Calling all NNN lease aficionados

[Amit M.]

What in the world is going on with all these Marcus and Millichap auctions!?! I'm getting blitzed with all sort of cheap NN and NNN offerings. One year ago dollar generals were $800-,1200k. Now? Some are dimes on the dollar. Same goes for other offerings incl. McDonald's, Starbucks, strip centers, some empty and some not. But all of them seem to be selling for a fraction of what they would have sold prior to the interest rate hikes. And last M&C email said an REIT was liquidating holdings, so it's not just mom and pops going under.

To those directly in the NNN space, is there some great reckoning going on? All I know is that when I last considered NNN in 2021/early 2022 the prices were way higher. Basically couldn't touch anything decent for under $1.5mil. Now it seems there's plenty of properties being discounted 30-60%. Comments?