11-23-18

28A — November 23 - December 13, 2018 — M id A tlantic

Real Estate Journal

www.marejournal.com

EXECUTIVE PROFILE

Investment Sales can be a cutthroat game. How one successful broker has made a name for herself. Y our team has seen truly noteworthy growth in transaction volume and market share over the last year. Thank you for taking time to speak with us about your thoughts on the market and what has led to your success.

Q: Your team is growing and transaction volume is increasing rapidly. How do you keep the train on the tracks? KI: I am a big believer in organization and efficiency. Our Monday morning team meeting starts out with an overview of changes in notable tenants by market segment, followed by transaction action items and goals for the week. It’s short and focused. Q: Aside from being focused on efficiency what defines your team? KI: We expect to be exceptional and because we are consistently honing our skill sets, refining and streamlining our processes and adding to and deepening our industry relationships, we are. It’s a mindset of constant improvement. We also believe that in virtually every industry connection made there is some future possibility, something to be learned or a deal to be done down the road. We value our relationships with other brokers and welcome

Q: The last few years have brought an increasing number of negative headlines about retail. How do you address the concerns? Karly Iacono: Interestingly, risk means something different to everyone and the perception of what is risky is evolving. For example, our team is marketing a short term Dicks Sporting Goods in Charlotte, NC. Some buy- ers may look at the deal and see security in the prime location, outstand- ing store sales, and rapidly growing trade area. Some may see risk in the short remaining lease term and lack of quality big box tenants who could

back fill the space if necessary. Both viewpoints have validity and whether the deal is considered high risk or a quality opportunity depends on the buyer’s background and motivation. Q: Are any deals universally considered “safe”? KI: Just as risk has various definitions so too does security. Historically, a new construction Walgreens with a 20 year termwas the pinnacle of security for a private client looking for a net leased asset. Now due to the flat nature of the leases and the various merger debacles, drug stores are a segment of the market where transaction velocity has slowed as investors exhibit more caution even though Walgreens and CVS remain two of the most creditworthy tenants. Many investors now define security as an Amazon resistant tenant with structured rent increases throughout the base term and options. Having increases in the NOI to outpace infla- tionary pressure on cap rates is an important check box for many investors as well. Quick Serve Restaurants (QSR) are a very hot part of

collaboration. We find the quality brokers and third parties that we trust and then treat them like gold.

Q: What do you do personally to keep yourself moving forward? KI: Achieving remarkable results often requires an unusual level of drive. I can be quite intense, laser focused. My office door is often closed because I protect my time. It’s the only way to squeeze the most productivity out of the day. I am always there to guide the team or help a new broker but at a time that does not disrupt the focus of what I amworking on. Q: How do you start your day? KI: I idolize, although I don’t always believe, the icons that say they have a perfect morning routine for optimal performance. While waking up at 4:30 to meditate, run 8 miles and cook a full farm to table breakfast sounds amazing, I find it just isn’t realistic. So on the days I put coconut oil in my

Karly Iacono Associate Director, National Retail Group

the net leased market right now. Home improvement, grocery, and fitness are three other market segments that have seen increased attention. Q: What sets you apart from other brokers? KI: To achieve our strong list to close ratio we start by being realistic and direct with our sellers. We work collaboratively with the brokerage community, and pursue a multifaceted approach to marketing and promotion. Q: Do you work with buyers as well? KI: Shepherding buyers through the 1031 process has been a big part of our business. We start by establishing a deep understanding of what the buyer truly needs and then assist them in simplifying a cluttered market. Buyers have increasing access to inventory through new technology platforms but they don’t always have the market knowledge or experience to navigate those options.

coffee, have a high protein breakfast, and dance around the kitchen a bit, I end up feeling pretty super human by the time I walk out the door. Q: Any parting thoughts? KI: At the end of the day people buy, they sell, or they build properties to create and preserve wealth. As long as we are making our client’s money, making the brokers we partner with money, and making our third party contacts money – the machine keeps on churning. I am grateful for all of the opportunities this industry provides and am bullish on the future. We are just getting started.

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