Robison: There is a significant amount of product still on the market. In this rising interest rate environment, pricing is everything. If you want to sell, you'll need to have market pricing. Having your property sit on the market waiting for that perfect exchange buyer was a successful strategy in 2015-2016. Today, we must be more aggressive on pricing subject to buyer expectations as interest rates rise. As the spread in cost of capital between REITs and private players opens as well, we should expect activity to rise in the REIT space as they could become the dominate buyers again. Rising interest rates could and should raise all boats in the buyer space.

GlobeSt.com: What pricing and cap rate trends are you beginning to notice in this shifting sector?

Robison: As financing rates rise, buyer expectations will rise as well, especially on B- and C-level product. Premium A-caliber listings will likely source a buyer at current pricing given the amount of capital out there, which should produce some justifiable pricing – but those deals with more commonplace fundamentals will surely see a cap rate hit.

GlobeSt.com: What are your predictions for new store development trends over the next three to five years as some existing stores close or are rebranded?

Robison: CVS Pharmacy will undoubtedly see changes to their internal layout with the expansion of their Minute Clinic offering, and I expect Walgreens will follow suit by expanding their offerings to customers in order to stay competitive. But as we see some stores close as a result from these mergers, I expect we'll see a slowdown in new store construction for the foreseeable future. In the next few years, it's very possible there could be a shortage of newly built retail drugstores available for investment.