Guy" within the Boston commercial real estate space. With wide-spread experience in representing both landlords and tenants in lease negotiations, and extensive knowledge related to industry disruptors, acquisitions, management, financing transactions and commercial loan workouts, Allon executed a notable transaction in representing the footwear company, Clark's Americas Inc. in its new headquarter lease at a four story, 120,000-square-foot office property; a transaction which the Boston Business Journal referred to as the "Real Estate Deal of the Year." A true leader in the space, Allon has penned a series of industry technology-related op-ed articles for the Boston Business Journal. He frequently speaks on panels, moderates industry events and leads his own proptech seminars. Influencing even greater masses, his LinkedIn posts receive substantial attention and often perform as trending stories. Additionally, Allon is a regular guest speaker and mentor at the Harvard Business School of Entrepreneurship.
RISING STAR
ARON CLINE
Matthews Real Estate Investment Services
Aron Cline has successfully established himself as a premier broker in the single-tenant net-leased industry. Continually setting the bar as a leader in the space, Cline has managed Matthews Real Estate Investment Services' Orange County office for the past three years. As SVP and senior director of single-tenant net-leased business, he has proven essential to the firm's overall growth and success, in terms of both revenue and size. He prides himself on an in-depth knowledge of the market and is committed to providing clients with expertise regarding net-lease projects, from development to disposition. Providing research, advisory, financing and transaction services, he incessantly tracks the market and utilizes his photographic memory to create an internal database of the nation's sales comps. Specializing in the acquisition and disposition of retail investment properties, he employs an exclusive listing marketing approach to generate exposure and create competition among buyers. He has remained a top producing agent at Matthews since its inception in 2015, and he successfully closed the firm's largest transactions of 2015 and 2016. In addition to forging ties with some of the nation's largest institutions, developers, syndicators, lenders and private-equity companies, he serves as a member of the International Council of Shopping Centers. Beginning his career in 2011 as an investment sales broker at Marcus & Millichap, Cline then worked as an associate vice president at Colliers International, prior to joining Matthews.
RISING STAR
RYAN COCKERILL
Agree Realty Corp.
As vice president of acquisitions at Agree Realty Corp., Ryan Cockerill holds a wide array of responsibilities. Not only is he responsible for analyzing and underwriting acquisition opportunities throughout the Eastern region of the US, but he additionally sources transactions and manages a large network of real estate contacts. In total, Cockerill has completed more than $1 billion in net lease retail acquisitions, representing more than 300 properties across 37 states. He joined the firm in 2016 as director of acquisitions, before being promoted to his current role two years later. In 2018 alone, he was accountable for $400 million in acquisitions. He capped off the monumental year by overseeing the purchase of more than 100 Sherwin-Williams Company stores in a $150 million transaction; a deal that secured purchase agreement to closing in about three weeks. Cockerill received a Bachelor of Science degree in industrial and operations engineering from the University of Michigan, prior to his decade-long career in the industry. He previously served as an agent at Marcus & Millichap for seven years, where he integral to closing $200 million in transaction volume. He is a member of the International Council of Shopping Centers and is additionally a member of Agree Realty's Steering Committee. He is an avid supporter of local charities, such as Kids Kicking Cancer, Children's Hospital of Michigan and Friendship Circle.
JOHN GLASS
Marcus & Millichap
Continually raising the bar for his clients, John Glass expertly assists stakeholders in navigating the ever-changing commercial real estate environment. As the expanding single-tenant, net-lease industry employs more data and requires increased efficiency and new approaches, Glass utilizes Marcus & Millichap's extensive sales platform and his more than 30 years of experience to produce rarely paralleled results. As executive managing director of investments at the firm and senior director of both the national retail group and net-leased properties group, Glass advises developers, tenants and institutions on disposition strategies, to maximize valuations and move capital in search of higher yields. Developers confidently rely on his analysis, asset-leverage and position within the industry to move properties quickly in order to free up capital for future projects. He works with numerous corporate, institutional and private clients, as well as private equity groups, franchisors, franchisees and build-to-suit specialists. Throughout his career, he has personally closed more than 1,400 investment sales transactions, totaling more than $4.4 billion in volume. He secured a position among the firm's Top 5 net lease brokers in 2019, and he has additionally received the firm's National Achievement Award and Sales Recognition Award for the past three years. With a track record that has proven beneficial to the industry, Glass serves as a leader in the space through his unique ability to understand investors' goals and connect buyers and sellers, despite physical distance.
KYLE GORE
CGA Capital LLC
Starting in the industry in 1989, Kyle Gore's innovative net lease transaction structures have been applied by various firms over the years and are utilized as common practice. His creativity and vision enables the ability to predict potential deals and generate complete transaction structures for borrowers, tenants and debt investors, while considering tax objectives and regulatory constraints. Due to his wealth of market knowledge, industry players often seek his counsel. As a senior managing director and principal at CGA Capital LLC, Gore is responsible for leading day-to-day management and overall strategy. He heads the company's structuring group and handles all business development and client management; producing competitive bid processes and serving as the primary point-of-contact for investors, as the firm's "go-to guy." A mentor for more than 30 years, Gore provides training on net lease models, NAIC underwriting guidelines, CTL transaction structures and detailed term sheets. An expert in applying residual value insurance to various financings and exchange processes, Gore and his team have successfully closed more than $2.5 billion in transactions over the past three years. Showcasing Gore's efforts, two prominent transactions include the structuring and closing of $725 million build-to-suit financing for a net-leased office tower in 2019; the largest real estate transaction in Charlotte, NC history. As well as structuring and closing the debt and equity recapitalization of $1.1 billion for a facility, net-leased to the GSA in 2017; the second-largest GSA lease-backed financing ever completed.
RISING STAR
JUSTIN HELLER
Angelo Gordon
With a decade of background experience in the industry, Justin Heller currently serves as managing director at the multi-strategy alternative investment firm, Angelo Gordon; a position which he has held for years. With an international focus on North American and Western European transactions, Heller works diligently for investors on Angelo Gordon's credit. He specializes in credit analysis and primarily industrial and office assets. Utilizing exceptional bankruptcy consulting skills, Heller below-investment grade essential to the deep credit analysis supporting the firm's net lease strategy. Heller has more than $2 billion sale leaseback and net lease acquisitions. He received a bachelor's degree in business from the University of Michigan, and he is also a Certified Insolvency and Restructuring Advisor. Prior to joining Angelo Gordon, Heller worked as a senior consultant at the global business advisory firm, FTI Consulting, where he advised secured and unsecured creditors on complex bankruptcies and restructurings.
JONATHAN HIPP
Avison Young
Venturing into the net lease industry early on in his 25-year career, Jonathan Hipp is regarded as a net lease pioneer. Assisting in forming the niche market at the time, Hipp's research set the stage for what the marketplace looks like today. Founding Calkain Cos. in 2005 as a firm focused solely on net lease investment services, Hipp has successfully developed the business to perform as a leader; successfully transacting more than $12 billion in deal volume. As president and CEO, he oversees all operations and directs his team to broker deals on clients' behalf. He has expanded the small boutique shop to comprise services in brokerage, advisory, asset management, research and capital markets. He manifests a client-focused, collaborative team environment to ensure that all brokers have access to accurate, beneficial research through the firm's platform; creating the best solutions for clients and ensuring transactions are seamlessly conducted, from initial opportunity and due diligence to lending and closing. As a driving force to his success, Hipp continually engages new clients and seeks out revenue-generating assets that match investors' strategies. He often serves as a well-known resource, guest speaker and panelist at industry conferences and regularly shares his expertise regarding real estate trends as a media contributor. He and his company are frequently recognized for philanthropy work and community outreach.
KAREN J. HUTTON
HUTTON
As founder, president and CEO of HUTTON, Karen J. Hutton has focused on building the business and cultivating its philanthropic company efforts since its inception in 1998. Exhibiting a contagious energy that successfully defines the company's culture, and a competitive spirit that drives her team forward, Hutton has proven key to growing the fully-integrated development and investment company within a male-dominated industry. A direct result of Hutton's tenacity to deliver sites, consistently meet deadlines and exceed clients' expectations, HUTTON has doubled its professional base within the past five years to employ more than 85 employees. Under Hutton's leadership, the company has completed 1,100 projects for hundreds of clients throughout 40 states. The company's stabilized portfolio of more than 200 assets is currently valued at nearly $1 billion, upon experiencing a 77% revenue growth within the past three years. Additionally, the company launched two new divisions of multifamily and self-storage last year. Hutton is consistently recognized for her influential work, both nationally and locally within the Chattanooga, TN community. She has been named a Top 10 influential business leader within the community and she was additionally inducted into the University of Tennessee Entrepreneurship Hall of Fame. Deeply dedicated to supporting the community, she conducts an employee-led, social responsibility program at the firm; directing community investments, fundraising efforts and volunteer days to improve the city's vitality.
STAN JOHNSON
Stan Johnson Co.
A pioneer within the single-tenant net lease market, Stan Johnson founded Stan Johnson Co. 35 years ago in 1985. Determined to deliver high-quality, client-focused services, Johnson developed a collaborative approach and entrepreneurial culture, designed to increase productivity, efficiency and customer satisfaction for the business. Within two years of its inception, the company was focused solely on net lease properties sales, leasebacks and exchanges, with a mission to provide exceptional value to clients. Johnson, based in Tulsa, OK, has led the company to launch offices from coast to coast; successfully providing investment sales and corporate finance services to support clients' goals and objectives. Stan Johnson Company is currently actively expanding its multi-tenant investment sales presence across the nation by adding professionals to key markets. Through continued growth, the firm achieved a significant milestone in 2019 when reaching $35 billion in cumulative transaction volume. As CEO and founder, Johnson manages one of the country's largest professional teams focused on net lease investment sales. Within his role, Johnson remains active in the company's day-to-day management operations, while overseeing its long-term growth strategies. Johnson is also involved in local philanthropic work.
RISING STAR
ALEX KOUSTAS
The Agency Commercial Advisory
The Agency Commercial Advisory's resident expert, Alex Koustas brings more than 12 years of investment, development and brokerage experience to the firm. As managing director of the full-service commercial brokerage platform, Koustas has cultivated a highly-specialized team of brokers to focus on the office, industrial, retail, multifamily and hospitality asset classes. Representing clients throughout the Western US as a leader in the field, Koustas has grown his team to offer services in leasing, investment sales, property transition and repositioning, market-specific analysis, financial analysis, design and marketing material development. He assists clients in buying, selling and leasing properties, while advising on new opportunities and trends. Upon starting in the industry directly after college, Koustas served as VP of Silagi Development and Management Inc., before serving as the acquisitions director for BH Properties, where he was responsible for the deployment of $100 million in annual acquisitions. He then acted as the founding member and president of the boutique commercial brokerage firm, The December Company Inc., prior to joining The Agency. Through his collaborative spirit and innovative vision, Koustas is able to provide clients with a broad view of the marketplace, while offering tailored expertise. Last year, he and his team notably represented Bandier on its flagship West Coast location. He is often consulted by various media outlets concerning his knowledge on the retail market.
CAMILLE RENSHAW
B+E
Visioning a need in the net lease market, Camille Renshaw launched B+E in 2017 as a modern investment brokerage firm, specializing in net lease real estate and 1030 exchange. By way of her break-through thinking, Renshaw leveraged the industry's largest data set to create the first NNN trading platform, comprising user-friendly dashboards, predictive pricing and an AI-driven exchange. Through the platform, buyers and sellers are able to conduct entire transactions online, while reviewing real-time credit, news and tenant data. Combining expert talent with advanced technology, Renshaw has rapidly expanded the firm into six cities within two years of inception. Her implemented proprietary process showcases speed, unrivaled transaction efficiencies and strong asset value. She launched 1031 Trade in 2018 as the first trading platform for completing 1031 exchanges; where brokers and exchangers can review the national net lease market, criteria match and run entire transparent exchanges using specialized dashboards. Under Renshaw's leadership, B+E brokered the largest industry transaction via a digital platform in May 2019, with the $324 million Cabela's sale-leaseback, encompassing 11 properties of more than 1.6 million square feet and an additional 277 acres of land. Aside from overseeing all company operations as CEO, Renshaw is highly involved within the industry. She is a prominent speaker, media contributor, advisor and board member. She is additionally an executive in residence at the NYU Stern School of Business.
CHRIS SANDS
Sands Investment Group
Beginning his real estate career in 2004, Chris Sands set out to form a company in 2010 that would focus on building relationships, as well as buying and selling net lease properties. Sands founded the brokerage company, Sands Investment Group, with a desire to execute win-win deals and support clients' best interests. In a transactional industry, Sands leads his team to sensibly advise clients on when to hold versus sell, refinance versus restructure, etc. The company's motivation of longevity has significantly fueled its development, with a recent growth of more than 200% in revenue, transaction volume and broker count. Since the firm's inception, Sands has participated in the disposition of more than 1,400 properties throughout 48 states, valued at more than $4 billion. He directs his team to employ a hyper-focused model of deep examination into sub-product specialization; resulting in niche-expert brokers. Additionally, Sands formed a truly collaborative culture at the company, with internal and external values of honesty and integrity that permeate into the marketplace and ensure a high retention rate. As CEO of the company, Sands serves at the firm's motivational speaker, visionary, owner and coach. He drives the company's initiatives and evolution, and strives to bring out each professional's full potential. He oversees the firm's six offices and additionally launched SIGives, as a core pillar of the company, which has donated more than $1.5 million to charitable organizations.
RISING STAR
MARK THIEL
Marcus & Millichap
Amongst the rapid-growing industry of health and wellness and the increasingly uncertain retail real estate sector, Mark Thiel has identified a unique and rewarding niche market. Proving to be resilient in any economic cycle, fitness centers often secure low-risk national credit tenants and offer services that are difficult to duplicate online. Recognizing this opportunity, while leveraging Marcus & Millichap's vast sales platform, Thiel has successfully risen to the top of the fitness triple-net brokerage ranks; completing more single-tenant, net-leased health club transactions than any other broker in the country. Specializing in the acquisition and disposition of single-tenant and multi-tenant retail properties as the firm's senior managing director of investments, Thiel advises on transactions and assists investors in navigating such assets. He routinely facilitates sale-leasebacks for the nation's largest health club operators, such as LA Fitness and Golds Gym. Prior to being promoted to his current role, Thiel achieved a record-breaking year in 2018 by selling more than $300 million in transaction volume. He has received the firm's National Achievement Award, Sales Recognition Award and additionally secured a position among the firm's Top 5 producing net lease brokers, last year. Throughout his career, he has closed more than $1.5 billion in transaction volume, representing more than five million square feet of retail space.
TRAVIS TRAUTVETTER
Cushman & Wakefield
As a consistent, top producer both regionally and nationally for Cushman & Wakefield, Travis Trautvetter leads a team within the firm's capital markets group that is widely-recognized as a market leader in single-tenant investment sales. With extensive experience in representing build-to-suit developers, institutions and private investors in asset dispositions, Trautvetter serves as vice chairman of capital markets for the firm. Throughout his 16-year industry career, he has accumulated a personal transaction volume which exceeds $4 billion, across 45 states. Specializing in government-leased properties, his transactions demonstrate increasing complexity and innovation, and often consist of forward-sales and buyer commitments, prior to development completion. From 2017 through 2019, Trautvetter successfully brokered 77 deals totaling nearly 2.9 million square feet and $1.4 billion. During this time, he represented both institutional and private investors on the sales of individual assets and portfolios, with clients ranging from public REITS and pension funds to developers. Key transactions for Trautvetter include the portfolio sale of 14 single-tenant properties across 1.5 million square feet throughout 11 states, on behalf of a private equity firm; the disposition of a 399,636-square-foot, single-tenant office building leased to State of California, on behalf of an ownership group; the disposition of a 120,000-square-foot, single-tenant office building, leased to an investment-grade tenant; and the disposition of an 86,363-square-foot health care center, structured as a forward-commitment with closing at project completion.
Chris Volk
STORE Capital
For more than 30 years, Chris Volk has dedicated his career to providing clients with the tools and resources to succeed in their space. As co-founder, president and CEO of STORE Capital, Volk has shaped the company to be one of the fastest-growing net lease REITs and the preferred provider of net lease financing solutions for middle market companies. Volk provide customers with the knowledge to create wealth opportunities. Committed to creating long-term, sustainable value for stakeholders, the company tailors and delivers solutions to meet specific growth needs; offering guidance on topics from expanding business locations and maximizing after-tax proceeds, to traditional lease benefits and lowering capital costs. Volk notably works to create and promote his award-winning, original video series, STORE University, as an informative tool for local and international business owners to gain insight on understanding the market and advancing business endeavors. Prior to STORE Capital, Volk led three successful public companies/REITs during the course of his career. He constantly seeks new business practices to incorporate in the marketplace. As a leader in the acquisition, investment and management of single-tenant operational real estate, under Volk's direction, the company currently employs more than 90 associates and owns a portfolio of more than 2,300 properties across all 50 states. Volk continues to guide the company, which is now listed on the New York Stock Exchange with a more than $8.5 billion market capitalization. He serves as an industry speaker and authors numerous articles on real estate finance.
JOSEPH C. YIU
ElmTree Funds LLC
Joseph C. Yiu has made a significant impact on the net lease sector through various professional developments during his 20 year career. With the innate ability to think outside of the box, Yiu co-founded The Norseman Group at age 25 in 2003; providing structured net lease financing solutions in the form of inventive mezzanine loans at the time. In 2009, as the chief investment officer of ECM Realty Trust, Yiu led a series of transactions that acted as a catalyst to the NNN sector by obtaining significant capital for the market in both public and non-traded public REITs. Following the recession, Yiu filled the void of capital market construction financing by entering the niche market and launching ElmTree Funds LLC with his partner. Providing construction and take-out financing, Yiu has led ElmTree to acquire and finance more than $3 billion in build-to-suit properties. With a current portfolio of 11 million square feet spanning 29 states, Yiu has been instrumental in bringing built-to-suit assets to the net lease market. As managing partner and chief investment officer, Yiu assists analyzing, underwriting and approving fund investments. He additionally heads the firm's acquisitions team. Proving that predictable cash flow and long-term leases can make valuable, safe investments for foreign investors, Yiu secured China Life Insurance to acquire the firm's Fund 3, which targets secondary and tertiary markets, for $950 million in 2017. Aside from professional responsibilities, Yiu supports local organizations, publishes beneficial industry content, participates in mentorship programs and additionally launched a student-athlete scholarship.
TEAMS
BARR & BENNETT NET LEASED INVESTMENTS GROUP, PART OF LEE & ASSOCIATES
The Barr & Bennett Net Leased Investments Group was founded by principals, Ryan Barr and Ryan Bennett in effort to produce a platform that valued quality of service rather than quantity of transactions. A brand of both marketing and business practices, the group has become a consistent resource for new and repeat clients in determining sales timing, pricing recommendations and negotiation strategies. Through years of experience, Barr and Bennett have generated a global proprietary database of investors and developers, while priding themselves on one-on-one communication and personal oversight on each transaction. The group's intense focus on client care is instituted throughout the entire transaction process and has enabled it to expand nationally. As part of Lee & Associates, the group utilizes the company's extensive network; creating a synergistic transaction process by combining local expertise with capital market knowledge, in turn expanding the firm's overall reach. The two professionals have built a balanced partnership that highlights each of their strengths. Leading the team in expanding its client base, Barr remains in constant communication with potential and existing clients; offering market updates, financial advice and sale-leaseback expertise to drive revenue growth and client development. Bennett focuses on the day-to-day processes of overseeing transactions, facilitating negotiations, outlining financial strategies, coordinating marketing activity and directing associate training. While consistently increasing sales transactions, the team broadens its success by mentoring young associates, streamlining marketing processes and improving the escrow process. Barr and Bennett each additionally contribute to their communities by participating in fundraising for various organizations and events.
CBRE'S MATTHEW GORMAN & MICHAEL SHOVER
Matthew Gorman and Michael Shover have enabled CBRE to broaden its retail focus throughout the Mid-Atlantic region, with significant single-tenant asset, multi-tenant shopping center and net lease portfolio sales. Bringing investment sales to the company in 2015, the two did were promptly inducted into the firm's exclusive Net Lease Property Group. Allowing the company to offer comprehensive net lease services in-house, the two SVPs harvest relationships with other brokers, in order to seamlessly refer diverse retail clients. Dedicated to representing clients with the highest level of professionalism, honesty and integrity across all aspects of the sales process, the Gorman-Shover team has managed to complete 660 transactions throughout their careers, totaling more than $2.16 billion and spanning assets such as restaurants, auto retailers, drugstores, discount stores, banks, big box retailers and more. Within five years at the firm, the team has achieved 522 transactions, totaling more than $1.72 billion. Major transactions for the pair include a $24 million net lease sale in Philadelphia, PA and the more than $10 million sale of a Capital One Bank in Brooklyn. The two have additionally closed multiple, large sale leaseback portfolios, including a 13-property portfolio for $41.67 million and a 19-property portfolio for $30.48 million. In addition to passionately executing deals for clients, the two frequently assist new investment sales associates in learning the requirements, realities and benefits of working in the industry. As a team, they are thoroughly involved in the company's internship program by working with students on industry basics and the different layers of the business. The team also supports various charity organizations throughout the year.
HANLEY INVESTMENT GROUP'S JEFF LEFKO / BILL ASHER
Hanley Investment Group's EVPs, Jeff Lefko and Bill Asher consistently present tremendous value to clients, while setting countless nationwide net lease records. Creating win-win opportunities for buyers and sellers, their dedication, "client-first" mentality and entrepreneurial mindsets have expanded the firm's national reach. Based in Southern California, the two specialize in bringing capital out-of-state, and have become leading investment sales brokers in multiple US cities. The team serves as one of the top three most active net lease teams in the Midwest, with more than $400 million in Midwest transaction volume. With incredible market awareness and intuition, the team has accomplished the lowest cap rate for a multi-tenant, net-leased property and the highest price-per-square-foot for a multi-tenant, net-leased property. Providing complementary skill sets to each deal, the two constantly achieve or exceed target pricing for each transaction. As the company's youngest-ever EVP, Lefko leads the firm in transaction volume and works to proactively advise clients on their long-term financial goals. As a founding member of the company, Asher has more than 20 years of experience in advising clients on retail acquisitions and dispositions, as well as implementing strategic marketing initiatives and corporate advertising objectives. Within the past three years, the team closed or currently has in escrow 194 properties, valued at nearly $1 billion. Achieving the lowest cap rates for various, prominent single-tenant and multi-tenant retailers, the team has additionally completed the most net lease car wash sales in the nation; exposing the assets as a viable product type and unlocking significant value for operators. Establishing practices that are frequently emulated by industry professionals, the team is often recognized for its unmatched integrity and impeccable hands-on approach throughout the lifecycle of a project.
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