{"id":1004098650,"date":"2014-06-18T12:29:49","date_gmt":"2014-06-18T20:29:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004098650"},"modified":"2022-12-05T05:33:22","modified_gmt":"2022-12-05T13:33:22","slug":"where-have-all-the-good-single-tenant-deals-gone","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/where-have-all-the-good-single-tenant-deals-gone\/","title":{"rendered":"Where Have All the Good Single-Tenant Deals Gone?"},"content":{"rendered":"<p><em>By Craig Tomlinson, Director, Stan Johnson Co.<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/Tomlinson.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004098654\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/where-have-all-the-good-single-tenant-deals-gone\/tomlinson\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/Tomlinson.jpg\" data-orig-size=\"425,246\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Tomlinson\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/Tomlinson.jpg?w=425\" class=\"alignleft size-thumbnail wp-image-1004098654\" alt=\"Tomlinson\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/Tomlinson.jpg\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p>Public real estate investors are scrambling to perform on the promises they\u2019ve made their investors.\u00a0 Private buyers look to beat corporate bond yields or just stay ahead of the tax man.\u00a0 Both groups are searching for the least unpalatable way to \u2018bend\u2019 their investment models and meet their objectives.<\/p>\n<p>Transaction volumes in the net-lease sector have risen steadily since 2009 as both public and private equity funnels into our sector.\u00a0 Consumer and U.S. corporate spending has failed to keep pace with this influx and so has new supply of net-leased assets to the market.\u00a0 At Stan Johnson Co., we track 66 retailers with an estimated combined 100,000 single-tenant units around the U.S.\u00a0 In 2012, their cumulative expansion was a modest 3,500 units.\u00a0 Last year it was down 15 percent to about 2,950 new leases. Total single tenant property sales as tracked by RCA Data grew over the same period, but the number of assets sold actually declined in 2013, again by about 15 percent to 3,250 trades.<\/p>\n<p>The immutable law of supply and demand is like a dome of high pressure over buyers\u2019 most hopeful outcomes. As a result, one of the most frequent questions we get from our buyers is \u201cWhere have all the good properties gone?\u201d<\/p>\n<p>It\u2019s not their imagination.\u00a0 Our firm works exclusively in single-tenant investment sales and average lease term at close of sale is shrinking, recently about \u2018a year\u2019 in fact.<\/p>\n<p>Of our 300 closings in 2013, the average lease term remaining was just under 13 years; the year before it was more than 14.\u00a0 Bear in mind, that half of those are retail properties which typically begin as 15-20 year leases.\u00a0 That means the average office and industrial net lease is 11 years and shrinking.<\/p>\n<p>I was at a conference last week in New York and heard the CEO of a publicly traded REIT say that \u201912 [years] is the new 15\u2019 &#8211; and they buy single-tenant offices.\u00a0 What he meant was \u201810 is the new 15\u2019.\u00a0 Public buyers can get away with those purchases as long as they stay in larger metros and don\u2019t buy a rent contract that is clearly above market.\u00a0 They also have to have some rent growth built into the lease &#8211; or their bent model will break.<\/p>\n<p>The same panel of experts confessed that they are putting more emphasis on the real estate fundamentals today than ever before.\u00a0 When you have a 20-year lease with an \u201cAA\u201d rated tenant, you can finance a concrete silo in South Dakota.\u00a0 But when you only have eight or nine years, single tenant underwriting starts to look like the rest of the commercial real estate world.<\/p>\n<p>For the balance of 2014, we believe cap rates will continue to compress for credit, single \u2013tenant retail assets for two reasons: the smaller average deal size of retail attracts more bidders, and, the basket of retail assets on the market have more remaining lease term on them than their office and industrial counterparts.<\/p>\n<p>Are they \u2018better\u2019 properties than single-tenant office and industrial?\u00a0 The market is very efficient and the risk of buying short leases is priced into today\u2019s cap rates regardless of sector.\u00a0 What\u2019s not known is how well a given retail asset will re-let when the tenant\u2019s concept changes or for whatever reason, they choose not to renew.\u00a0 No one likes to think about this stuff, but the reality is that single-tenant real estate is ultimately real estate.<\/p>\n<p>At Stan Johnson Co., we are selling a significant number of assets with six-10 years remaining lease term.\u00a0 Each is carefully underwritten on its real estate merits as well as the legacy of the particular tenant in the property.\u00a0 Buyers are required to put more equity in these assets and to assume more risk in general. Most of these, however, reward the buyer with a 150-300 basis points cap rate premium as compared to commodity, single tenant retail properties.\u00a0 These assets will become an ever increasing part of the net-lease arena for the foreseeable future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Craig Tomlinson, Director, Stan Johnson Co.: One of the most frequent questions we get from our buyers is \u201cWhere have all the good properties gone?\u201d<\/p>\n","protected":false},"author":1436,"featured_media":1004098654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004098650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Where Have All the Good Single-Tenant Deals Gone? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/where-have-all-the-good-single-tenant-deals-gone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Where Have All the Good Single-Tenant Deals Gone?\" \/>\n<meta property=\"og:description\" content=\"By Craig Tomlinson, Director, Stan Johnson Co.: One of the most frequent questions we get from our buyers is \u201cWhere have all the good properties gone?\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/where-have-all-the-good-single-tenant-deals-gone\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-18T20:29:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T13:33:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/Tomlinson.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"425\" \/>\n\t<meta property=\"og:image:height\" content=\"246\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Craig Tomlinson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/where-have-all-the-good-single-tenant-deals-gone\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/where-have-all-the-good-single-tenant-deals-gone\\\/\"},\"author\":{\"name\":\"Craig Tomlinson\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/92e0ecb1fb274ea4bd0e6f1113f4221b\"},\"headline\":\"Where Have All the Good Single-Tenant Deals Gone?\",\"datePublished\":\"2014-06-18T20:29:49+00:00\",\"dateModified\":\"2022-12-05T13:33:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/where-have-all-the-good-single-tenant-deals-gone\\\/\"},\"wordCount\":672,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/where-have-all-the-good-single-tenant-deals-gone\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/06\\\/Tomlinson.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/where-have-all-the-good-single-tenant-deals-gone\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/where-have-all-the-good-single-tenant-deals-gone\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/where-have-all-the-good-single-tenant-deals-gone\\\/\",\"name\":\"Where Have All the Good Single-Tenant Deals Gone? 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