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2.3 Retail Real Estate: Strip Centers, Anchored Centers & Triple Net

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Overview
Curriculum
  • 9 Sections
  • 29 Lessons
  • 30 Quizzes
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The Retail Property Spectrum
5 Lessons5 Quizzes
  1. Lesson 1.1: Freestanding Single-Tenant Properties
    Preview
  2. Quiz 1.1: Freestanding Single-Tenant Properties
  3. Lesson 1.2: Strip Centers and Convenience Centers
  4. Quiz 1.2: Strip Centers and Convenience Centers
  5. Lesson 1.3: Neighborhood and Community Centers
  6. Quiz 1.3: Neighborhood and Community Centers
  7. Lesson 1.4: Power Centers and Lifestyle Centers
  8. Quiz 1.4: Power Centers and Lifestyle Centers
  9. Lesson 1.5: Regional Malls
  10. Quiz 1.5: Regional Malls
Anchor Leases and Tenant Dynamics
4 Lessons4 Quizzes
  1. Lesson 2.1: The Anchor Lease Structure
  2. Quiz 2.1: The Anchor Lease Structure
  3. Lesson 2.2: Co-Tenancy Clauses
  4. Quiz 2.2: Co-Tenancy Clauses
  5. Lesson 2.3: Go-Dark Provisions
  6. Quiz 2.3: Go-Dark Provisions
  7. Lesson 2.4: Credit Tenants vs. Local Tenants
  8. Quiz 2.4: Credit Tenants vs. Local Tenants
Retail Lease Structures
4 Lessons4 Quizzes
  1. Lesson 3.1: NNN vs. Modified Gross in Retail
  2. Quiz 3.1: NNN vs. Modified Gross in Retail
  3. Lesson 3.2: CAM Pools and Reconciliation
  4. Quiz 3.2: CAM Pools and Reconciliation
  5. Lesson 3.3: Percentage Rent
  6. Quiz 3.3: Percentage Rent
  7. Lesson 3.4: Rent Roll Analysis and Lease Expiry Risk
  8. Quiz 3.4: Rent Roll Analysis and Lease Expiry Risk
Site Selection and Market Fundamentals
4 Lessons4 Quizzes
  1. Lesson 4.1: Traffic Counts and Visibility
  2. Quiz 4.1: Traffic Counts and Visibility
  3. Lesson 4.2: Trade Area Analysis
  4. Quiz 4.2: Trade Area Analysis
  5. Lesson 4.3: Competitive Supply Analysis
  6. Quiz 4.3: Competitive Supply Analysis
  7. Lesson 4.4: E-Commerce's Bifurcated Impact
  8. Quiz 4.4: E-Commerce's Bifurcated Impact
Retail Underwriting
3 Lessons3 Quizzes
  1. Lesson 5.1: Building the Retail Income Statement
  2. Quiz 5.1: Building the Retail Income Statement
  3. Lesson 5.2: Retail Cap Rate Benchmarks
  4. Quiz 5.2: Retail Cap Rate Benchmarks
  5. Lesson 5.3: TI Allowances and Leasing Costs
  6. Quiz 5.3: TI Allowances and Leasing Costs
Value-Add Retail Strategies
3 Lessons3 Quizzes
  1. Lesson 6.1: Re-Tenanting and Lease-Up
  2. Quiz 6.1: Re-Tenanting and Lease-Up
  3. Lesson 6.2: Dark Anchor Repositioning
  4. Quiz 6.2: Dark Anchor Repositioning
  5. Lesson 6.3: Outparcel Development
  6. Quiz 6.3: Outparcel Development
Retail Financing
2 Lessons2 Quizzes
  1. Lesson 7.1: How Lenders View Retail Risk
  2. Quiz 7.1: How Lenders View Retail Risk
  3. Lesson 7.2: Structuring the Value-Add Capital Stack
  4. Quiz 7.2: Structuring the Value-Add Capital Stack
Capstone, A Grocery-Anchored Center Acquisition
4 Lessons4 Quizzes
  1. Lesson 8.1: The Setup, The OM Arrives
  2. Quiz 8.1: The Setup, The OM Arrives
  3. Lesson 8.2: The Analysis, Working Through the Numbers
  4. Quiz 8.2: The Analysis, Working Through the Numbers
  5. Lesson 8.3: The Decision, What to Offer
  6. Quiz 8.3: The Decision, What to Offer
  7. Lesson 8.4: The Pro Lens, Negative Leverage and the Two Walk-Away Prices
  8. Quiz 8.4: The Pro Lens, Negative Leverage and the Two Walk-Away Prices
Final Exam
1 Quiz
  1. Retail Real Estate: Strip Centers, Anchored Centers & Triple Net, Final Exam

Retail lives or dies on the anchor and the lease. Read both and the rest of the center makes sense.

You work the property spectrum, anchor leases and co-tenancy, lease structures, site selection, underwriting, and financing. The capstone runs a grocery-anchored center acquisition.

Eight modules, 29 written lessons, 88 practice questions, and a graded final exam with a certificate. Self-paced, no expiry date. Yours to finish on your own timeline.

Retail throws off real income and real traps. You leave knowing both.

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