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Research Library Wed, 04/27/2022 - 09:21
MarketSnapshot: Q1 2022
Market data, charts & graphs: current and historical trends for single-tenant office, industrial and retail properties, as well as multi-tenant retail Overall market trends Market summary & analysis Economic data points hbspt.forms.create({ region: "na1", portalId: "7279330", formId: "d5cea127-0985-4756-8591-d452dc67de3a" }); Following a record-setting 2021 with unprecedented levels of investment sales activity in the final quarter of the year, there was no expectation that the single-tenant net lease market was positioned for back-to-back quarters of such volume. Instead, predictions called...
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News & Insights
Retail Investment Volume Is Exploding
Excerpt of article originally published by GlobeSt
Retail investors are racing back into the sector. As a result, retail investment volume has never been stronger, proving that reports of retail’s demise were overblown, according to Colliers’ Q4 Capital Markets Snapshot.
Total volume topped $30 billion for the second time ever. Sales volume has shown consistent improvement throughout 2021, with Q4 exploding.
And unlike Q3 2018, when investors traded $31.9 billion, there was no single massive portfolio to drive volume. Instead, it is a more broad-based uptick in overall activity. Part of that is due to improving cash flows.
Fundamentals, too, have held up well, with absorption positive for several quarters in a row and store openings outpacing closings in 2021 for the first time in several years.
Retail Volume ‘Caught Up’ to Pre-Pandemic Levels
Senior Managing Director Chris Angelone, National Retail Group Leader and Boston Office Co-Head, JLL Capital Markets, tells GlobeSt.com that transaction volume for retail has effectively caught up to pre-pandemic levels.
“Quality retail transactions of scale on both a one-off and portfolio basis are highly sought after in the market today,” Angelone said. “Grocery-anchored retail and best-in-class, non-grocery-anchored retail in primary markets, growth markets, and high-quality demographic pockets are trading at all-time low cap rates.”
M&A activity was particularly strong in 2021 with three major entity-level transactions valued at $14.3B, marking the second most active year for entity-level transactions in the past 10 years, according to JLL. Over half of the M&A volume can be attributed to the merger between Realty Income Corp. and VEREIT, the retail assets of which were valued at approximately $7.2B.
All retail property types, excluding urban, saw significant cap rate compression when compared to Q4 2019 with average yields for Neighborhood & Community Center declining 100 bps; Strip Centers – 90 bps; Power Centers – 60 bps, and Grocery-Anchored – 50bps. Private capital expanded their share of the retail market in 2021, constituting 75% of acquisitions and 71% dispositions.
Retail: The Bond Market of Real Estate
Asher Wenig, Stan Johnson Company Senior Director & Partner, tells GlobeSt.com that the single-tenant net lease retail sector had its best quarter by far in Q4 2021, outpacing the previous high-water mark by more than 40 percent.
“And even though the multi-tenant retail sector didn’t set any records, we’re seeing demand rebound substantially from the height of the pandemic,” Wenig said.”
Combined, the total retail market posted $31.2 billion in investment sales volume during Q4 2021, and more than $75.1 billion for the year, Wenig said.
“Net lease retail investments with strong tenants and long lease terms never went out of style,” he said. “It’s the bond market of real estate and a great hedge against volatility. Shopping centers are making a great comeback too. We’re seeing demand from institutional and private investors, as retailers continue to announce expansion plans and consumers return to stores.”
No Shortage of Capital
Going forward, the retail real estate industry should have no shortage of capital as it continues the recovery that began in 2021, Gary Glick, Partner at Cox, Castle & Nicholson, tells GlobeSt.com, despite some continued headwinds in 2022, mostly from supply-chain issues, inflation, and the continuation of the impacts of COVID-19.
Investment activity in retail projects substantially increased in 2021 due to plentiful capital flows and strong demand from investors. With equity capital targeting US real estate near all-time highs and low-cost financing readily available, capital likely will continue to support investor demand for retail projects in 2022.
“Foreign capital is also likely to increase for the acquisition of retail assets in 2022, as long as restrictions on international travel eventually ease,” Glick says.
“Although investors still favor industrial and multifamily projects, neighborhood shopping centers and well-located and well-conceived regional malls and lifestyle centers will continue to be attractive assets to investors, especially as cap rates for industrial and multifamily projects continue to be significantly lower as compared to retail projects."
February 17, 2022

Research Library
Could the Net Lease Industrial Market Have Back-to-Back Record Setting Years?
The single-tenant net lease industrial sector reported staggering levels of investment sales volume in 2021, exceeding $47.8 billion and setting a new annual record by an impressive margin. The previous three years had seen very consistent levels of activity, ranging from $31.9 billion to $33.7 billion, and while we predicted 2021 would be a record-setting year, we didn’t expect the market to shatter the annual record by 42 percent. The current level of demand for industrial assets is the highest it has ever been, but are these levels sustainable? Here, we explore the likelihood of seeing a repeat performance in 2022 and outline what some of the most influential factors will be across the industrial sector.
"While we predicted 2021 would be a record-setting year, we didn’t expect the market to shatter the annual record by 42 percent."
Last-Mile Logistics | Supply chain issues continue to persist, and this is driving retailers to be as efficient as possible with their distribution and delivery. Part of this strategy is ensuring they have well-located last-mile facilities to service not only large metro areas, but secondary and tertiary markets, suburban areas and rural markets as well. Online shopping has become commonplace for consumers, and there’s a growing expectation for next-day and same-day delivery. An explosion of growth in recent years, especially from Amazon, has helped drive investment sales volume, as investors clamor to acquire state-of-the-art, newly built facilities leased to exceptionally strong credit tenants. But how will the market be impacted knowing that Amazon plans to slow their industrial growth? It’s possible other retailers like Walmart, grocery store operators, drugstores or even dollar stores could elect to ramp up industrial expansion to reach a wider swath of consumers. Similarly, these and other companies might become more aggressive in the acquisition of future development sites for warehouse, distribution and last-mile facilities once Amazon becomes a less frequent competitor for those prime locations. If these or similar scenarios don’t occur, however, it’s likely the industrial market will see a drop in sales activity year-over-year, as newly built Amazon-leased facilities were a significant contributor to investment sales volume during 2021.
Retail's Influential Role | The industrial market is heavily influenced by retailers. As supply chain issues impact online orders and life resumes a more normal pace post-pandemic, consumers are returning to stores and relying less on online shopping. This is welcomed news for the brick-and-mortar retail sector, but will this shifting dynamic substantially impact demand for industrial assets in 2022 and beyond? We saw a 430-basis-point spike in e-commerce retail sales as a percentage of overall retail sales during the height of the pandemic, reaching a high of 15.7 percent. Although that statistic has been trending downward in the quarters since, e-commerce will continue to play a vital role. In fact, some projections estimate e-commerce retail sales to reach nearly 20 percent by 2025. If estimates are accurate, the market will need to see increased levels of new industrial construction to sustain consumer demand. This will help to drive real estate investment activity in future years, although short-term sales volume might not be influenced as greatly.
Portfolio Sales | While individual sales certainly add up, there’s no denying that a few high-profile portfolio transactions can significantly influence sales volume totals. In the past year, portfolio sales accounted for more than one-third of all activity, and in fourth quarter 2021 alone, represented nearly half of the investment totals. While many portfolio sales occurred under the $25 million mark and only included a handful of properties, there were quite a few noteworthy transactions in the several hundred-million-dollar range with multiple assets included. Walmart and Amazon distribution facilities, FedEx leased properties, retailer warehouses including Staples, PetSmart and Big Lots, and distribution hubs for Williams Sonoma and Kraft Foods are just a few of the well-recognized names represented in 2021’s portfolio sales. REIT and institutional investor activity is particularly strong for portfolio sales. Combined, these investor profiles represented more than 53 percent of sellers of single-tenant industrial portfolio transactions last year. This figure was up substantially from 2020, where these combined groups accounted for less than 40 percent of portfolio sellers. Buyer demand for quality assets continues to be incredibly strong, so in order for 2022 to see another year of strong portfolio sales, current owners in the REIT and institutional investor groups must bring their offerings to market.
"To surpass the newly set record, the market would need to report an average of $12 billion of investment sales each quarter."
Despite being just 45 days into first quarter 2022, strong momentum appears to have carried over to the new year. Investors remain hungry and industrial continues to be the darling of the net lease market. While there’s no expectation we will see back-to-back record setting quarters – an $18.3 billion fourth quarter 2021 seems nearly impossible to repeat – there is a possibility that annual totals for 2022 could match last year’s strength. To surpass the newly set record, the market would need to report an average of $12 billion of investment sales each quarter. The proverbial stars would need to align, and there’s much that could happen in the next 10 months to impact the sector’s performance, but a $12 billion quarter isn’t unthinkable. The market has successfully reached that threshold five times since late 2018. What remains unclear is if market dynamics could realistically support four consecutive quarters of such strong activity and result in yet another record-setting year for the net lease industrial sector.
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February 16, 2022

News & Insights
J.P. Morgan JV Kicks Off $700M Industrial Storage Platform
Originally published by Commercial Property Executive
J.P. Morgan Global Alternatives and Zenith IOS have formed a new $700 million joint venture that will focus on creating a national industrial outdoor storage platform. Together, the partners plan to amass a portfolio of IOS properties valued at $1 billion within the next two years.
The new partnership should come as no surprise to industry observers. J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management, which noted in its 2022 Global Alternatives Outlook report that the company “will be focusing on an array of sectors in the U.S. that are benefiting from high user demand.” And the last sector itemized on the list of sectors in the report is “industrial outdoor storage facilities, including truck terminals, parking and equipment storage in key urban locations.”
The joint venture plans to set its sights on properties in urban infill locations in major metros and high growth areas across the U.S. Zenith and J.P. Morgan have already begun acquiring assets and expect to have closed $125 million in purchases by the end of February 2022.
To date, the joint venture’s portfolio comprises four facilities in Dallas, including 2601 Sea Harbor Road, 4801 W. Ledbetter Drive, 6410 Singleton Blvd. and the approximately 27-acre property at 2118 California Crossing. A fully fenced site, 2118 California sits roughly 1 mile from Interstate 35 and 10 miles from Dallas Fort Worth Airport. The joint venture acquired the asset from an entity of Anani Pumping, with the assistance of an approximately $9.7 million loan from FirstCapital Bank of Texas.
Industrial’s rising star
Industrial real estate is still booming and within the sector, outdoor storage is becoming increasingly coveted among both users and those seeking a safe and lucrative landing spot for their capital. For starters, industrial outdoor storage properties, also known as industrial service facilities, are often found in infill locations and are not in ample supply, which translates into greater residual values than conventional industrial assets, as noted in a Fall 2021 report by real estate firm Stan Johnson Co. And there’s much more to the niche to whet an investor’s appetite.
“The renewal rate for tenants in this sector is also quite high, due in large part to the constrained supply of similar properties and higher-than-average replacement costs. Many of these facilities are primed for future alternative uses, but most landlords find that re-tenanting is simply not an issue,” according to the Stan Johnson report. “Supply is tight, and tenants in this property sector are benefiting from the e-commerce and construction booms that both show no sign of slowing. This creates a ‘stickiness’ that more traditional industrial facilities sometimes lack and helps keep tenants at their current locations.”
Other companies that are targeting the IOS sub-sector include Imperium Capital, which revealed in September 2021 that it would invest more than $250 million into industrial outdoor storage assets over the coming year. In the third quarter of 2021, Rexford Industrial Realty acquired roughly 110 acres of income-producing, low-coverage industrial outdoor storage sites in three separate transactions.
February 16, 2022

News & Insights
Institutional Investors Parking Money in Atlanta's Outdoor Storage Market
Excerpt of article originally published by Bisnow
WPM Commercial founder Price Muir got a Christmas bonus this year he couldn't have fathomed in his years buying and selling land around Atlanta.
Three days before Christmas, JPMorgan Chase and Realterm Logistics paid Muir $53.5M for 40 acres of industrial land 11 miles south of Downtown Atlanta. A year earlier, Muir, along with other local partners, assembled the site — a vast sea of truck parking called Transport City — and paid just under $10M.
“Basically, we began buying industrial outside storage four years ago at around $200K to $250K an acre,” Muir said. "It's now selling for five times that."
Metro Atlanta has become one of the hottest markets for industrial outdoor storage investors, Stan Johnson Co. Director Zach Harris said during a Bisnow webinar last week, listing Georgia's capital alongside other in-demand markets like Chicago, Dallas, Houston, Kansas City, Philadelphia, New York, Orlando and Phoenix.
Industrial outdoor storage can be any number of property types, but it is largely undeveloped land for truck and trailer parking, maintenance facilities, construction materials storage and other mainly open-air industrial properties. The investors in these properties are evolving from small, often local real estate players to major institutional funds as the subsector of industrial real estate gains popularity across the country.
Experts say there are numerous reasons why the IOS sector has grabbed institutional investor attention. IOS properties typically command higher rents for the actual facilities, if structures are on the properties. They can often be found close to major metropolitan areas and the renewal rates from tenants, which are more likely to stay put than go elsewhere, are higher than for average industrial properties, according to a recent report by Stan Johnson Co.
Despite the demand for IOS, the supply isn't growing. Even though they are fairly cheap to build and maintain, industrial sites close in to major metro areas are often snapped up for more traditional commercial developments.
February 16, 2022

News & Insights
Carlyle Global Credit to Acquire $3B Net Lease Business from iStar
Excerpt of article originally published by GlobeSt
Accelerating its growth in real estate credit, Carlyle announced that its Global Credit platform has agreed to acquire iStar Inc.’s net lease business for an enterprise value of approximately $3 billion. Equity will come from a combination of Carlyle’s Global Credit platform and a minority balance sheet investment from Carlyle.
The acquisition is expected to close in Q1 2022.
Through the transaction, Global Credit will gain a diversified portfolio of triple-net leases spanning industrial, office and entertainment properties across 18.3 million square feet located throughout the United States.
Additionally, iStar’s net lease investment team overseeing the portfolio, including Barclay Jones who has led iStar’s net lease strategy for more than 20 years and Senior Vice President Catherine Tenney, will join Carlyle’s Real Estate Credit team.
Global Credit Expanding into Scalable Areas
Acquiring iStar’s net lease business will jump start Carlyle’s real estate credit strategy, Mark Jenkins, Head of Global Credit at Carlyle said in prepared remarks. “We expect to grow this net lease strategy into a $10 billion business with a focus on making the product available to the retail channel over time.”
Roger Cozzi, Carlyle’s Head of Real Estate Credit, served as iStar’s CIO and co-head of its investment committee from 1995 to 2007 and played a key role in the acquisition of a significant portion of its net lease portfolio.
Global Credit Carlyle’s Fastest Growing Segment
Last year, Global Credit made its first fund investment in the net lease arena by agreeing to provide up to $300 million in growth capital to New Jersey-based Four Springs Capital Trust.
Carlyle’s Global Credit platform grew to a record $66 billion in AUM as of Q3 2021, more than two times larger than it was less than four years ago. It has been Carlyle’s fastest-growing segment over the past three years.
New Players Entering Net Lease Business
Daniel Herrold, Partner in Stan Johnson Company’s Tulsa office, tells GlobeSt.com that deals like this one represents a common trend over the past several years, with institutional and private equity capital being deployed into the net lease sector.
“So, this is no surprise to see another entry into the space,” Herrold said. “iStar has a 25+ year history in the net lease industry and offers a very strong reputation in the marketplace, so leveraging their strong reputation and brand to expand their net lease portfolio is a solid strategy.”
February 15, 2022

News & Insights
Single Tenant Office 'Playing Ball' in St. Louis and Elsewhere
Originally published by GlobeSt
While this year’s baseball season appears to be in jeopardy due to stalled labor negotiations, transaction activity around the St. Louis Cardinals stadium—and apparently elsewhere—is playing ball.
Arch Street Capital Advisors and Orion Office REIT announced the formation and continuation of a programmatic venture focused on the acquisition of long-term leased, single-tenant office assets.
The partnership recently acquired 700 Market Street, a 127,468 square foot, state-of-the art office property located in the central business district of St. Louis near Busch Stadium.
The long-term leased, mission critical office property serves as the corporate headquarters for an investment grade-credit tenant. The property is located adjacent to the new $360 million Ballpark Village and four blocks from the landmark Gateway Arch, providing a live-work-play atmosphere for the tenant to enjoy.
Capital Betting on Long-Term Office Occupancy
Eli Randel, Chief Strategy Officer, CREXi, tells GlobeSt.com that the partnership’s increasing investment activity in single-tenant office space signals that investment capital is betting long-term on office occupancy and is confident in the credit of tenants and the CBDs in which they reside.
“As many companies call their employees back to the office, demand for office space has seen a recent uptick. While some companies have permanently made their workforces remote, most are adopting hybrid plans or reverting back to the office entirely,” he says.”
“In both instances, we’re seeing tenants expand to accommodate hybrid dynamics and to allow for flexible seating, less dense space, and de-centralized operations.”
Curtis Hodges, senior vice president, Stan Johnson Company, tells GlobeSt that investor demand for single-tenant net lease office assets has risen to a pre-COVID high and continues to be an attractive sector for investors.
“Last year, we saw annual investment volume for single-tenant office properties increase 47% year-to-year to reach $28.3 billion,” Hodges said.
Many Properties Having Little Trouble Receiving Multiple Offers
At Stan Johnson Company, all currently available and under contract single-tenant office listings with long-term leases have received multiple offers—both direct off-market or within the first few weeks of being brought to market—which has created a competitive bidding environment and driven market pricing for our clients.
“What we’re seeing illustrates what the overall market is seeing, and we expect the momentum for single-tenant office assets to carry well into 2022,” Hodges said. “In this next year, low cost of capital should continue to be available, cap rates should remain stable, and investor demand should continue to steadily rise as demonstrated by the recently announced Arch Street Capital and Orion partnership.
“However, we’ll continue to monitor the Federal Reserve for future interest rate hikes and policy changes to signal when cap rates might follow, as typically cap rate impacts are seen three to six months after interest rates change.”
Preston Young, National Head of Office Investor Services for Stream Realty Partners, tells GlobeSt, that “this isn’t surprising to see, and I suspect we will see more announcements like this in the months to come.
“At some point, the pricing dislocation between office and the heavily favored products such as multifamily and industrial gets so wide that many investors start to reexamine the risk-adjusted returns.
As we likely revert to more normalized social patterns in 2022, the ‘fear’ surrounding office should subside for many seeking more attractive yields. I anticipate 2022 being a solid year for office capital markets activity.”
Deal Comes from Orion’s Recent Spin-Off
Orion’s interest in the partnership was assumed from VEREIT, Inc., as part of Orion’s spin-off transaction following the Realty Income Corporation and VEREIT merger.
To date, the partnership has acquired six assets for approximately $227 million. The partnership is actively seeking new single-tenant office investment opportunities in the range of $10 million to $60 million.
February 11, 2022

News & Insights
Diversified Healthcare Trust Enters Into $703M JV
Originally published by GlobeSt
Diversified Healthcare Trust has entered into a $703 million joint venture for 10 health care properties in its office portfolio segment with two global institutional investors.
The investors acquired a 41% and 39% equity interest in the joint venture for an investment of approximately $100.7 million and $95.8 million, respectively, and DHC retained a 20% equity interest in the joint venture.
The joint venture incurred approximately $456.3 million of secured debt on the properties. The results of operations of the joint venture will be deconsolidated and DHC’s remaining 20% equity interest will be accounted for using the equity method.
New Health Care Buyers Entering the Market
Toby Scrivner, senior director in Stan Johnson Company’s Tulsa headquarters, solely focused on healthcare investment properties, tells GlobeSt.com that investor interest in healthcare assets has continued to increase during the past decade.
“In 2021, we saw several new healthcare-focused buyers entering the market, which only increased the competition for these attractive investment assets,” Scrivner said. “The combination of increased competition, higher construction costs and inexpensive debt is pushing pricing for these assets to new heights. We are now seeing record sales, with asset pricing exceeding $1,000 per square foot on deal sizes above $5 million.”
Larger buildings are trading as well, according to Joe Euphrat, managing principal of GreenRock Capital.
“With outpatient, more specialty services are resulting in relative increase in medical office building size with larger square footage,” he tells GlobeSt.com. “Reimbursement pressures continue of course, and from a real estate perspective, there is always the focus on ways to reduce annual occupancy costs. We have seen C-PACE being evaluated in this context in addition to being relatively accretive to the cap stack.”
Health Care Property Sector Has Evolving Definition
In the longer run, the sector is evolving due mainly to the aging population, technological advances, and greater emphasis on a healthy lifestyle, says Peter L. Curry, Esq., Real Estate Practice, Farrell Fritz, P.C. He notes that the healthcare sector loosely defines several different types of real estate, including retail, research and development, medical and pharmaceutical manufacturing, and telehealth and that all of these facets of commercial real estate are growing.
“However, some of these segments are antithetical to each other,” Curry tells GlobeSt.com. “Reliance on telehealth reduces the need to have in-person visits to medical offices and surgicare centers. Owners of healthcare sector properties will need to stay conversant with the constant changes in the delivery of medical services to patients to avoid over-reliance on types of properties that may become obsolete as medicine and healthcare continue to expand in the near and long-term future.”
DHC Properties Span Five States
DHC expects to use the cash proceeds from this transaction to fund capital expenditures, to reduce outstanding indebtedness and for other general business purposes.
These office portfolio segment properties contain an aggregate of approximately 1.1 million square feet and are located in five states. The 10-property portfolio is being sold at approximately $657 per square foot, or a 4.98% capitalization rate based on full year 2021 actual cash NOI.
As of Sept. 30, 2021, these properties were 97% occupied for a weighted average remaining lease term of 6.6 years (by annualized rental income). This transaction is expected to result in a gain on sale of approximately $320 million.
The joint venture is managed by The RMR Group, an alternative asset management company that is headquartered in Newton, Mass., and the manager of DHC.
DHC’s more than $7 billion portfolio includes 390 properties in 36 states and Washington, D.C., occupied by nearly 600 tenants, totaling approximately 10 million square feet of life science and medical office properties and approximately 28,000 senior living units.
February 11, 2022

News & Insights
Investors Searching for Price Ceiling on Industrial Outdoor Storage Sites Amid Red-Hot Competition
On January 20, Stan Johnson Company's Zach Harris and Melissa McKenzie participated in an online webinar hosted by Bisnow where trends and characteristics of the Industrial Outdoor Storage sector were discussed with panels of experts. Listen to the event replay here.
Originally published by Bisnow
As the industrial outdoor storage sector drafts on the incredible strength of the distribution center market, landlords are doing everything they can to capitalize on the unprecedented demand, from both investors and tenants.
As a property type with fairly low maintenance costs and “sticky” tenants, industrial outdoor storage has become a darling of institutional investors, large private equity firms and anyone with an interest in industrial real estate and a desire to diversify their portfolio, panelists at Bisnow’s Industrial Outdoor Storage webinar on Jan. 20 agreed.
“That’s one of the main reasons we’re here, because interest in IOS has changed dramatically,” Northbridge principal and Mid-Atlantic Region head David Aisner said as the event’s chat window lit up with attendees trading contact information. “There’s an overflowing appetite for all things industrial, and this is clearly a subclass of industrial, and is driven in large part by the same demand fundamentals, so you can feel good about capturing the same tailwinds.”
Given the similarity in demand fundamentals and the fact that new IOS is very rarely developed, rent is rising even faster than it is for warehouse space, CanTex Capital CEO Romit Cheema said. Rents have risen so fast that leases signed five years ago are now far below market rate, panelists agreed. Whereas lease flexibility has become a key tenant demand in the office market, landlords are the ones seeking shorter terms in both traditional industrial and IOS.
“As long as the rent keeps increasing at the rate it is, I’d rather have lease terms that are shorter so we can roll the rent [over] sooner,” Stan Johnson Co. Director Zach Harris said.
Panelists expressed very little concern that potential tenants would start to push back against continually spiking rents, citing the fact that price increases have hit every other part of the supply chain, and for elements like shipping containers, the increase has been much steeper than rents. Considering how reluctant tenants are to give up an IOS site once they have secured one, landlords might actually have difficulty figuring out the upper limits of market-rate rents these days, Cheema said.
And yet, demand from investors might still outstrip what tenants are generating, especially considering that some major retailers, including the all-important Amazon, now seek to own more of their supply chain-related real estate to enjoy the benefits of its rising value. Occupiers looking to own IOS are among the most aggressive bidders in the market because of the small percentage of logistics cost that real estate, even expensive real estate, accounts for.
“We often compete against and lose to users, because they don’t need to solve for return [on investment] like we do,” Cheema said. “But it makes us work a little harder to try and find off-market acquisition opportunities.”
Aside from its attachment to logistics, IOS gained popularity as an investment class because of the yield that could be obtained with relatively little effort. But as investors and users both flood the space, yields are indeed flattening as cap rates shrink, panelists agreed. Yet none of them doubted that the market will remain hot enough in the next few years for those investing now to find willing buyers upon disposition.
The recently passed infrastructure bill could add even more fuel to the fire.
“With the infrastructure bill getting passed, what we’ll see over the next six to 12 months is that as projects get started, these lots are perfect for lay-down spots as construction projects get put together,” Timber Hill Group founder and Managing Partner Cary Goldman said. “So there could be a lot more competition.”
February 9, 2022