In today’s rapidly changing retail landscape, it’s critical to align with a strategic partner who understands how to maximize value in the face of disruption.

About NNN Properties Group

Company Overview

With a combined 60 years of experience in commercial real estate brokerage, The Triple Net (“NNN”) Properties Group delivers deep investment expertise across all aspects of the net lease marketplace. We offer private investors an unparalleled boutique advisory platform specializing in the acquisition, disposition, leasing, development and recapitalization of single and multi-tenant retail investment properties occupied by national credit tenants in dynamic metropolitan markets nationwide. Atypical from customary investment sales brokers across the country, we provide our clients with a vertically integrated strategic partner capable of adding value and maximizing yield throughout the real estate investment lifecycle and across the capital stack.

Our Capabilities

In addition to maximizing disposition value via a robust investment sales platform, we offer:

  • A systematic 1031 exchange platform for both first-time and experienced buyers and sellers of net leased investment properties that maximizes attractive upleg opportunities while mitigating the probability of a failed exchange;
  • Lease renegotiations and renewals that maximize value while mitigating downside risk for value-add buyers, long-term holders, and sellers alike;
  • Ground-up development and rehab-to-suit development consulting for owners of underutilized or contaminated retail properties; and
  • Debt and equity refinancing solutions that maximize cash flow while mitigating interest and loss of principal.

Our Approach

At the NNN Properties Group, our investment and service philosophies are built upon on quality, not quantity of transactions and clients served. To ensure our clients’ success, we have methodically and strategically developed specialized expertise in the net lease retail space by forging deep relationships with national and regional developers; “Amazon-resilient”, investment-grade corporate retailers; and private and institutional principals, brokers, and lenders operating in vibrant metropolitan statistical areas across the country primed for sustainable economic growth. The cumulative effect of this diligence is the preservation of wealth and maximization of long-term cash flow and appreciation for our clients’ retail net lease investment portfolios.

Our Services

Seller Representation

  • Comprehensive Highest and Best Use Assessments
  • Pre-listing Income Stabilization Strategies
  • Discounted Cash Flow Underwriting & Due Diligence Support
  • Single & Multi-Tenant Property & Portfolio Dispositions
  • On-Market and Off-Market Sales Campaigns
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Buyer Representation

  • Complementary Net Lease Education
  • Suitability Analysis Based on Financial Objectives/Risk Tolerance
  • Max Exposure to On & Off Market Acquisition Opportunities
  • Comprehensive & Rigorous Property & Market Analyses
  • Financing Support
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1031 Exchange Platform

  • Complementary Internal Revenue Code § 1031 Education
  • Upleg Suitability Analysis Based on Financial Objectives/Risk Tolerance
  • Max Exposure to On & Off Market Upleg Opportunities
  • Comprehensive & Rigorous Property & Market Analyses
  • Conventional/Built-to-Suit/Reverse 1031 & Financing Support
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Landlord Representation

  • Comprehensive Market Rent Studies
  • Build-to-Suit, Reverse BTS & Ground Leases
  • Lease Renegotiations & Renewals
  • Development Consulting
  • Single & Multi-Tenant Property Management
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Development Advisory

  • Ground-up Build-to-Suit and Rehab-to-Suit Developments
  • Market and Financial Feasibility Analysis
  • Economic and Fiscal Impact Analysis
  • Retail and Mixed-Use Properties
  • Opportunity Zones and Transit-Oriented Districts
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Capital Markets Advisory

  • Build-to-Suit and Second Generation Properties
  • Permanent Loans
  • Construction & Bridge Loans
  • CTL/Zero Cash Flow Loans
  • Mezzanine Debt and Equity Partnerships
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Our Advantage

A Commitment to Building Relationships Over Commission

While there are several excellent, listing-focused investment brokers across the country who possess the experience and skillset necessary to sell a broad spectrum of net lease properties of varying quality for top dollar (we know all of them), we recognize that the key to longevity in this hyper-competitive industry — and success in any market cycle — is earning trust and building long-term relationships with sellers and buyers alike by mastering real estate investment fundamentals, with an emphasis on each property’s intrinsic “go dark” value — its highest and best use — in the scenario it’s vacated by the current tenant. While this focus may have limited our firm’s bottom line in the short term, we would rather turn down inferior deals for the sake of building a long-term relationship with an active principal who values our honest approach to the business, and understands we always have their best interests at heart.

A More Critical, Comprehensive Approach to Valuation

We feel strongly that our emphasis on buyer representation at the beginning of our net lease careers — which started before 2007-2008 Financial Crisis — has helped us tremendously in refining our comprehensive valuation methodology that meticulously analyzes all four drivers of an asset’s worth: cash flow, appreciation potential, amortization structure and tax structure. Mastering these fundamentals is the only way to achieve our singular objective as real estate service providers: to preserve our clients’ equity and help them grow it over a disciplined, long-term investment horizon. This detailed approach is especially prudent in a retail sector that is facing constant disruption by technology and e-commerce giants with the financial and human capital to slow most tenants’ expansion plans at best, downsize their footprints on average, and bankrupt them at worst. Consequently, we have developed the following formula for achieving success in our role as strategic partners for our clients who entrust us to maximize the value of their net lease portfolios:

Our Formula For Net Lease Success

  1. We have targeted our focus on a handful of profitable, creditworthy, dynamic, “Amazon-resilient” national tenants that offer the strongest corporate guarantees in the net lease sector, industry-leading historical financial performance, and the willingness to adapt their business models as needed in the face of disruption to continue thriving. This focus has enabled us to build one of the best databases in the industry with regards to leasing and sales comparables for the top national “daily needs” tenants operating within the grocery, pharmaceutical, discount retail, convenience, and fast food/quick-service restaurant sectors. Additionally, we go beyond valuing the quality of the underlying real estate these tenants occupy and offer clients a critical assessment of each tenant’s financial performance at the operating level, which is an equally important step in the valuation process of a net lease investment opportunity.
  2. More importantly, we limit our business development activities to major metropolitan statistical areas throughout the United States that possess the holy grail of real estate investing: supply-constricted property markets with long-term appreciation potential. The common denominator linking all of our territories we meticulously canvas for opportunity is long-term sustainability driven by dense, skilled populations and robust economic growth spanning multiple industries. Our business is built on the premise that location will always provide the ultimate hedge against re-tenanting risk.
  3. Most importantly, we strive to emulate the vertically integrated model of the top global commercial advisory firms that have been servicing the institutional real estate market for decades by offering a highly specialized version to the rapidly growing pool of private investors that have been flooding the market year-over-year during the current upcycle. Since the last economic downturn until today, we have observed the tremendous influx of new investors into a space that has been historically dominated by pension and life funds, private equity firms and REITs. Consequently, we aim to fulfill the rapidly growing demand for a long-term strategic partner equipped with a diversified skillset needed to help clients add value throughout the investment lifecycle and across the capital stack.

How We're Different

1 Market Specialization

Typical NNN Broker

National scope with little to no emphasis placed on core markets vs. tertiary markets; short-term, “shotgun” approach to business development

NNN Properties Group

Highly specialized national scope limited exclusively to core Metropolitan Statistical Areas (MSAs) with historical, sustainable appreciation potential; long-term, relationship-based approach to business development

2 Tenant Specialization

Typical NNN Broker

Either a singular focus on one tenant or sector of net lease (i.e. fast food or gas stations) with negligible knowledge beyond that specialty, or extremely broad scope across entire net lease industry, resulting in below-average expertise on any particular tenant or sector

NNN Properties Group

Highly specialized, yet comprehensive expertise regarding the leading national tenants within the “Amazon-resilient” daily needs sector of retail, including the top grocery stores, drug stores, discount retailers, convenience retailers and fast food/QSR operators

3 Valuation Methodology

Typical NNN Broker

Heavy emphasis placed on the “sales comparable” approach to real estate valuation, with limited attention paid to critical value drivers beyond the capitalization rate relative to comparable sales

NNN Properties Group

Begin every valuation with a comprehensive “highest and best use” assessment based on each asset’s “go-dark” value, taking zoning codes, along with macroeconomic and space market trends, into consideration to derive an optimal number

4 Analytical Approach

Typical NNN Broker

Limited analytical approach beyond calculating an adjusted capitalization rate; lack expertise regarding more advanced valuation metrics, including space and capital market supply/demand trends, IRR/modified IRR, development pro formas, or portfolio theory

NNN Properties Group

Institutional approach to analysis with the ability to compile complex discounted cash flow and development models for both individual properties and portfolios, taking all four real estate valuation drivers into consideration: cash flow, appreciation potential, amortization and tax structure

5 Research & Data

Typical NNN Broker

Rarely track every net lease transaction in the marketplace; too much reliance placed on Costar for (often inaccurate) sales and rental comps

NNN Properties Group

Every time a property leased to a “daily needs” national tenant we focus on hits the market in the U.S., we log the lease comp, as well as the sales comps when the property trades, which has helped us compile an unparalleled comp stack for our industry specialization

6 Service Offerings

Typical NNN Broker

Predominant emphasis placed on investment sales with limited knowledge of other value-driving advisory services beyond dispositions

NNN Properties Group

Vertically-integrated, full-service net lease advisory platform modeled after the top global commercial real estate service firms that enables us to add value for our clients throughout the investment lifecycle and across the capital stack

Our Team

The NNN Properties Group’s executive leadership and strategic partners each possess industry-recognized national brokerage pedigree, along with intensive specialization and tenure in the net lease investment space, across the full spectrum of advisory services.

Executive Leadership

Mike Knudsen

Founder & Managing Principal
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Strategic Partners

Sachi Adikaram

Chief Technology Officer
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Greg Herz

Strategic Partner | Leasing
WCB Commercial Real Estate
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Matt Hollander

Strategic Partner | Capital Markets Advisory
BluePoint Commercial Mortgage
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Casey Picard

Strategic Partner | 1031 Exchange Platform
Aggregate Investment Partners
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Ruben Oganesyan

Strategic Partner | Development Advisory
Evanisko Realty & Investment
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