Briggs: I don’t think there has been a significant shift in the “type” of transaction. But financing has come back into play in more readily available fashion. We’re getting a few of those tougher deals done that we wouldn't have gotten done 12 to 18 months ago.

Herrold: Where we’re seeing an increased trend by product type would probably be the zero-cash-flow product. We’ve historically had a very strong track record in that space. It’s a very unique product, and there are very few who transact in that business. We’ve seen a lot of increase volume in that arena. Some of it is driven by 1031 exchanges, and that is picking up; some of it is foreclosures of properties.

GlobeSt.com: Are there any retailers out there you're seeing getting a lot of buzz?

Herrold: The flavor of the day this year and last year has been the discount stores: Dollar General is opening 600 stores this year, and Family Dollar will open 450 to 500. Of the retailers that are expanding, those two seem to be the most aggressive. We’re seeing a spillover of that product into the marketplace more so than ever before. About three or four years ago, that product was not desirable by the investor community. Credit strength of both of those retailers was OK but not great. Their credit quality continued to improve as well as their profitability. We’ve seen a huge appetite from investors.

From a negative standpoint, everyone has their eye on Best Buy. They’re announcing their quarterly results, and they’re closing up to 50 stores. There’s a lot of question as to the long-term viability of Best Buy. That’s a product type that was very attractive to investors that has turned around and has become an unattractive asset. Whether you own one, or you’ve looked at them in the past, the attractiveness has diminished.

Briggs: Traditionally, three or four years ago, Stan Johnson wasn’t playing in [the dollar store] space very often. We have seen a very significant uptick in our asset sales. Whether it’s an institutional client or a developer that is aggregating a pool of product, we just secured a pretty big engagement for a package of dollar stores that really opens up the buyer community to that institutional or private-equity client. We’ve seen a pretty strong early interest in that portfolio. Whereas three years ago no one would have thought about it, today it’s a very attractive property type.

GlobeSt.com: With the lack of development going on, does it seem like retailers are finding the sites they’re looking for?

Briggs: I don’t think it’s a lack of desirable site, it’s more their appetite for expansion right now. Those that are expanding are finding attractive sites and developers that are willing to develop those sites. From our perspective, on the retailer side, one of things we’ve seen a fair amount of is sale-leasebacks with a franchisee that’s looking to expand their operations, and they are monetizing assets to fund that expansion. We have done a lot of business in that space in the last 12 to 18 months, whether it is with a quick-service restaurant chain or a C-store chain. There is a good appetite for the investment community to purchase that asset type.

Herrold: There have probably been some emerging retailers out there, like a Trader Joe's or a Sprouts, some of the smaller grocery chains that are growing, and a lot of those guys have secured empty big boxes. I have seen a lot of Circuit City’s getting released to either big-box retailers or some of the emerging ones as well.

GlobeSt.com: Any parts of the country that are getting a lot of activity?

Herrold: Two years ago, and even last year, we saw a majority of activity in the major markets in the United States. Investors perceived them as healthy, resilient markets. Texas was definitely attractive. When the economic downturn occurred, those were probably the most attractive out there. What you’re seeing now, because of a significantly increasing demand for the product and a development pipeline that is very limited, that buyers are now forced to invest outside of major markets. We’re seeing as lot of deal flow in secondary and tertiary markets. Those seem to be attractive.

Locationally, it’s all across the board. It’s hard to say there is a specific area. Texas remains the flavor of the day and is most attractive. We’re seeing interest across the country.

GlobeSt.com: How is the net lease sector performing?

Herrold: We have been "Steady Eddy," to be honest with you. As transaction volume plummeted in 2009, net lease held its ground. It saw a decrease in terms of volumes, but not relative to the overall commercial real estate industry. As the markets come back, net lease has increased, and so has commercial real estate in general.