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Brokers+Engineers Unveils Online Platform To Transact NNN Deals

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Brokers+Engineers launched its online trading platform for triple net lease properties on Tuesday at RECon in Las Vegas, boasting the first fintech company to create an online product specifically for NNN-1031 exchange transactions.

Millenium Investment LLC purchased 3627 East Cesar Chavez Ave. in LA
The CVS pharmacy at 3627 East Cesar Chavez Ave. in Los Angeles

“The B+E trading platform consists of user-friendly dashboards, real-time predictive pricing and an AI-driven exchange — all leveraging the largest data set in the industry,” B+E CEO Camille Renshaw said.

“Buyers and sellers can conduct entire net lease transactions online, reviewing real-time credit, news and tenant data while they trade, much like online stock trading platforms.”

B+E's ambitions in the NNN space were apparent soon after the company was founded by Renshaw and President Scott Scurich last September. The company wanted to pioneer an online sales platform specifically for net lease deals.

"As net lease brokers, there is not a lot of tech in our world, be it sector-specific platforms, dashboards, algorithms, anything," Renshaw told National Real Estate Investor in December.

Since retail real estate tends to account for a large portion of the NNN/1031 exchange industry, B+E picked RECon to roll out the platform. 

The move comes at a time when the net lease market has a total value of roughly $6.5 trillion, consisting of more than 1.3 million properties with greater than $55B in average annual sales volume, according to Renshaw.

Drive Thru Drugs
Stand-alone pharmacies are often the subject of the sort of net lease trade that B+E wants to put online.

According to B+E, less than 1% of the NNN market trades annually for roughly 11,000 transactions, with an average sales price of $5.5M, and 55% of those transactions are facilitated by brokers. Pricing is not driven strictly by the underlying real estate, but also by the lease terms and the single tenant’s credit rating.

"B+E has the largest dataset in the net lease industry and leverages proprietary patent pending AI-powered price regression algorithms to bring better-priced deals to the market," Allen Taylor writes in Lending Times. "The technology [is also] used for establishing property values from year to year."

B+E  also announced a joint venture with RCX Capital Group to serve a wider spectrum of 1031 exchanges. RCX is an investment and merchant banking boutique focused on the real estate sector.

RCX Capital Group offers a proprietary 1031 product called the 1031 Exchange Hub, which allows investment professionals to educate clients on the merits of 1031 exchanges, facilitate transactions and to track their 1031 like-kind transactions on an online platform.  

According to RCX, 1031 Exchange Hub will help 1031 exchangers analyze beneficial interests in Delaware Statutory Trusts (DSTs), while the B+E platform will help 1031 exchangers facilitate fee simple transactions.