Bisnow/Allen Matkins Retail Summit - Phil Voorhees
CBRE SVP Phil Voorhees, part of a 12-person national retail investment team that's done $1.8B in transactions since the start of last year, says the market is starting to pick up. Compared to the first-time buyer that drove the market in'05-'07, he's seeing a more sophisticated investor looking for better yields than they can get in cash or bonds, and putting down more cash as opposed to buying with leverage. Single-tenant ground lease deals in particular, he says, where the investor isn't just buying in at a given cap rate but also getting good fundamentals, are a great estate planning play. "That will drive the market in the next 10 years as we see more baby boomers turning 60."