Catching Up With ATL's Triple Net King of the Hill
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We chatted with Newburger-Andes' Steve Farrar and David Andes recently about the firm's progress toward owning more than 160 properties around the Southeast. They've hit the 125 milestone, with such recent buys as a Church's Chicken off Austell Road in Marietta, a Sherwin Williams on Panola Road, a Taco Bell in Jonesboro, and a Family Dollar in Chattanooga and another in East Point.
The firm's come a long way with its syndication business—a close-knit network of well-off families who use them to place investment dollars in commercial real estate—since embarking on an effort to double its portfolio back in 2011. And David tells us the firm has seen a lot more competition for properties that at one time were largely ignored by many investors, with cap rates getting pushed downward.
This has prompted Newburger-Andes to buy other types of assets in recent months, including a variety of single- and multi-tenant industrial properties in Metro ATL.