Avsnitt
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Glenn Rufrano, longtime real estate executive, joins the program. With over 5 decades in real estate, Rufrano’s career has stretched from appraisal work at Landauer to Co-Founding O’Connor Group to CEO roles at firms including New Plan Excel, Centro Properties, Cushman & Wakefield, and VEREIT. He now serves as Chairman of PREIT, Chairman of the ICSC Foundation, and sits on the board of a variety of REITs and other real estate businesses. Our conversation covers a myriad of evergreen topics, from credibility, focus, and patience to turn-arounds, value creation, and mobility. Glenn also provides his take on current themes including 401(k) access to illiquid alternative investments, semi-liquid fund structures, digital infrastructure, and sticky inflation.This episode is sponsored by Commonwealth National Commercial Services – your national net lease title & escrow partner. Visit Commonwealth's website HERE for additional information and contact National Account Manager John Heap at (602) 705-4180 or [email protected].
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Michael Batnick, Managing Partner at Ritholtz Wealth, joins the program. Ritholtz is a nationwide wealth management firm and RIA. Batnick is a prolific financial commentator and content creator through his blog the Irrelevant Investor, co-hosting both the Animal Spirits and Compound & Friends podcasts, and his 2018 book Big Mistakes: The Best Investors and Their Worst Investments.
Our conversation covers Michael’s unconventional path to Ritholtz, the firm’s independence and content creation as differentiators, asset allocation thoughts, views on alternative investments, liquidity, fee structures, and the potential outcomes of recent redemption waves at private funds.
This episode is sponsored by Commonwealth National Commercial Services – your national net lease title & escrow partner. Visit Commonwealth's website HERE for additional information and contact National Account Manager John Heap at (602) 705-4180 or [email protected].Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Saknas det avsnitt?
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Sumit Roy, President and CEO of Realty Income (NYSE: O), joins the program.
Founded in 1969, traded on the New York Stock Exchange under the Ticker “O”, and known as the Monthly Dividend Company, Realty Income is a $90 billion enterprise value global net lease REIT with over 15,500 properties across North America, the U.K., and Europe. The company’s portfolio is primarily retail and industrial assets with additional exposure to gaming, data centers, and agriculture properties.
Our discussion covers Sumit’s background, the societal tailwinds and strategic decisions driving Realty Income’s business model, the implications of the company’s massive scale, leaning into private capital as a source of equity, M&A, international opportunities, and much more.
This episode is sponsored by Commonwealth National Commercial Services – your national net lease title & escrow partner. Visit Commonwealth's website HERE for additional information and contact National Account Manager John Heap at (602) 705-4180 or [email protected].Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Teddy Kaplan, Managing Director, President and CEO of Net Lease at New Mountain Capital, joins the program. Our discussion covers New Mountain’s focus on industrial manufacturing assets in defensive growth industries, the benefits of the firm's existing PE and credit business infrastructure for its net lease investment process, the evolution of net lease as an asset class, and much more. This episode is sponsored by Commonwealth National Commercial Services – your national net lease title & escrow partner. Visit Commonwealth's website HERE for additional information and contact National Account Manager John Heap at (602) 705-4180 or [email protected].
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Charlie Dann, Managing Director and Head of Esoteric ABS Banking at Truist Securities, joins the program. Our discussion covers all things asset-backed securitizations – the broad structure, its application to net lease including common terms, history, sponsors, and benefits, as well as the current market, 2026 outlook, and much more.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Matt Wrobleski, Partner at SLB Capital Advisors, joins the program. After extensive M&A, divestiture, and corporate finance advisory, Wrobleski entered the net lease sector in 2014 and ultimately teamed up with a group of specialists to launch SLB Capital Advisors in 2020. The company focuses exclusively on sell-side sale/leaseback engagements with operating companies across industries and ownership structures (private equity; family owned; corporations; etc.). Quarterly, the firm releases a sale/leaseback market update report. Go to www.slbcapitaladvisors.com to contact the team and request the report.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Elyssa McMullen, Head of Lease and CTL Financing at PGIM, joins the program. As a subset of the net lease industry, credit tenant lease or CTL financings are more structured finance than typical real estate lending. From underlying basics like standard CTL metrics and counterparties – to the esoteric specifics of unique deal construction, Elyssa shares insights and observations on CTL’s past, present, and future. With career lending totals approaching $15 billion over nearly 3 decades at PGIM, McMullen’s master class will benefit market participants of all experience levels.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Gino Sabatini, Head of Investments at W.P. Carey (NYSE: WPC), joins the program. With over 25 years of experience at the $25 billion publicly listed net lease REIT, Sabatini provides a history of the company along with commentary on the firm’s position of strength today, non-traded REITs, underwriting lessons, the power of longevity, AI, data centers, and, much more.
1997 Forbes article on FFCA & P.F. Chang's: https://www.forbes.com/forbes/1997/1215/6013168a.html
CPA Program returns as provided by Sabatini:
Program
Years
Total AUM
Total Return
Avg 10YT
Spread
Liquidiation event
CPA 1-9
1978-1998
< $ 1 Bil
7.17%
8.4% (6.36% 92-98)
-1.23%
Listed on NYSE: "CDC" Jan 1998 - became "WPC" in 2000
CPA 10
1990-2002
$156 mil
8.81%
6.33%
2.48%
Merged into CIP April 2002 ( shares or cash)
CIP
1991-2004
$550 mil
11.22%
5.90%
5.32%
Merged into CPA 15 2004 ( shares or cash)
CPA 12
1999-2006
$126 mil
10.91%
4.83%
6.08%
Merged into CPA 14 ( shares or cash )
CPA 14
2001-2011
~ $1 Bil
8.96%
4.23%
4.73%
Merged into CPA 16 ( shares or cash )
CPA 15
2002-2012
$2.6 Bil
9.58%
3.85%
5.73%
Merged into WPC, convert from LLC to REIT (Sept 2012)
CPA 16
2004-2014
$4.0 Bil
7.64%
3.51%
4.13%
Merged into WPC
CPA 17
2007-2018
$5.9 Bil
7.09%
2.87%
4.22%
Merged into WPC
CPA 18
2013-2022
$2.7 Bil
10.60%
2.35%
8.25%
Merged into WPC
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Jana Galan, Senior REIT Analyst at Bank of America, joins the program. Galan provides a recap of 4Q and FY2025 earnings for listed net lease REIT, the structure and benefits of listing on the public markets, deployment and capital formation trends, tenant credit health, and much more.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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David Kay, Managing Director of Proterra Net Lease, joins the program. Our conversation covers David's career journey including how time at Arthur Andersen introduced him to the auto dealership sector and ultimately the founding of Capital Automotive, his 15+ year run with CARS, and his new venture launching the net lease arm (focused on industrial properties within the food value chain) of Proterra Partners. Kay provides his philosophy on why specialization is positioned to win and how endurance sports match the net lease business model.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Andy Sandquist, Vice Chairman of Corporate Capital Markets at Newmark (NASDAQ: NMRK), joins the program. After growing up on a working farm in Iowa, Sandquist's professional path led to commercial and investment banking before finding single tenant net lease. Andy has advised on deals across nearly all single tenant property types but given recent trends the conversation focuses heavily on industrial sale/leasebacks. In 2025, Sandquist and his team closed over $800 million in deal consideration.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Stephen Preston and Pierre Revol, CEO and CFO of FrontView REIT (NYSE: FVR) join the program. Founded as NADG-NNN in 2016, FrontView is a NYSE listed owner of highly visible, net-leased assets with flexible footprints tenanted by retail and medical concepts. The company focuses on properties in prominent locations with frontage on high-traffic roads that are highly visible to consumers. As of 9/30/2025, FVR owned 307 properties in 37 states with $61 million in annualized base rent.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Travis Fidel and Kevin Marusiak, Co-Founders and Managing Partners of Radar Net Lease, join the program.
Radar operates via two platforms: its triple net lending arm where it provides capital solutions across the full lifecycle of net lease real estate — from ground-up development to stabilized asset purchases; and its acquisitions arm where it directly buys retail, industrial, and medical properties throughout the country.
Our conversation with Travis and Kevin covers their childhood years growing up together, their early careers in real estate and net lease, and coming together to form Radar Net Lease.
Check out www.netleaseobserver.com for all net lease and sale/leaseback content.
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Alexi Panagiotakopoulos, Co-Founder and Partner at Colterpoint, joins the Net Lease Observer podcast.
Over his career, Panagiotakopoulos has served in various roles across public and private markets throughout distress commercial debt and net lease/sale-leaseback. His unique background provides a robust foundation for insights on the single tenant net lease market, particularly the growth and institutionalization of the sector (of which he has been directly involved), the role of public REIT, and the characteristics / benefits of the ETF structure.
Launched in 2019 and rebranded in 2025, Colterpoint, through its proprietary public index, the Colterpoint Net Lease Real Estate Index, calculated by NASDAQ, serves as the index provider to the Colterpoint Net Lease Real Estate ETF (NYSE Arca: NETL). Colterpoint's goal is to democratize the public net lease sector in a diversified, transparent, and tradable manner.
Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.
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Craig Ganz, Partner at Ballard Spahr, joins the Net Lease Observer podcast.
With a near 20-year career guiding single tenant net lease landlords, Ganz and his team provide a range of services from transaction representation (acquisitions and dispositions) to distress and workouts. Through over 750 lawyers in 18 US cities, Ballard Spahr provides strategic legal services and business solutions. Ganz provides insightful views on the current net lease market including transaction velocity, distress trends, and the growing role of artificial intelligence on the legal profession.
Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.
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Andrew Spodek, CEO at Postal Realty Trust (NYSE: PSTL), joins the Net Lease Observer podcast.
Growing up and learning from his dad as he acquired postal service real estate, Andrew took over the family business and ultimately seeded PSTL with assets for its 2019 IPO. Spodek’s deep knowledge of the USPS and its logistics network along with a robust understanding of real estate and finance sets his foundation as an investor and leader.
Postal Realty Trust is an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS ranging from last-mile post offices to industrial facilities. As of June 30, 2025, PSTL owned a portfolio of 1,806 properties located in 49 states and one territory and leased primarily to the USPS.
Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.
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Gary Baumann, CEO at ARCTRUST, joins the Net Lease Observer podcast.
An early career path ranging from construction work to practicing law ultimately led Gary to his current 20-year run at ARCTRUST Companies. Baumann's diverse experience provides thought-provoking insights into not only the single tenant net lease sector, but integral business topics including leadership, helping develop and grow his colleagues' skillsets and career progression, investing with discipline and patience, the ability to adapt, and many others.
ARCTRUST, a fully integrated real estate company celebrating 40 years of success, is responsible for the development, acquisition, and joint venture funding of more than 500 properties with a value that exceeds $5 billion.
Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.
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Chris Hollenbeck, Vice Chair at brokerage Cushman & Wakefield (NYSE: CWK), joins the Net Lease Observer podcast to discuss his nearly two-decade net lease career.
A move from Missouri to Arizona for university led Chris on a path toward sales and ultimately real estate, finding an early niche in single tenant net lease brokerage. Hollenbeck's clients include developers, REIT and institutions, individual investors, and family offices, providing unique insights into the investor mindset with a laser focus on retail capital markets.
Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.
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Will Pike, President, Industrial & Logistics, Capital Markets at CBRE Group (NYSE: CBRE) joins the Net Lease Observer podcast to discuss his 20+ year career at the brokerage giant.
Inspiration from the growth of Atlanta in the 80s and 90s led Will to join CBRE in the early 2000s. From net lease property LOI received via fax machine to over $50 billion in transaction volume with his team, Will provides insights into the evolution of the net lease asset class with a global perspective across all property types.
Visit www.netleaseobserver.com to subscribe to the Net Lease Observer's premium content covering the single tenant net lease and sale/leaseback markets.
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Today's solo episode recaps the Observer's recent trip to the 11th annual REJournals Net Lease Summit and provides insights into the first week of net lease REIT 2Q2025 financial reporting, which included primarily retail-focused investments. Check out www.netleaseobserver.com to subscribe to our premium content!
- Visa fler
