Even amid a sluggish retail market, single-tenant net lease deals are on the rise nationwide as investors look to take advantage of their relatively inexpensive price points, industry experts say. Because single-tenant leases tend to be long-term and lower risk, lenders, too, are finding these kinds of acquisitions more attractive to finance. The result, thus far, has been a noticeable year-over-year increase in volume for deals of this type during the first quarter of 2010, plus a decline in cap rates for some of the most desirable properties. Granted, single-tenant assets didn’t suffer as much during the downturn to begin with. Total retail sales fell by 80 percent between mid-2007 and mid-2009, whereas sales of net lease properties declined by about half of that, according to Bernard Haddigan of Marcus & Millichap’s national retail group. Now that the market is beginning to recover, brokers say that investors are especially eyeing metro market properties that house drugstores like CVS and Walgreens, dollar stores and national bank branches. [more]

The regional manager of the Brooklyn office for national investment
sales firm Marcus & Millichap Real Estate Investment Services, J.D.
Parker, will be promoted to regional manager for the Manhattan and Connecticut offices
tomorrow, company officials told The Real Deal. Parker has been running the Brooklyn office for three years, and before that was a sales manager for the company in Manhattan. Bernard Haddigan, managing director who oversees the east coast
operations for California-based Marcus & Millichap from the Atlanta
office, will make the announcement tomorrow at a company meeting at the
firm’s Midtown office, where Parker will be based. The current regional manager for Manhattan and Connecticut since 2007,
Edward Jordan, will leave management and return to brokerage, Haddigan
said. He will be an associate vice president of investments in the
Connecticut office, based in New Haven. Haddigan said Parker was transferred to Manhattan as part of a plan by
the California-based company to grow in the New York area. [more]