Jonathan Hipp
President & CEO
Calkain Realty Advisors

Executive Bio

Jonathan W. Hipp is the founding President and Chief Executive Officer of Calkain Companies and is a member of Calkain’s Executive Committee. Calkain is a national, commercial real estate firm which provides brokerage and consulting services for both private and institutional clientele and specializes in assisting Buyers and Sellers with the acquisition and disposition of single and multi-tenant net lease investment properties. The company is comprised of five divisions specializing in brokerage, advisory, asset management, capital markets and research.

Jonathan is one of the leading experts in Net Lease Investments in the United States. With over 25 years of experience in Commercial Real Estate, he manages the overall strategies and growth of Calkain and has successfully completed nearly $3 billion in investments throughout his career. Through his leadership and vision, Calkain has grown to $9.5 Billion in transactions. Mr. Hipp serves as a member on the President’s Council of the prestigious invitation-only Real Estate Roundtable. He is also an advisory board member for Globe St., the largest online commercial real estate publication and for France Media, Inc., the largest commercial real estate publisher in the United States. His unique industry expertise is manifested in a well-reviewed book he coauthored, The Little Book of Triple Net Lease Investing, which serves as a handbook for investors.

Calkain has been featured on ABC News and Jonathan is regularly interviewed and quoted in a variety of publications including Fortune, Fortune Small Business, Forbes, Real Estate Forum, National Real Estate Investor, Commercial Property News, Globe Street, Shopping Center Business, Southeast Property News, Washington Business Journal, Northeast Property News and CNN Business. He is a nationally recognized panelist, moderator and speaker at Net Lease and Real Estate conferences and seminars. Additionally, Jonathan writes a weekly column entitled “Net Lease Insider”, for

  • Winners and Losers in the Walgreens-Rite Aid Merger

    Last week’s announcement of Walgreens $17B+ acquisition of Rite Aid has sent reverberations throughout the single-tenant net-lease world. The merger would combine the country’s largest and third largest pharmacies, creating a retail behemoth with well over $100B+ in annual sales.

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  • Net Lease Advisor Profile: Starbucks

    Founded in 1971, Starbucks is a global brand in the quick service retail sector, specializing in the sale of high-margin specialty coffee. For the fiscal year ending 2014, Starbucks generated revenue of $16.44 billion and net income of $2.07 billion, with an extremely impressive gross margin of 58.54% and pre-tax operating margin of 18.7%. As of September 2015, its stock had appreciated 48% on a year-over-year basis. …

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  • 2006 to Now: A Big Picture Look at STNL Cap Rates

    Below is a chart that shows the average cap rates of over 7,000 single tenants net-lease (STNL) sales captured over the last nine years. The red line represents the moving average of the last 200 sales at any given point in time.

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  • Net Lease Properties and Supply Growth: The 2nd Quarter in Review

    One metric that Calkain uses to partially measure supply in the market is the change in average lease years remaining at the time of sale on a quarter-by-quarter basis. An increase means the mix of properties being sold is newer, which could be caused by several things, however in our experience it’s primarily due to new construction. …

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  • Location, Location, Location: A Cap Rate Heat Map for Net Lease Properties

    When it comes to net lease properties, buyers and sellers often focus on investment aspects such as tenant creditworthiness, lease years remaining, and rent escalations.  To be sure, these aspects are critical in the net lease arena. However, it is essential to recognize that, at the end of the day, real estate is about location, and a good location can overcome many weaknesses in fundamentals. …

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  • Yes, Cap Rates Are Below 2006 Levels, but…

    Within the single-tenant net lease space, I often get asked whether I believe there is a bubble in commercial real estate due to cap rates being below 2006 levels. The honest answer is I don’t know, and neither do most people. Bubbles are generally discovered only after they pop.

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  • Guarantor’s Importance in Restaurant Net-Lease Properties

    One of the largest sectors in the net-lease space is quick service restaurants (QSRs), consisting of stand-alone locations flagged with tenants such as Wendy’s, KFC/Taco Bell, and Burger King.

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  • The Strategy Behind Walmart Neighborhood Market Stores

    Walmart, the retail behemoth with a market cap of $238 billion, is mixing things up. For decades, the company’s standard policy of building big-box stores aimed at price conscious working-class customers was resoundingly successful. However, it is increasingly clear simply adding large stores won’t be enough to increase, or even maintain, its level of profitability. …

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  • Net Lease Properties and the Portfolio Purchase Discount

    For almost every product out there, a discount is available for buying in bulk. The same is true for real estate, including single-tenant net lease properties.

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  • Recap of ICSC Las Vegas

    The annual pilgrimage for brokers, developers, and tenants to Las Vegas took place this past week. The 2015 ICSC RECON event brought together 34,000 attendees and 1,000 exhibitors to discuss industry trends and make deals.

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