THE TRIPLE NET BET
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|Newburger-Andes Real Estate Investments' David Andes and Steve Farrar haven't met an Advance Auto Parts they didn't like. Or a KFC. Or a Dollar General. Or any number of national retail single-tenant locations.|
|Steve and David, here at their Roswell office (next to Ruth's Chris), tell us the local real estate investment firm acts as a syndicate— finding CRE and raising the capital to buy it through a network of investment partners. It's been Newburger's strategy since 1975 when David's father Jerry and Sid Newburger formed it. The firm owns2.1M SF in 88 properties with a 92% occupancy, David tells us, and it's looking to grow to 150 properties in the next few years. While it primarily owns multi-tenant industrial and retail, Newburger, an all-cash buyer, is focusing on single-tenant triple-net retail deals, including its pending purchase of an Advance Auto Parts store on Bells Ferry Road in Acworth, its fourth Dollar General buy in Locust Grove, and a vacant Arby's on Powder Springs Street that the duo hope to quickly lease out. ?It's generally considered by the community as a safe bond-yield investment with predicable returns,? he says. And while long-term holders, David says there will come a day when Newburger Andes might package and sell its portfolio to cash out—sometime during the rise to the next peak of a new CRE cycle.|