NNN retail investments

[George Jan]

Three large US trusts plan to jointly make multiple real estate investments over the next few years, starting now. Absolute NNN Retail looks like a very interesting category. I am the only person with the decision making authority for investments for these trusts. The investment amount to be disclosed privately.

Interested in

- several investments
- locations nationwide
- fee simple interest or ground leases
- single-tenant (perhaps also 2-3 tenants in a strip, depending upon who does the repairs...)
- awesome micro and macro locations are crucial
- most types of tenants are fine, but not all. Details to be provided after a discussion.

1.
I am looking for a top buyer's broker with long-time NNN experience to be the exclusive buyer's agent. I have over 25 years of expertise of running, buying and investing in businesses, but have limited experience in real-estate. Would appreciate any names and contacts of great NNN retail buyer's brokers.

2.
While Absolute NNNs have in theory no costs to the owner, I presume the tenant, when looking to take an option to renew, would ask for TIs in cash or free rent.
- How often does this happen? Does it happen more often with certain types of tenants/properties or in certain areas (besides those not doing so well)?  
- What % of the NOI should usually be budgeted for that reserve over a 20-year period. (I'd assume that within 20 years, most roofs, A/Cs, parking lots need to be fixed in a major way and, quite often, the exterior needs to be updated to new unit prototypes.)

3.
What's the current state of the NNN retail market.

(There would be other things I'd like to discuss and can be commented on such as the average time to re-tenant in the worst case scenario, which of course, would be highly dependent on the location and the type of tenant, property size...)

Thanks much in advance! This forum is amazing!

George