Influencers In Net Lease

Net lease is the backbone of the commercial real estate industry. An unassuming asset class—or perhaps better put, real estate strategy—net lease…

Net lease is the backbone of the commercial real estate industry. An unassuming asset class—or perhaps better put, real estate strategy—net lease investment volume increased by 10.9% to a record $77.5 billion last year, according to CBRE. But don’t let the bread-and-butter nature of these deals fool you. They can require as much work and planning as larger deals in other asset classes. The people and teams and companies that work this space are, by necessity, rigorous and meticulous in their transactions. In the following pages, we bring to you our selection of the best deal-makers in the space. They may not be the largest or most well-known; instead we selected them for the significant contributions they have made to the industry.

ERIC ALLON Bernkopf Goodman LLP Unsatisfied with the industry’s lack of proptech implementation concerning building design and construction, Eric Allon grew determined to establish advances and declare change by understanding its full impact. Learning from the leading real estate technology service providers, Allon quickly became an expert on the subject relating to lease negotiations, tenants’ desires, costs absorbed by owners and more. As a real estate law partner and attorney at Bernkopf Goodman LLP, Allon soon established a reputation as the “Proptech Guy” within the Boston commercial real estate space. With wide-spread experience in representing both landlords and tenants in lease negotiations, and extensive knowledge related to industry disruptors, acquisitions, management, financing transactions and commercial loan workouts, Allon executed a notable transaction in representing the footwear company, Clark’s Americas Inc. in its new headquarter lease at a four story, 120,000-square-foot office property; a transaction which the Boston Business Journal referred to as the “Real Estate Deal of the Year.” A true leader in the space, Allon has penned a series of industry technology-related op-ed articles for the Boston Business Journal. He frequently speaks on panels, moderates industry events and leads his own proptech seminars. Influencing even greater masses, his LinkedIn posts receive substantial attention and often perform as trending stories. Additionally, Allon is a regular guest speaker and mentor at the Harvard Business School of Entrepreneurship.

RISING STAR ARON CLINE Matthews Real Estate Investment Services

Aron Cline has successfully established himself as a premier broker in the single-tenant net-leased industry. Continually setting the bar as a leader in the space, Cline has managed Matthews Real Estate Investment Services’ Orange County office for the past three years. As SVP and senior director of single-tenant net-leased business, he has proven essential to the firm’s overall growth and success, in terms of both revenue and size. He prides himself on an in-depth knowledge of the market and is committed to providing clients with expertise regarding net-lease projects, from development to disposition. Providing research, advisory, financing and transaction services, he incessantly tracks the market and utilizes his photographic memory to create an internal database of the nation’s sales comps. Specializing in the acquisition and disposition of retail investment properties, he employs an exclusive listing marketing approach to generate exposure and create competition among buyers. He has remained a top producing agent at Matthews since its inception in 2015, and he successfully closed the firm’s largest transactions of 2015 and 2016. In addition to forging ties with some of the nation’s largest institutions, developers, syndicators, lenders and private-equity companies, he serves as a member of the International Council of Shopping Centers. Beginning his career in 2011 as an investment sales broker at Marcus & Millichap, Cline then worked as an associate vice president at Colliers International, prior to joining Matthews.

RISING STAR RYAN COCKERILL Agree Realty Corp.

As vice president of acquisitions at Agree Realty Corp., Ryan Cockerill holds a wide array of responsibilities. Not only is he responsible for analyzing and underwriting acquisition opportunities throughout the Eastern region of the US, but he additionally sources transactions and manages a large network of real estate contacts. In total, Cockerill has completed more than $1 billion in net lease retail acquisitions, representing more than 300 properties across 37 states. He joined the firm in 2016 as director of acquisitions, before being promoted to his current role two years later. In 2018 alone, he was accountable for $400 million in acquisitions. He capped off the monumental year by overseeing the purchase of more than 100 Sherwin-Williams Company stores in a $150 million transaction; a deal that secured purchase agreement to closing in about three weeks. Cockerill received a Bachelor of Science degree in industrial and operations engineering from the University of Michigan, prior to his decade-long career in the industry. He previously served as an agent at Marcus & Millichap for seven years, where he integral to closing $200 million in transaction volume. He is a member of the International Council of Shopping Centers and is additionally a member of Agree Realty’s Steering Committee. He is an avid supporter of local charities, such as Kids Kicking Cancer, Children’s Hospital of Michigan and Friendship Circle.

JOHN GLASS Marcus & Millichap Continually raising the bar for his clients, John Glass expertly assists stakeholders in navigating the ever-changing commercial real estate environment. As the expanding single-tenant, net-lease industry employs more data and requires increased efficiency and new approaches, Glass utilizes Marcus & Millichap’s extensive sales platform and his more than 30 years of experience to produce rarely paralleled results. As executive managing director of investments at the firm and senior director of both the national retail group and net-leased properties group, Glass advises developers, tenants and institutions on disposition strategies, to maximize valuations and move capital in search of higher yields. Developers confidently rely on his analysis, asset-leverage and position within the industry to move properties quickly in order to free up capital for future projects. He works with numerous corporate, institutional and private clients, as well as private equity groups, franchisors, franchisees and build-to-suit specialists. Throughout his career, he has personally closed more than 1,400 investment sales transactions, totaling more than $4.4 billion in volume. He secured a position among the firm’s Top 5 net lease brokers in 2019, and he has additionally received the firm’s National Achievement Award and Sales Recognition Award for the past three years. With a track record that has proven beneficial to the industry, Glass serves as a leader in the space through his unique ability to understand investors’ goals and connect buyers and sellers, despite physical distance.

KYLE GORE CGA Capital LLC Starting in the industry in 1989, Kyle Gore’s innovative net lease transaction structures have been applied by various firms over the years and are utilized as common practice. His creativity and vision enables the ability to predict potential deals and generate complete transaction structures for borrowers, tenants and debt investors, while considering tax objectives and regulatory constraints. Due to his wealth of market knowledge, industry players often seek his counsel. As a senior managing director and principal at CGA Capital LLC, Gore is responsible for leading day-to-day management and overall strategy. He heads the company’s structuring group and handles all business development and client management; producing competitive bid processes and serving as the primary point-of-contact for investors, as the firm’s “go-to guy.” A mentor for more than 30 years, Gore provides training on net lease models, NAIC underwriting guidelines, CTL transaction structures and detailed term sheets. An expert in applying residual value insurance to various financings and exchange processes, Gore and his team have successfully closed more than $2.5 billion in transactions over the past three years. Showcasing Gore’s efforts, two prominent transactions include the structuring and closing of $725 million build-to-suit financing for a net-leased office tower in 2019; the largest real estate transaction in Charlotte, NC history. As well as structuring and closing the debt and equity recapitalization of $1.1 billion for a facility, net-leased to the GSA in 2017; the second-largest GSA lease-backed financing ever completed.

RISING STAR JUSTIN HELLER Angelo Gordon

With a decade of background experience in the industry, Justin Heller currently serves as managing director at the multi-strategy alternative investment firm, Angelo Gordon; a position which he has held for years. With an international focus on North American and Western European transactions, Heller works diligently for investors on Angelo Gordon’s credit. He specializes in credit analysis and primarily industrial and office assets. Utilizing exceptional bankruptcy consulting skills, Heller below-investment grade essential to the deep credit analysis supporting the firm’s net lease strategy. Heller has more than $2 billion sale leaseback and net lease acquisitions. He received a bachelor’s degree in business from the University of Michigan, and he is also a Certified Insolvency and Restructuring Advisor. Prior to joining Angelo Gordon, Heller worked as a senior consultant at the global business advisory firm, FTI Consulting, where he advised secured and unsecured creditors on complex bankruptcies and restructurings.

JONATHAN HIPP Avison Young

Venturing into the net lease industry early on in his 25-year career, Jonathan Hipp is regarded as a net lease pioneer. Assisting in forming the niche market at the time, Hipp’s research set the stage for what the marketplace looks like today. Founding Calkain Cos. in 2005 as a firm focused solely on net lease investment services, Hipp has successfully developed the business to perform as a leader; successfully transacting more than $12 billion in deal volume. As president and CEO, he oversees all operations and directs his team to broker deals on clients’ behalf. He has expanded the small boutique shop to comprise services in brokerage, advisory, asset management, research and capital markets. He manifests a client-focused, collaborative team environment to ensure that all brokers have access to accurate, beneficial research through the firm’s platform; creating the best solutions for clients and ensuring transactions are seamlessly conducted, from initial opportunity and due diligence to lending and closing. As a driving force to his success, Hipp continually engages new clients and seeks out revenue-generating assets that match investors’ strategies. He often serves as a well-known resource, guest speaker and panelist at industry conferences and regularly shares his expertise regarding real estate trends as a media contributor. He and his company are frequently recognized for philanthropy work and community outreach.

KAREN J. HUTTON HUTTONAs founder, president and CEO of HUTTON, Karen J. Hutton has focused on building the business and cultivating its philanthropic company efforts since its inception in 1998. Exhibiting a contagious energy that successfully defines the company’s culture, and a competitive spirit that drives her team forward, Hutton has proven key to growing the fully-integrated development and investment company within a male-dominated industry. A direct result of Hutton’s tenacity to deliver sites, consistently meet deadlines and exceed clients’ expectations, HUTTON has doubled its professional base within the past five years to employ more than 85 employees. Under Hutton’s leadership, the company has completed 1,100 projects for hundreds of clients throughout 40 states. The company’s stabilized portfolio of more than 200 assets is currently valued at nearly $1 billion, upon experiencing a 77% revenue growth within the past three years. Additionally, the company launched two new divisions of multifamily and self-storage last year. Hutton is consistently recognized for her influential work, both nationally and locally within the Chattanooga, TN community. She has been named a Top 10 influential business leader within the community and she was additionally inducted into the University of Tennessee Entrepreneurship Hall of Fame. Deeply dedicated to supporting the community, she conducts an employee-led, social responsibility program at the firm; directing community investments, fundraising efforts and volunteer days to improve the city’s vitality.

STAN JOHNSON Stan Johnson Co.A pioneer within the single-tenant net lease market, Stan Johnson founded Stan Johnson Co. 35 years ago in 1985. Determined to deliver high-quality, client-focused services, Johnson developed a collaborative approach and entrepreneurial culture, designed to increase productivity, efficiency and customer satisfaction for the business. Within two years of its inception, the company was focused solely on net lease properties sales, leasebacks and exchanges, with a mission to provide exceptional value to clients. Johnson, based in Tulsa, OK, has led the company to launch offices from coast to coast; successfully providing investment sales and corporate finance services to support clients’ goals and objectives. Stan Johnson Company is currently actively expanding its multi-tenant investment sales presence across the nation by adding professionals to key markets. Through continued growth, the firm achieved a significant milestone in 2019 when reaching $35 billion in cumulative transaction volume. As CEO and founder, Johnson manages one of the country’s largest professional teams focused on net lease investment sales. Within his role, Johnson remains active in the company’s day-to-day management operations, while overseeing its long-term growth strategies. Johnson is also involved in local philanthropic work.

RISING STAR ALEX KOUSTAS The Agency Commercial Advisory

The Agency Commercial Advisory’s resident expert, Alex Koustas brings more than 12 years of investment, development and brokerage experience to the firm. As managing director of the full-service commercial brokerage platform, Koustas has cultivated a highly-specialized team of brokers to focus on the office, industrial, retail, multifamily and hospitality asset classes. Representing clients throughout the Western US as a leader in the field, Koustas has grown his team to offer services in leasing, investment sales, property transition and repositioning, market-specific analysis, financial analysis, design and marketing material development. He assists clients in buying, selling and leasing properties, while advising on new opportunities and trends. Upon starting in the industry directly after college, Koustas served as VP of Silagi Development and Management Inc., before serving as the acquisitions director for BH Properties, where he was responsible for the deployment of $100 million in annual acquisitions. He then acted as the founding member and president of the boutique commercial brokerage firm, The December Company Inc., prior to joining The Agency. Through his collaborative spirit and innovative vision, Koustas is able to provide clients with a broad view of the marketplace, while offering tailored expertise. Last year, he and his team notably represented Bandier on its flagship West Coast location. He is often consulted by various media outlets concerning his knowledge on the retail market.

CAMILLE RENSHAW B+EVisioning a need in the net lease market, Camille Renshaw launched B+E in 2017 as a modern investment brokerage firm, specializing in net lease real estate and 1030 exchange. By way of her break-through thinking, Renshaw leveraged the industry’s largest data set to create the first NNN trading platform, comprising user-friendly dashboards, predictive pricing and an AI-driven exchange. Through the platform, buyers and sellers are able to conduct entire transactions online, while reviewing real-time credit, news and tenant data. Combining expert talent with advanced technology, Renshaw has rapidly expanded the firm into six cities within two years of inception. Her implemented proprietary process showcases speed, unrivaled transaction efficiencies and strong asset value. She launched 1031 Trade in 2018 as the first trading platform for completing 1031 exchanges; where brokers and exchangers can review the national net lease market, criteria match and run entire transparent exchanges using specialized dashboards. Under Renshaw’s leadership, B+E brokered the largest industry transaction via a digital platform in May 2019, with the $324 million Cabela’s sale-leaseback, encompassing 11 properties of more than 1.6 million square feet and an additional 277 acres of land. Aside from overseeing all company operations as CEO, Renshaw is highly involved within the industry. She is a prominent speaker, media contributor, advisor and board member. She is additionally an executive in residence at the NYU Stern School of Business.

CHRIS SANDS Sands Investment GroupBeginning his real estate career in 2004, Chris Sands set out to form a company in 2010 that would focus on building relationships, as well as buying and selling net lease properties. Sands founded the brokerage company, Sands Investment Group, with a desire to execute win-win deals and support clients’ best interests. In a transactional industry, Sands leads his team to sensibly advise clients on when to hold versus sell, refinance versus restructure, etc. The company’s motivation of longevity has significantly fueled its development, with a recent growth of more than 200% in revenue, transaction volume and broker count. Since the firm’s inception, Sands has participated in the disposition of more than 1,400 properties throughout 48 states, valued at more than $4 billion. He directs his team to employ a hyper-focused model of deep examination into sub-product specialization; resulting in niche-expert brokers. Additionally, Sands formed a truly collaborative culture at the company, with internal and external values of honesty and integrity that permeate into the marketplace and ensure a high retention rate. As CEO of the company, Sands serves at the firm’s motivational speaker, visionary, owner and coach. He drives the company’s initiatives and evolution, and strives to bring out each professional‘s full potential. He oversees the firm’s six offices and additionally launched SIGives, as a core pillar of the company, which has donated more than $1.5 million to charitable organizations.

RISING STAR MARK THIEL Marcus & Millichap

Amongst the rapid-growing industry of health and wellness and the increasingly uncertain retail real estate sector, Mark Thiel has identified a unique and rewarding niche market. Proving to be resilient in any economic cycle, fitness centers often secure low-risk national credit tenants and offer services that are difficult to duplicate online. Recognizing this opportunity, while leveraging Marcus & Millichap’s vast sales platform, Thiel has successfully risen to the top of the fitness triple-net brokerage ranks; completing more single-tenant, net-leased health club transactions than any other broker in the country. Specializing in the acquisition and disposition of single-tenant and multi-tenant retail properties as the firm’s senior managing director of investments, Thiel advises on transactions and assists investors in navigating such assets. He routinely facilitates sale-leasebacks for the nation’s largest health club operators, such as LA Fitness and Golds Gym. Prior to being promoted to his current role, Thiel achieved a record-breaking year in 2018 by selling more than $300 million in transaction volume. He has received the firm’s National Achievement Award, Sales Recognition Award and additionally secured a position among the firm’s Top 5 producing net lease brokers, last year. Throughout his career, he has closed more than $1.5 billion in transaction volume, representing more than five million square feet of retail space.

TRAVIS TRAUTVETTER Cushman & WakefieldAs a consistent, top producer both regionally and nationally for Cushman & Wakefield, Travis Trautvetter leads a team within the firm’s capital markets group that is widely-recognized as a market leader in single-tenant investment sales. With extensive experience in representing build-to-suit developers, institutions and private investors in asset dispositions, Trautvetter serves as vice chairman of capital markets for the firm. Throughout his 16-year industry career, he has accumulated a personal transaction volume which exceeds $4 billion, across 45 states. Specializing in government-leased properties, his transactions demonstrate increasing complexity and innovation, and often consist of forward-sales and buyer commitments, prior to development completion. From 2017 through 2019, Trautvetter successfully brokered 77 deals totaling nearly 2.9 million square feet and $1.4 billion. During this time, he represented both institutional and private investors on the sales of individual assets and portfolios, with clients ranging from public REITS and pension funds to developers. Key transactions for Trautvetter include the portfolio sale of 14 single-tenant properties across 1.5 million square feet throughout 11 states, on behalf of a private equity firm; the disposition of a 399,636-square-foot, single-tenant office building leased to State of California, on behalf of an ownership group; the disposition of a 120,000-square-foot, single-tenant office building, leased to an investment-grade tenant; and the disposition of an 86,363-square-foot health care center, structured as a forward-commitment with closing at project completion.

Chris Volk STORE Capital For more than 30 years, Chris Volk has dedicated his career to providing clients with the tools and resources to succeed in their space. As co-founder, president and CEO of STORE Capital, Volk has shaped the company to be one of the fastest-growing net lease REITs and the preferred provider of net lease financing solutions for middle market companies. Volk provide customers with the knowledge to create wealth opportunities. Committed to creating long-term, sustainable value for stakeholders, the company tailors and delivers solutions to meet specific growth needs; offering guidance on topics from expanding business locations and maximizing after-tax proceeds, to traditional lease benefits and lowering capital costs. Volk notably works to create and promote his award-winning, original video series, STORE University, as an informative tool for local and international business owners to gain insight on understanding the market and advancing business endeavors. Prior to STORE Capital, Volk led three successful public companies/REITs during the course of his career. He constantly seeks new business practices to incorporate in the marketplace. As a leader in the acquisition, investment and management of single-tenant operational real estate, under Volk’s direction, the company currently employs more than 90 associates and owns a portfolio of more than 2,300 properties across all 50 states. Volk continues to guide the company, which is now listed on the New York Stock Exchange with a more than $8.5 billion market capitalization. He serves as an industry speaker and authors numerous articles on real estate finance.

JOSEPH C. YIU ElmTree Funds LLC Joseph C. Yiu has made a significant impact on the net lease sector through various professional developments during his 20 year career. With the innate ability to think outside of the box, Yiu co-founded The Norseman Group at age 25 in 2003; providing structured net lease financing solutions in the form of inventive mezzanine loans at the time. In 2009, as the chief investment officer of ECM Realty Trust, Yiu led a series of transactions that acted as a catalyst to the NNN sector by obtaining significant capital for the market in both public and non-traded public REITs. Following the recession, Yiu filled the void of capital market construction financing by entering the niche market and launching ElmTree Funds LLC with his partner. Providing construction and take-out financing, Yiu has led ElmTree to acquire and finance more than $3 billion in build-to-suit properties. With a current portfolio of 11 million square feet spanning 29 states, Yiu has been instrumental in bringing built-to-suit assets to the net lease market. As managing partner and chief investment officer, Yiu assists analyzing, underwriting and approving fund investments. He additionally heads the firm’s acquisitions team. Proving that predictable cash flow and long-term leases can make valuable, safe investments for foreign investors, Yiu secured China Life Insurance to acquire the firm’s Fund 3, which targets secondary and tertiary markets, for $950 million in 2017. Aside from professional responsibilities, Yiu supports local organizations, publishes beneficial industry content, participates in mentorship programs and additionally launched a student-athlete scholarship.

TEAMS

Ryan Barr
Ryan Bennett

BARR & BENNETT NET LEASED INVESTMENTS GROUP, PART OF LEE & ASSOCIATES The Barr & Bennett Net Leased Investments Group was founded by principals, Ryan Barr and Ryan Bennett in effort to produce a platform that valued quality of service rather than quantity of transactions. A brand of both marketing and business practices, the group has become a consistent resource for new and repeat clients in determining sales timing, pricing recommendations and negotiation strategies. Through years of experience, Barr and Bennett have generated a global proprietary database of investors and developers, while priding themselves on one-on-one communication and personal oversight on each transaction. The group’s intense focus on client care is instituted throughout the entire transaction process and has enabled it to expand nationally. As part of Lee & Associates, the group utilizes the company’s extensive network; creating a synergistic transaction process by combining local expertise with capital market knowledge, in turn expanding the firm’s overall reach. The two professionals have built a balanced partnership that highlights each of their strengths. Leading the team in expanding its client base, Barr remains in constant communication with potential and existing clients; offering market updates, financial advice and sale-leaseback expertise to drive revenue growth and client development. Bennett focuses on the day-to-day processes of overseeing transactions, facilitating negotiations, outlining financial strategies, coordinating marketing activity and directing associate training. While consistently increasing sales transactions, the team broadens its success by mentoring young associates, streamlining marketing processes and improving the escrow process. Barr and Bennett each additionally contribute to their communities by participating in fundraising for various organizations and events.

Matthew Gorman
Michael Shover

CBRE’S MATTHEW GORMAN & MICHAEL SHOVER Matthew Gorman and Michael Shover have enabled CBRE to broaden its retail focus throughout the Mid-Atlantic region, with significant single-tenant asset, multi-tenant shopping center and net lease portfolio sales. Bringing investment sales to the company in 2015, the two did were promptly inducted into the firm’s exclusive Net Lease Property Group. Allowing the company to offer comprehensive net lease services in-house, the two SVPs harvest relationships with other brokers, in order to seamlessly refer diverse retail clients. Dedicated to representing clients with the highest level of professionalism, honesty and integrity across all aspects of the sales process, the Gorman-Shover team has managed to complete 660 transactions throughout their careers, totaling more than $2.16 billion and spanning assets such as restaurants, auto retailers, drugstores, discount stores, banks, big box retailers and more. Within five years at the firm, the team has achieved 522 transactions, totaling more than $1.72 billion. Major transactions for the pair include a $24 million net lease sale in Philadelphia, PA and the more than $10 million sale of a Capital One Bank in Brooklyn. The two have additionally closed multiple, large sale leaseback portfolios, including a 13-property portfolio for $41.67 million and a 19-property portfolio for $30.48 million. In addition to passionately executing deals for clients, the two frequently assist new investment sales associates in learning the requirements, realities and benefits of working in the industry. As a team, they are thoroughly involved in the company’s internship program by working with students on industry basics and the different layers of the business. The team also supports various charity organizations throughout the year.

Bill Asher
Jeff Lefko

HANLEY INVESTMENT GROUP’S JEFF LEFKO / BILL ASHER

Hanley Investment Group’s EVPs, Jeff Lefko and Bill Asher consistently present tremendous value to clients, while setting countless nationwide net lease records. Creating win-win opportunities for buyers and sellers, their dedication, “client-first” mentality and entrepreneurial mindsets have expanded the firm’s national reach. Based in Southern California, the two specialize in bringing capital out-of-state, and have become leading investment sales brokers in multiple US cities. The team serves as one of the top three most active net lease teams in the Midwest, with more than $400 million in Midwest transaction volume. With incredible market awareness and intuition, the team has accomplished the lowest cap rate for a multi-tenant, net-leased property and the highest price-per-square-foot for a multi-tenant, net-leased property. Providing complementary skill sets to each deal, the two constantly achieve or exceed target pricing for each transaction. As the company’s youngest-ever EVP, Lefko leads the firm in transaction volume and works to proactively advise clients on their long-term financial goals. As a founding member of the company, Asher has more than 20 years of experience in advising clients on retail acquisitions and dispositions, as well as implementing strategic marketing initiatives and corporate advertising objectives. Within the past three years, the team closed or currently has in escrow 194 properties, valued at nearly $1 billion. Achieving the lowest cap rates for various, prominent single-tenant and multi-tenant retailers, the team has additionally completed the most net lease car wash sales in the nation; exposing the assets as a viable product type and unlocking significant value for operators. Establishing practices that are frequently emulated by industry professionals, the team is often recognized for its unmatched integrity and impeccable hands-on approach throughout the lifecycle of a project.

Alvin Mansour
Kevin Mansour

MARCUS & MILLICHAP, THE MANSOUR GROUP Brothers, Alvin Mansour and Kevin Mansour successfully lead The Mansour Group of Marcus & Millichap to be one of the most active teams in the net lease industry. Their vision, work ethic and collaborative approach have helped transform the retail and NNN commercial brokerage landscape. Throughout his 16 year career, Alvin has sold more than $5 billion in investment assets, while focusing on net lease properties. Forming the influential team, Kevin joined the industry more than 11 years ago. Alvin serves as executive managing director of investments for Marcus & Millichap’s Net Lease Properties Group, while Kevin serves as the division’s first VP of investments. Working together to bring quality net lease properties to market, the group handles the listings and dispositions of more than 250 properties at any given time. Alvin consistently ranks as a top broker at Marcus & Millichap, and a top producer in multi-tenant, single-tenant and net lease retail, private client investment properties throughout the nation. Skilled at expanding local investors’ reach to national markets, the team diligently coaches clients to recognize and acquire out-of-state investment opportunities with significant growth potential. Their leadership has led The Mansour Group to achieve nearly $1 billion in sales volume for Marcus & Millichap within the past year alone. In addition to generating robust real estate activity, Alvin and Kevin are passionate about the importance of philanthropy and charitable giving, as they are actively engaged in many philanthropic endeavors.

Glen Kunofsky
Scott Holmes

MARCUS & MILLICHAP, NLPG Selling the most single-tenant, net lease assets in the country, Marcus & Millichap’s Net Lease Properties Group, led by Scott Holmes, is comprised of nearly 300 knowledgeable agents, who are often recognized for their drive and entrepreneurial spirit. The group is bolstered by the company’s national sales platform, which provides comprehensive economic and market research to strategically position properties within the market. With an enhanced ability to manage the deal-making process, the group’s agents produce thousands of proposals for single-tenant, net lease owners each year; identifying the most beneficial investments for their clients. Through a culture of collaboration, the group is able to efficiently identify targets for capital and move properties quickly, while guarding against downside risk to help developers, buyers, sellers and retailers operate the ever-changing landscape. As the company’s top producing broker and top net lease broker, Glen Kunofsky is deeply dedicated to understanding the evolving marketplace and successfully leads the group in production volume. Within the past three years, Kunofsky has advised on and completed the two largest retail sale-leasebacks in the space, as well as some of the largest industrial sale-leasebacks. Exhibiting substantial success as an influencer in the field, Kunofsky completed more than $2 billion in property sales, representing more than 500 properties, in each 2018 and 2019. Joining the firm in 2018, SVP and national director of the firm’s retail divisions, Scott Holmes manages the group with more than 25 years of industry experience, representing more than $6 billion in retail, multifamily, office and industrial transactions.

Andrew Ragsdale
Andrew Sandquist
JC Asensio

NEWMARK KNIGHT FRANK’S NET LEASE CAPITAL MARKETS GROUP Established in 2017, Newmark Knight Frank’s Net Lease Capital Markets Group has demonstrated an ongoing impact on the industry and the market. Providing outstanding client service, the group specializes in the sale, purchase and recapitalizations of net-leased retail, industrial and office properties, nationally, while also providing strategic capital solutions to M&A private-equity sponsors and corporate occupier clients. While representing clients in primary, secondary and tertiary markets, the group offers a suite of core services such as net lease advisory, 1031 exchanges, sale-leasebacks, financial

Jerry Hopkins
Ken Hendrick
Matt Berres

analysis, built-to-suit forward-sales and more. The group’s professionals, holding a combined career volume of $13.3 billion, comprise executive managing director, Ken Hedrick, executive managing director, Jerry Hopkins, senior managing director, Andrew Ragsdale, executive managing director, Matt Berres, vice chairman, Andrew Sandquist and managing director, JC Asensio. Joining the company in 2017, Hedrick, Hopkins and Ragsdale established the group and have hand-selected each professional to develop its offerings from the ground up. With a combined, career transaction total of 353 deals valued at nearly $3.5 billion, together, the three professionals have successfully doubled the group’s professional-base, while overseeing hundreds of substantial transactions. Joining the firm in 2019, Sandquist and Asensio specialize in sale/leaseback solutions for corporate occupiers, mergers and acquisitions for private-equity sponsors, and monetization strategies for institutional owners and developers. The two have completed transactions totaling more than $7.3 billion, across 47 states and 10 countries. Also joining the firm in 2019, Berres provides a strong track-record of more than 300 transactions, valued at more than $2.5 billion. Embracing passion and tenacity, the group completed nearly $650 million in transactions in 2019. Fostering cross-team collaboration, the group capitalizes on the company’s platform to create a curated, personalized group of professionals for each client and each transaction.

Matthew Mousavi
Patrick Luther
Patrick Nutt

SRS NATIONAL NET LEASE GROUP SRS REAL ESTATE PARTNERS As the exclusive net lease advisory platform for North America’s largest retail real estate firm, SRS Real Estate Partners, the SRS National Net Lease Group has served as a powerful force in the space since its launch in 2016. Within three years, the group’s founders and managing principals, Matthew Mousavi and Patrick Luther have built a team of more than 50 net lease professionals and expanded its national reach by opening three new offices in 2019. The two professionals consistently serve as the firm’s top producing brokers; maintaining robust investment sales while managing the group’s day-to-day operations. Committed to long-term sustainable growth, the group grew its leadership with the addition of EVP, Patrick Nutt and additionally expanded its services to encompass investment sales, 1031 exchanges, buyer representation, debt and equity and franchise M&A. With a consistent year-over-year increase in sales volume, transactions and represented properties, the group has collectively underwritten $5 billion in net leased property; completing more than 400 sales in 2019, totaling more than $2.9 billion in value sold or under contract. A leader in the space, the group has completed significant deals, such as the Life Time Fitness sale in Nevada for $53.5 million, as one of the country’s largest 2019 net lease sales and the Western US’s largest fitness sale. The group additionally executed an In-N-Out sale for a 3.25% cap rate, as one of the lowest cap rate sales in the country for a quick service restaurant property. Utilizing the firm’s unique retail intelligence and working with its capital markets team, the group is able to successfully assist clients throughout the entire life cycle of a transaction.

Andrés Dallal
Andrew Huizenga
Gino Sabatini

W. P. CAREY INVESTMENT TEAM A pioneer within the net lease space since its founding in 1973, W.P. Carey expanded the sector internationally, implemented innovative practices, increased activity and revealed the benefits of the market by unlocking valuable assets within corporate real estate. Through its diversified investment strategy, the W.P. Carey Investment Team sources and executes a range of opportunities, while mitigating risk and increasing stability across several regions, property types and industries; delivering dependable, long-term value to its shareholders throughout

Joseph Mastrocola
Tyler Swann
Zachary Pasanen

various market and economic cycles. Responsible for investing in single-tenant, net lease properties, the team’s abilities include sale-leasebacks, build-to-suits, forward take-outs, existing net lease acquisitions, tax-advantaged structures and multi-country/multi-party transactions. In leveraging its expertise and underwriting experience, the team positions the firm as a preferred capital partner for publicly traded and privately-held companies, developers and private equity firms, by closing complex deals within shortened timeframes. Expanding the company’s operations, the team has built a portfolio encompassing more than 1,200 net lease properties, representing 137.5 million square feet across more than 30 tenant industries. Notable recent transactions for the team include the $70 million sale-leaseback of a six-property, food production/distribution site, net-leased to Turkey Hill for 25 years, which closed all-equity in less than 30 days; investments of $93 million with the world’s largest independent hardware distributor, Orgill, encompassing two distribution center acquisitions and a facility expansion, in which the team consolidated down to a single institutional landlord; and creatively restructuring 36 self-storage properties into long-term, triple-net lease agreements with Extra Space Storage for 25 years. Guided by the firm’s core principles, the team additionally supports numerous organizations through volunteering and company-wide programs.

COMPANIES

Richard Ader

AGREE REALTY CORP. By identifying and targeting specific, e-commerce-resistant and recession-resistant retailers and sectors, Agree Realty Corp. has assembled one of the strongest retail net lease portfolios in the country, and has additionally grown to become a respected thought-leader concerning e-commerce’s impact on brick and mortar retail. As a fully-integrated, self-administered and self-managed REIT, the company focuses on both developing and acquiring net lease retail properties. Through a specialized, disciplined investment strategy, implemented by president and CEO, Joey Agree, the firm consistently secures institutional access to capital and produces high-quality opportunities with superior risk-adjusted returns. With a trusted and dependable foundation established throughout the past four decades, the company is now relied upon by industry leading partners, such as Hobby Lobby, TJ Maxx, Tractor Supply and Wawa, for its strategic and innovative expertise, extensive capabilities and adaptive real estate technology. Expanding from 22 team members to 46 professionals within the past three years, the Agree Realty team strives to maximize value for all stakeholders. Its growing portfolio encompasses more than 800 properties, comprising 14 million square feet of gross leasable space across 46 states, and is leased to 58% investment-grade tenants. Its market-leading portfolio uniquely includes a collection of street retail assets, dominant junior box retailers and a sub-portfolio of 9% ground leases. Recognized nationally for its outstanding industry achievements by countless media outlets, Agree Realty additionally supports various, local charities throughout Michigan.

Aaron Baum
Dan Corcoran
Michael Soleimani

SAB CAPITAL Departing from a large, national firm in early 2019 in order to launch SAB Capital, the company’s executive team has already managed to significantly impact the net lease sector. With decades of combined market experience, the company’s professionals utilized industry connections to facilitate early success. SAB Capital was ultimately formed to benefit its professionals; ensuring the ability to reach maximum potential as brokers, remove the glass ceiling and receive fair rise in compensation to commensurate self-worth. Within the company’s short span of business, SAB Capital’s substantial influence on the net lease sector has widely been credited to its employee-focused approach and high level of transparency to clients. With an overall mission to maintain

Preet Sabharwal
Zach Weiss

emphasis on long-term client relationships, SAB Capital successfully provides investment sales brokerage with a boutique experience and national reach. Its capable professionals undergo hyper-focused training in order to employ a “whatever it takes” mentality for clients; resulting in direct outcomes for some of the largest private and institutional players in the marketplace. The company additionally, recently launched a substantial, internal technology overhaul to confidently remain ahead of the curve regarding online presence and client relationship management systems. SAB Capital has quickly grown to a team of 25 experts, whom all contribute to driving favorable results through consistent, smart decision-making. SAB Capital additionally, regularly partakes in volunteer activities and numerous entrepreneurial programs to benefit youth in low-income communities.

Axson West
Cam Sorenson
Jon Petty

SOUTHEAST VENTURE An integral factor to Nashville’s growth, Southeast Venture has been in business as a privately-owned, full-service commercial real estate company for nearly 40 years. Serving middle Tennessee with development, design and brokerage services, the firm has been responsible for numerous major projects in the area, including mixed-use developments, healthcare facilities, retail complexes, office spaces and more. Notable projects for the company include completing the 50-year

Michael Finucane
Todd Alexander
Wood Caldwell

development of Nashville’s first master-planned, mixed-use business community, MetroCenter, by selling its last 70-acres of vacant space in 2018; master planning, launching and selling the Cool Springs development, which now hosts 7.5 million square feet of office and retail space; and beginning development on the nearly 40-acre, signature, mixed-use Silo Bend project in Nashville’s breakout neighborhood, which was referred to as “the most ambitious project in middle Tennessee.” Aside from innovative developments, the company commissions murals throughout Nashville to beautify the city and create prominent tourist attractions. Striving to constantly deliver more and make a lasting impact on the city, Southeast Venture remains active in the community by supporting various causes, kick-starting fundraising efforts and participating in a mentorship program, which offers beneficial discussions, on-site visits and hands-on demonstrations to high school students. Through this program, the company’s professionals have volunteered a total of 220 hours within the past three years.

Jimmy Goodman
Randy Blankenstein

THE BOULDER GROUP The Boulder Group prides itself on being a reliable source of research within the net lease sector. Having tracked the market for more than 20 years, the company publicly publishes its research to serve as a commonplace for institutional and individual investors to utilize; believing that more data and greater transparency will ultimately lead to increased transaction volume within the growing sector. As a boutique investment real estate firm specializing in single-tenant, net lease properties, The Boulder Group offers a full range of services in brokerage, advisory and financing to a substantial and diversified, national client base, including high-net-worth individuals, developers, REITs, partnerships and institutional investment funds. Headquartered in the Chicago suburbs and led by president, Randy Blankstein and partner, Jimmy Goodman, The Boulder Group consistently ranks among the country’s top 10 companies for single-tenant retail transactions, despite being one of the only boutique firms within its peer group. Since inception in 1997, the company has arranged the acquisition and disposition of more than $5 billion in single-tenant, net lease transactions. As a leader within the sector, the company obtains some of the top investment sales brokers in the country and is also often featured in industry publications. The Boulder Group additionally co-founded a premier national net lease conference to provide insight and share industry expertise. Aside from professional accomplishments, the company is involved in various community and industry organizations as board members, fundraisers and mentors; advising the next generation of professionals about careers in real estate.

Brad Motley
Branson Blackburn
Chance Hales

TRINITY REIS LLC

Through specialized services and expertise, Trinity REIS LLC has proven influential to the net lease sector in working with some of the largest preferred developers in the country. With an employee-focused approach to business, the company prides itself on investing time and resources into employee development, as well as individual interactions with investors, vendors and fellow brokers. In order to offer quality services in client advisory and brokerage, the firm focuses on knowledge and training, by providing all agents with access to ongoing mentorship and education from senior professionals, through its internal training program; in turn providing improved, valued services to clients. A proven differentiator, the approach has enabled the firm to grow exponentially in terms of both headcount and production. In addition to more than tripling its size since 2017, Trinity REIS’ closed transactions have grown in volume by 125%. Since inception, the company has closed more than 600 transactions totaling more than $1 billion; closing 143 deals in 2019 alone, totaling $180 million. The company’s executive leadership team, comprising managing partner, Branson Blackburn, partner, Chance Hales and partner, Brad Motley, continuously instill the importance of establishing and nurturing long-term client relationships, as the company strives to serve clients that share complimentary values and outlooks. Serving institutions, developers and private clients nationwide on single-tenant, net lease investment transactions, the company aims to seek and utilize every available resource to seamlessly accomplish clients’ goals. Trinity REIS additionally contributes to local communities by donating both money and time to several causes that are meaningful to clients and staff.

Richard Ader

US REALTY ADVISORS LLC A leader in single-tenant real estate investment and asset management, US Realty Advisors LLC offers premier services in transaction structuring, acquisitions, finance, management and dispositions. Founded in 1989, the company, led by CEO, Richard Ader, holds more than 30 years of experience within the market. Employing a long-standing approach to property selection, credit analysis and underwriting, the company monitors and tracks local and industry trends, as well as local and national economic developments, in effort to minimize risk and benefit clients. With a track record of consistent performance in the space, the company serves as a recognized leader in net lease investment strategies. US Realty Advisors has executed transactions ranging from $3 million to $1.4 billion, and it currently has more than $2.7 billion in total assets under managements. Financing each transaction with a separate, non-recourse loan, the company offers a fee structure that aligns with each individual client’s interests and goals; enabling clients to free-up capital through sale leaseback transactions by monetizing non-earning assets while maintaining operational flexibility and long-term property control. The company offers funding throughout construction, as forward-commitments, for purchase at completion, based on long-term tenant leases. With a reputation of timely execution and fair processes, US Realty Advisors has provided built-to-suit funding on new properties for various developers and corporate users.

Glenn Rufrano
Lauren Goldberg
Michael J. Bartolotta

VEREIT One of the largest REITs in the single-tenant, net lease sector, VEREIT serves as a leader that is committed to positively influencing the industry. The publicly-traded, full-service company employs an economic business model to reduce risk and maximize income stability by providing equity capital to creditworthy corporations, in return for long-term leases on properties. The company’s portfolio metrics comprise 3,900 properties representing 90.7 million square feet, at more than 98% occupancy, totaling $14.9 billion in investments. Offering robust supplemental disclosure, the company provides leading marketplace transparency to elevate the industry as a whole. Accomplishing a great deal within recent years, VEREIT has aptly positioned itself for a successful future. The company has strengthened and diversified its portfolio through dispositions and targeted acquisitions, and it has created an investment-grade balance sheet by establishing an industrial, institutional partnership to expand sourcing opportunities. The company fosters an inclusive and engaging work environment through supportive corporate practices, consistent, nurturing leadership and strong skill development offerings. VEREIT empowers employees to strengthen their communities through involvement. Since 2015, its professionals have contributed more than 600 hours of community service and donated more than $200,000, which the company matches for local nonprofit organizations.

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