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Volume 5 - Number 1 | January 2, 2007
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TOP STORY: Record-Breaking CTL Deal Helps Bring 2006 to a Close
By Michelle Napoli
The nearly $1.28-billion securitization of 340 CVS Corp. drugstore properties closed on Dec. 11, 2006, according to information from Moody’s Investors Service. The $1.3-billion sale-leaseback of assets, either owned or ground leased that resulted in the 144A securities offering, is believed to be the largest retail sale-leaseback in US history.
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Insider: CapHarbor LLC’s James Shaw
By Michelle Napoli
NET LEASE forum gets the new year started by speaking with James Shaw, president & CEO of Beverly Hills, CA-based CapHarbor LLC. Shaw specializes in helping clients with real estate 1031 exchanges, whether they are from a sole ownership, net lease property purchase or a securitized TIC investment.
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Industry Update: Lexington Enters Debt Biz With Closing of First CDO
By Michelle Napoli
The new incarnation of long-time net lease player Lexington Corporate Properties Trust effectively entered the debt side of the property business last month, when subsidiaries of Concord Debt Holdings LLC closed its first collateralized debt obligation, a $465-million transaction.
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Data Points: Cap Rates Compared to Interest Rates
Though there was a slight increase in average cap rates for the retail sector, cap rates for net lease properties overall declined during the fourth quarter, according to the latest Net Lease Market Report from Northbrook, IL-based Boulder Net Lease Funds LLC.
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