The Source of Commercial Real Estate
Opportunities in the Single Tenant Net Lease Space with Dean Zang
Oct 17, 2023
Dean Zang, a successful retail property broker with over $4 billion in sales across 38 states, discusses unique assignments, different niches in commercial real estate, evaluating high-quality assets, exploring shrinkage in urban areas, and opportunities and strategies for value add investors in the single tenant net lease space.
44:48
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Quick takeaways
- Private investors and exchange buyers are starting to re-enter the single tenant net lease market, which could lead to more stability and a return to a more balanced market.
- Value can still be found in commercial real estate by tapping into brokerage inefficiencies, exploring opportunities with properties above $10 million, and leveraging pad sites in shopping centers for value-add investments.
Deep dives
Buyer Profiles in Net Lease Space
In the single tenant net lease space, there are various types of buyers including institutions like Realty Income and Agree Realty, as well as high net worth family offices and exchange buyers. However, recent trends have shown a reduction in buyer profiles. Some institutions have raised their minimum required cap rates for triple net lease properties, while high net worth and exchange buyers have temporarily moved to the sidelines due to alternative investments with higher yields. However, there are signs that private investors and exchange buyers are starting to re-enter the market, which could lead to more stability and a return to a more balanced market.
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