{"id":1004173349,"date":"2017-04-19T09:42:24","date_gmt":"2017-04-19T17:42:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004173349"},"modified":"2022-12-08T14:22:46","modified_gmt":"2022-12-08T22:22:46","slug":"bridging-the-net-lease-retail-buyer-seller-gap","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridging-the-net-lease-retail-buyer-seller-gap\/","title":{"rendered":"Bridging the Net Lease Retail Buyer-Seller Gap"},"content":{"rendered":"<p>By Scott Campbell, Associate Director, Calkain Cos.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Scott-Campbell-Calkain-e1481131389436.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004161204\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-benefit-of-buying-now-vs-later\/scott-campbell-calkain\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Scott-Campbell-Calkain-e1481131389436.jpg\" data-orig-size=\"400,347\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Scott Campbell, Calkain\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Scott-Campbell-Calkain-e1481131389436.jpg?w=400\" class=\"alignright size-medium wp-image-1004161204\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Scott-Campbell-Calkain-e1481131389436.jpg\" alt=\"Scott Campbell, Calkain\" width=\"300\" height=\"260\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Scott-Campbell-Calkain-e1481131389436.jpg 400w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Scott-Campbell-Calkain-e1481131389436.jpg?resize=300,260 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>In\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/the-benefit-of-buying-now-vs-later\/\">my article from December<\/a>, I discussed the correlation (or lack thereof) between cap rates and interest rates,\u00a0but what actually happened at the start of this year?<\/p>\n<p>The gap between buyers and sellers has\u00a0always been focus among brokers, but it has been a particularly sensitive issue so far in\u00a02017, due to rising interest rates and everyone settling into the new political structure, among others factors.\u00a0 Although we have seen an uptick in cap rates, it is not as drastic of an increase as many buyers would like to see, which is why we have seen somewhat of a lull in first-quarter activity. Across asset classes, we have seen many buyers come 75 to 100 basis points above asking price to see if there are deals to be had. As I previously discussed, there is simply not a direct correlation between cap rates and interest rates. Cap rates will move slightly if there is a move in interest rates, but they are not going to move 50 bps if the Fed hikes rates at the same measure, contrary to popular belief.<\/p>\n<p>Our job as brokers is to let parties on both sides know what similar assets have been trading for in order to come to an amicable solution for any transaction. On the buy-side transaction, the hike in rates has put some properties out of reach from a simple debt perspective. Prospective purchasers today cannot borrow money on properties in the high-4 percent cap rate range since one would be looking at a negative leverage situation. This has certainly contributed to many buyers taking a pause when looking at net lease investment while considering using debt.<\/p>\n<p>On the sell side, many are just not willing to accept a lower price when many assets are trading close to where they were trading a year ago. One may ask, &#8220;why are they still trading at prices\/cap rates that they were a year ago, even though debt costs have gone up?&#8221; The simple answer is 1031 exchanges. One of the main drivers of our niche industry, between the timeline crunch and enormous tax implications of a 1031, is that investors are willing to push cap rates on deals to make sure they exchange into a property that is secure from a underlying real estate and hedge against inflation perspective.<\/p>\n<p>Where is pricing going now and through 2017?\u00a0 We expect cap rates will start to steadily trend upward\u00a0for the rest of the year and for the years to come. However, buyers are still going to combat against the aggressive exchange investor and a robust economic environment, which will keep cap rates close to recent trade activity levels. There will always be a fluctuation in the real estate market, but strong investment fundamentals (i.e., location, credit of the tenant, lease term, etc.) will always be the cornerstone of net lease retail investments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calkain Cos. Associate Director Scott Campbell delves into how factors like rising interest rates and a new political structure have made the gap between buyers and sellers a particular focus for net lease retail investment players this year.<\/p>\n","protected":false},"author":1684,"featured_media":1004161204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23891,21684],"tags":[33536,33054,34470,34818,32765],"class_list":["post-1004173349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-viewpoint","tag-1031-exchange","tag-calkain-companies","tag-cap-rates","tag-interest-rates","tag-the-federal-reserve-system"],"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>Bridging the Net Lease Retail Buyer-Seller Gap - 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\/bridging-the-net-lease-retail-buyer-seller-gap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bridging the Net Lease Retail Buyer-Seller Gap\" \/>\n<meta property=\"og:description\" content=\"Calkain Cos. Associate Director Scott Campbell delves into how factors like rising interest rates and a new political structure have made the gap between buyers and sellers a particular focus for net lease retail investment players this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bridging-the-net-lease-retail-buyer-seller-gap\/\" \/>\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=\"2017-04-19T17:42:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:22:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Scott-Campbell-Calkain-e1481131389436.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"347\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Campbell\" \/>\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\\\/bridging-the-net-lease-retail-buyer-seller-gap\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bridging-the-net-lease-retail-buyer-seller-gap\\\/\"},\"author\":{\"name\":\"Scott Campbell\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/7448e1592575908c4f69ea068c9db975\"},\"headline\":\"Bridging the Net Lease Retail Buyer-Seller Gap\",\"datePublished\":\"2017-04-19T17:42:24+00:00\",\"dateModified\":\"2022-12-08T22:22:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bridging-the-net-lease-retail-buyer-seller-gap\\\/\"},\"wordCount\":489,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bridging-the-net-lease-retail-buyer-seller-gap\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/12\\\/Scott-Campbell-Calkain-e1481131389436.jpg\",\"keywords\":[\"1031 Exchange\",\"Calkain Companies\",\"cap rates\",\"interest rates\",\"The Federal Reserve System\u200d\"],\"articleSection\":[\"National\",\"Viewpoint\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bridging-the-net-lease-retail-buyer-seller-gap\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bridging-the-net-lease-retail-buyer-seller-gap\\\/\",\"name\":\"Bridging the Net Lease Retail Buyer-Seller Gap - 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