Single-tenant retail demandis soaring in the first months of this year, a notable change fromearly 2017 when retail demand waned. This year, SandsInvestment Group says that they are experiencing a 20%increase in retail pricing from the same time last year. The firmrecently sold a Panera Bread retail property in Fresno, CA, at arecord cap rate for the retailer of 4%. We sat down withJohn Cigliano of Sands Investment Group to talkabout cap rates for single-tenant retails, and where they areheading. Where have cap rates for single-tenantretail properties been so far this year?

John Cigliano: We saw somewhat of amarket lull in the first half of last year, but fourth quartervolume did very well, and that carried over into the first quarterof this year. In a market where demand seems to be outpacingsupply at times, as a company we are up 20% from where we were atthis point in 2017.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.