Searching for NNN single tenant property

[Robert Parker]

Hi BP forum,

Nothing like starting off my fist post on the million dollar question (literally)!

I have been searching for Single Tenant Absolute NNN deals for the last few weeks and have found the CAP rates nationally to have experienced tremendous downward pressure. I am looking for a $1.2-$1.6m property with a 6-6.75 CAP with AT LEAST a 10 yr term remaining on fast food restaurant locations in larger metropolitan areas ( >80,000 population in 5 miles) preferably in TX and FL but will consider nationwide.

The only tool I have really been using has been Loopnet. Are there other good sites I should be searching? It seems like all the big money has scrapped up anything decent and that the stuff that is left on Loopnet isn't that great...thoughts?

Thanks!