tional deal flow toward the end of the year
as politicians wrangled over fiscal issues in
Washington. The New York City company,
which became a public REIT in October
2012, invests in a diverse portfolio of net-leased commercial properties.
The REIT made its first foray into Japan
in 2012, with the acquisition of two buildings housing warehouse and distribution
centers in Saitama Prefecture for about $55
million. The facilities are leased to Wanbishi
Archives Co.
The REIT has been investing interna-
tionally since 2001 and Japan is the nine-
teenth country that it has a presence in,
according to Trevor Bond, W. P. Carey
president and CEO. “We are very well
known in Europe and have a growing pres-
ence in Asia,” he says. “We’re always looking
for opportunities that are good risk-ad-
justed returns internationally.”
And Jay Whitehurst, president and COO
of National Retail Properties, anticipates
that the Orlando-based REIT’s investments
in single tenant, triple net-leased retail prop-
erties will total about $500 million for 2012.
74 BROKER TRANSACTIONS
If somebody
can make a
gain from
investing in
real estate
and they
want to sell it, they’re
still going to make the
gain even if they have to
pay a higher tax rate.”
CHRISTOPHER VOLK
STORE Capital
America’s Net Lease Company®
reinforced its dominance in the
net lease investment industry
with 74 broker transactions in
fourth quarter 2012.
“Calkain’s advisors have gone above and
beyond the industry norms to prove there is
a quanti;able reason to work with our ;rm.”
JONATHAN W. HIPP resident/CEO
WWW.CALKAIN.COM
million. He says, “You can never see very far
ahead for what’s out there and we do not
want to overpromise. Some deals that would
have been in the first quarter of 2013 were
pushed into 2012 for tax reasons. Our guidance is for $200 million in 2013, but we
certainly hope we can meet, and preferably
exceed, that.” Similarly, the other net-lease
investors hope to meet or exceed 2012
acquisition activity in 2013.
So what strategies are these investors
looking to engage in to ensure success in
2013?
Whitehurst says that convenience stores,
a sector that fared well during the recent
recession, make up about a fifth of National
Retail’s portfolio. “The businesses that are
run on those properties are strong, enduring and profitable, and the real estate attributes are compelling,” he notes. For 2013,
National Retail aims to continue pursuing
such retail properties, particularly in the
Southeast and Southwest, considering that
retailers are opening more stores in those
parts.
Similarly, Volk finds that the sorts of sin-
gle-tenant operational real estate retail prop-
erties STORE favors are more dominant in
the Sunbelt areas of the US, just because
those markets are more suburban in nature.
In general, it will seek out “high-quality com-
panies operating in business sectors we think
are going to have long-term sustained rele-
vance and have prospered through a sub-
stantial recession.”
W. P. Carey’s Bond expects that the com-
pany’s build-to-suit activity is likely to pick
up in the next couple of years. The REIT
