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Midwest Net Lease Report

As a whole, the Midwest sector is underserved and largely untapped in the NNN leased niche.

By Jonathan Hipp | Updated on December 14, 2011

The Midwest Market encompasses a varied set of states that mainly include: Missouri, Kansas, Minnesota, Illinois, Kentucky, Ohio, Indiana, Iowa and Wisconsin.  The major cities and metro areas that highlight this market are St Louis, Kansas City, Indianapolis, Minneapolis/St Paul, Madison, Kansas City, Des Moines, Cincinnati and Columbus.  Chicago although considered a cornerstone of the region acts more like one of the major metropolitan areas behind New York, Los Angeles, Miami, San Francisco and DC.  It is the more representative of the primary market in trends and pricing even though it is a hub for retail commercial real estate and reporting, its’ behavior is an exception to the majority of Midwest’s NNN market. 

As a whole, the Midwest sector is underserved and largely untapped in the NNN leased niche. There are virtually no firms specifically working on the NNN assets for this market.  The majority of the investment grade listings are picked up by out of state brokers who may not be cognizant of the intricacies of the Midwest investor mindset and region particulars.  The inner cities are full of hard corner fast foods, dollar generals and the convenience store assets with growing suburban areas filling in the gaps with numerous power centers and multiple outparcels.  The big boxes are now saddled with “first time in the market” fill in concepts.

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