MEMPHIS—We've read a lot about long-term triple net lease deals in 2014. In fact, Calkain recently issued the first-ever Florida Net Lease Report. But it's not all about Florida—and short-term double net leased assets are also on investor radar screens.

Stream Capital Partners just inked the sale of a Walgreens in Memphis that proves the point. The investor grabbed the retail building, which carries a short-term double net lease.

Jordan Shtulman and Jonathan Wolfe, principals and co-founders of Stream, represented both the buyer and the seller in the deal. Wolfe says, “The transaction worked out well for both parties, ownership received an aggressive price and cap rate while the buyer was able to acquire a short-term Walgreens with fantastic store sales at a very low basis relative to other Walgreens properties in the market.”

Shtulman says cap rates for Walgreens properties continue to compress due to limited supply in the marketplace: “As an indication of the strength of the net lease market, consider that, in 2011, a brand new Walgreens would've sold for the same cap rate that this store sold for with just two years remaining on the initial term of the lease."

The Memphis location also helps. Much can be said about the strength of Memphis' commercial real estate market. The Memphis office market had a great start to 2014, posting over 60,000 square feet of positive absorption, which dropped the overall vacancy rate below 21%.