| Perhaps blasting Journey's "Don't Stop Believin" over the sound system was just a coincidence, but net lease executives likely needed that optimism after the somber early-morning panels at Incisive Media's RealShare Net Lease conference yesterday at the Marriott Marquis. Bisnow was on hand to hear net lease's latest. |
| Incisive real estate group publisher Michael Desiato (second from right) with moderator David Silvers of U.S. Realty Advisors and panelists Howard Davidowitz of Davidowitz & Associates and Sam Chandan of Real Estate Economics. You need to run your business like we're in a depression, Howard says, as this isn't a cycle—we'll never be the same again, with retail in a hole and consumer spending down. The wealth effect we once felt is down, and consumers' focus on savings will eventually trickle down to all property sectors and trade, Sam adds. |
| The next town hall addressed the downturn but also focused on opportunity. The panelists: W.P. Carey's Gordon DuGan, RBS Global Banking's Kyle Gore, American Realty Capital's Nicholas Schorsch, Net Lease Capital Advisors' Bruce MacDonald, moderator; Marcus & Millichap's Glen Kunofsky, and U.S. Realty Advisors' Richard Adler. More attractive deals are coming to the market, they say. As corporations take assets off balance sheets,long-term investors can take advantage of great deals, and new capital sources will come in to finance sale-leasebacks. |
| We bumped into our good friends Jeff Bogart and Jon Hipp of VA-based Calkain Realty Advisors, and Jon tells us that with turmoil comes opportunity. His firm is still doing deals, albeit fewer, but recently started a business line focusing on the distressed side of the market. He expects to pick up a greater market share and strong brokers as the net lease herd starts to thin out and is even thinking of expanding to New York by 1Q, he says. (More photos). |
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