Net Lease Real Estate ICONS
real
estate but who want stable, steady yields. But that wasn’t always the case. Look at
the next few pages to see some of the creative real estate professionals that helped to
form and define the net lease business and bring it into the mainstream.
By John Salustri and Antoinette Martin
RICHARD ADER
Richard Ader has been involved in net lease
since 1968, certainly qualifying him as a sector icon. The founder of US Realty Advisors
LLC serves as chairman of the firm’s investment committee and is the senior acquisitions officer and portfolio manager. He has
devised innovative and revolutionary net
lease structures including the sandwich lease,
stepped rents and accrual leases and has
overseen the acquisitions and management
of more than $18 billion of net lease real estate. But net lease isn’t
the only arrow in his quiver; Ader is also recognized as an expert in
acquiring and operating over 20 million square feet of office, retail
and industrial property as well as 32,000 residential units throughout
the United States during his career.
RICHARD AGREE
Throughout Richard Agree’s four-decade career, he has overseen
the development of over eight million square feet of retail space in
16 states. As executive chairman of the board for his self-named
company, a self-managed REIT focused on the development and
acquisition of single-tenant net lease retail properties throughout
the US, he continues to be hands-on in all of its aspects. He previously served as Agree Realty Corp.’s CEO and chairman. Prior to
that, Agree worked as managing partner of the general partnerships
that held the firm’s properties prior to its formation and IPO. He
also served as president of the company’s predecessor firm.
ROBERT J. AMBROSI
A 35-year veteran of international real estate, Ambrosi is chairman
and CEO of ARC Properties Inc., and was the founder of the public
Net Lease REIT, ARC Corporate Realty Trust. He began his career
as an analyst at the Mutual Life Insurance Co., later becoming manager of US real estate investments and net leases on behalf of for-eign-based investors for the Canadian firm Marcil Properties. In
1979, he co-founded Tibor Pivko + Co., an international real estate
advisory company. He also was a founding member of the Franklin Bank. He
established ARC Properties in 1985, to
specialize in acquisitions and development of net leases in the US. To date,
ARC and its affiliates have acquired
and developed more than 200 properties nationwide valued at more than $2
billion. A frequent guest lecturer at
Duke University and Rutgers
University, Ambrosi received an
Outstanding Lifetime Achievement
Award from his alma mater, the New Jersey Institute of Technology.
TREVOR BOND
The president and CEO of W. P. Carey
Inc., Trevor Bond is also chairman of the
board of directors for the publicly-owned,
non-traded REIT, Carey Watermark
Investors, and managing member of
Maidstone Investment. Bond has more
than 25 years of experience in finance,
development, investment and asset management. At Credit Suisse First Boston
from 1992 to 2002, he co-founded the Real
Estate Equity Group, which managed $3
billion in real estate assets; helped found
the Praedium Recovery Fund, a $100 million fund managing distressed real estate and mortgage debt; and was a manager of the
Principal Transactions Group. Before that, he worked for Tishman
Realty & Construction Co. and Goldman, Sachs & Co. in New York.
Bond holds an M.B.A. from Harvard University.
BENJAMIN S. BUTCHER
Since Benjamin S. Butcher founded STAG Capital Partners’ predecessor firm in 2003, the company has deployed approximately $1.9
billion of capital, representing the acquisition of 307 properties total-
