Real Capital Analytics president Robert White set the stage after being introduced by Real Estate Media president and CEO Jonathan A. Schein. Of the net lease market White said, "I truly believe there is a lot more steam in it." His firm tracks deal more than $5 million in value, but he sees an increase in retail transactions below that level. "It's only touching the tip of the iceberg." He's also seeing a "significant uptick" in sale-leasebacks.

Washington, DC and Los Angeles are two markets RCA has identified where the gap between pricing and replacement costs is closing. "There's a lot of capital out there," White said. Those with capital competing for product include pension funds, public and private REITs and private investors. "Net lease properties are key in acquisition criteria. It's a different marketplace. We keep seeing new buyers pop up. Capital continues to flow from all directions. We could lose investors if interest rates go up, but we have a deep well."

In the town hall session on the state of the net lease market, panel members debated issues such as industry growth, pricing, residual risk and the commoditization of real estate. "I'm seeing deals that are blowing my mind," said Ethan Nessen, principal of Cric Capital. "We're in a real estate cycle that's up, but ultimately real estate is not a fungible asset."