Shopping Centers Today

APR 2012

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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SINGLES SCENE RISK-AVERSE INVESTORS ARE HOT FOR SINGLE-TENANT, NET-LEASED PROPERTIES By Steve Bergsman HE SPERRY VAN NESS TALLAHASSEE, FLA., OFFICE PUT together a single-tenant, net-lease team in 2010. That year team mem- bers completed three deals. And last year they completed five. Right now the team already has a couple more things in the pipeline, so it is a virtual cer- tainty that this year will shape up just as nicely, right? Not necessarily. "In 2012 it's going to be tough to find inventory," said team member Francis Rentz, a senior commercial adviser. "What was on the market cleared." As the phrase implies, single-tenant, net-lease transactions involve a solitary struc- ture in which the tenant pays base rent plus property tax and generally building in- surance and maintenance. The market has been aggressive since the onset of the recession. Even in tertiary markets like North Florida, properties sell nearly as soon as they crop up. The rise of the single-tenant, net-lease property has had a lot to do 40 SCT / APRIL 2012

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