Amid a rush by 1030 exchangers to secure assets by July 15, single-tenant net leased asset sales spiked for the month.
"That July 15 deadline really drove sales," says Chris Pappas, associate director with Marcus & Millichap's Net Lease Division.
After getting an extension through The CARES Act, 1031 investors needed to identify what they were buying by July 15. "July marked a major moment for the single-tenant net leased market as all 1031 exchange capital subject to the COVID extensions has either been placed in a closed transaction or is locked into closing on a small number of assets pursuant to 1031 identification rules," according to the NNN Market Intelligence Report.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
