The net lease sector of retail real estate has been much talked about as a stable place for commercial real estate invesments. Stan Johnson Co. sees a large share of those deals take place. Gill Warner, senior director of investment sales at the firm, recently spoke with GlobeSt.com about the trends he is seeing in the space. He talked about trends in deal flow, tenant expansions and what geographic areas are performing welll.

GlobeSt.com: How is net lease retail faring compared with other property sectors?

Gill Warner: It’s faring pretty well. There’s obviously a shift in deal size. The quantity of properties that are trading are about the same, but the volume is significantly lower because you were working on a $5-million Walgreen average, and now you’re trading a lot of Dollar Generals at $1 million. You might have the same amount of transactions going on, but overall volume might be down. We sell what’s being built, and a lot of that is smaller, like the Dollar Generals, tire stores, auto-part dealers. We were selling the Lowe’s, the Walmarts, and none of that is being built, so there’s not much of it training.