February 1, 2005 | Vol. 3 No. 3

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Volume 3 - Number 3 | February 1, 2005

TOP STORY: Targeting ‘Untapped Potential,’ iStar Agrees To Buy Falcon Financial
By Michelle Napoli
Pursuing what it considers an “underserved” market with gusto, iStar Financial Inc. of New York City has agreed to buy Falcon Financial Investment Trust, a finance company focused on capitalizing automotive dealers throughout the country, for approximately $120 million cash.

INSIDER: Red Mountain Retail’s Michael Mugel
By Michelle Napoli
Michael Mugel is the founder and CEO of Red Mountain Retail Group, a company formed in 1999 to focus on redeveloping and re-tenanting retail properties, including single-tenant assets. NET LEASE forum recently spoke with Mugel about the opportunities he sees in the single-tenant property arena.

Hipp's New Firm To Focus On Net-Lease, Branch Out From There
By Michelle Napoli
Now that Jonathan W. Hipp, one of the nation’s leading brokers focused on net-lease property investment sales, has walked away from his senior position at Grubb & Ellis to form his own, self-financed firm in Calkain Realty Advisors Inc., what happens next?

Perhaps no surprise to anyone, Hipp and his new company will initially focus on what he knows most intimately: the single-tenant, net-lease property market.

CNLR Gains Convenience Store Exposure Via Company Buy
By Michelle Napoli
In a deal that will cost Commercial Net Lease Realty Inc. about $61 million, the net-lease REIT agreed to buy National Properties Corp., a Des Moines-based company with a portfolio of 43 properties in 12 states.

DataPoints: Drugstore Cap Rates

Short Takes & Executive Postings

Recent Transactions

Ratings Update