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Jonathan Hipp began his career in real estate over 25 years ago. In his early years as a broker, he ventured into the net lease industry and quickly began leading the US net lease market, closing over $3 billion in transactions. In 2005, Jon founded Calkain Companies, a company focused solely on net lease investment services. As President and CEO, he has been instrumental in building the firm into one of the leading Net Lease real estate companies, transacting over $12 billion of net lease deal volume over the past 13 years. He has expanded Calkain’s services to include brokerage, advisory, asset management, capital markets, and industry research. He has become a well-known resource, panelist, and speaker at various Net Lease and Industry conferences and is a regular contributor to GlobeSt.com on real estate trends. In June 2015, Jon’s passion for the real estate business was again recognized as he was nominated for the Top Real Estate Player in the DC area by SmartCEO magazine.
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.
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. …
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. …
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.
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.
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. …
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.
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.
Many business owners reach a point where they need additional capital to fuel growth. Traditional means of doing this include raising equity or taking on more debt. One of the more under utilized options for businesses that own their own real estate however is the sale-leaseback.
Following a pattern we're seeing in the wider market, Wendy's this week announced that they were going to sell as many as 640 stores to their franchisees. This on the heels of McDonald's announcing they would do the same for 3,500 stores as part of their effort to boost the bottom-line. …

From Placer.ai
Which US metros are poised for major consumer growth? This report reveals the 5 markets to watch in 2026, using location analytics to uncover the unique trends driving retail and dining foot traffic in each city.
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From Buildout, Inc.
A fragmented tech stack can cost CRE firms time and money. This guide helps you identify gaps in your current setup and find an integrated solution that streamlines your entire deal workflow and gives brokers back valuable time to close more deals.
Download Resource
From MRI Software
AI is reshaping property management. This guide provides a practical path for leaders to integrate AI, empowering teams, enhancing resident experiences, and scaling success across your portfolio without losing the essential human touch. Download your guide.
Download Resource
From MRI Software
AI promises to revolutionize real estate, but many firms are left disappointed. This guide reveals why your AI strategy might be failing and provides a clear roadmap to fix it, turning technology hype into tangible results.
Download Resource
From JLL Technology Solutions
Many CRE organizations rely on outdated maintenance approaches that drive up costs and downtime risk. This guide outlines how to replace traditional methods with predictive asset intelligence to anticipate failures and optimize operations.
Download Resource
From MRI Software
This 2026 multifamily report compiles insights from 700+ CRE professionals on the most consequential market trends shaping the sector today, including AI adoption, fraud prevention and their role in operations.
Download Resource
From National Apartment Association
Discover how NAA Click & Lease, trusted by over 37,000 properties, can transform your leasing process. This infographic details 10 key benefits, from automated legal compliance and seamless PMS integration to fully paperless operations.
Download Resource
From National Apartment Association
After a volatile 2025, the multifamily housing market is entering a year of transition. This outlook defines the key economic and market factors affecting the rental industry, from supply shifts to regional performance.
Download Resource
From Placer.ai
Return-to-office mandates have their limits. This report dives into the data to reveal how convenience-driven behaviors are truly impacting office recovery, and CRE professionals can best adapt.
Download Resource
From MRI Software
The PropTech market is full of noise and exaggerated claims in the AI era. This guide helps you cut through the hype, ask the right questions, and invest in solutions that truly deliver on their promises with a step-by-step approach.
Download Resource
From Placer.ai
As consumers become more selective, which retail and dining brands are set to thrive in 2026? This report uses location analytics to identify 10 standout companies and the specific, data-backed strategies driving their momentum to help you inform your strategy.
Download Resource
From Buildout, Inc.
Is "operational drag" from disconnected tools costing your brokerage? This audit reveals 8 hidden signs you're losing margin and provides a clear path to streamline your deal lifecycle from prospecting to close.
Download Resource
From MRI Software
Fraud and bad debt are rising threats for multifamily operators. With AI-powered schemes and economic instability, the risks are higher than ever. This research report from the NAA reveals how the industry is fighting back to protect its assets.
Download Resource
From Altus Group
In today's complex commercial real estate market, uncertainty creates significant risk. This guide provides a framework for trustworthy financial due diligence, helping you make better deal decisions, mitigate risks, and avoid costly mistakes.
Download Resource
From Buildout, Inc.
Your listing emails are falling flat in crowded inboxes. This guide reveals 10 essential habits from top-performing brokers to help you create emails that cut through the noise, drive real engagement, and move deals forward faster.
Download Resource
From Placer.ai
Which US metros are poised for major consumer growth? This report reveals the 5 markets to watch in 2026, using location analytics to uncover the unique trends driving retail and dining foot traffic in each city.
Download Resource
From Buildout, Inc.
A fragmented tech stack can cost CRE firms time and money. This guide helps you identify gaps in your current setup and find an integrated solution that streamlines your entire deal workflow and gives brokers back valuable time to close more deals.
Download Resource
From MRI Software
AI is reshaping property management. This guide provides a practical path for leaders to integrate AI, empowering teams, enhancing resident experiences, and scaling success across your portfolio without losing the essential human touch. Download your guide.
Download Resource
From MRI Software
AI promises to revolutionize real estate, but many firms are left disappointed. This guide reveals why your AI strategy might be failing and provides a clear roadmap to fix it, turning technology hype into tangible results.
Download Resource
From JLL Technology Solutions
Many CRE organizations rely on outdated maintenance approaches that drive up costs and downtime risk. This guide outlines how to replace traditional methods with predictive asset intelligence to anticipate failures and optimize operations.
Download Resource
From MRI Software
This 2026 multifamily report compiles insights from 700+ CRE professionals on the most consequential market trends shaping the sector today, including AI adoption, fraud prevention and their role in operations.
Download Resource
From National Apartment Association
Discover how NAA Click & Lease, trusted by over 37,000 properties, can transform your leasing process. This infographic details 10 key benefits, from automated legal compliance and seamless PMS integration to fully paperless operations.
Download Resource
From National Apartment Association
After a volatile 2025, the multifamily housing market is entering a year of transition. This outlook defines the key economic and market factors affecting the rental industry, from supply shifts to regional performance.
Download Resource
From Placer.ai
Return-to-office mandates have their limits. This report dives into the data to reveal how convenience-driven behaviors are truly impacting office recovery, and CRE professionals can best adapt.
Download Resource
From MRI Software
The PropTech market is full of noise and exaggerated claims in the AI era. This guide helps you cut through the hype, ask the right questions, and invest in solutions that truly deliver on their promises with a step-by-step approach.
Download Resource
From Placer.ai
As consumers become more selective, which retail and dining brands are set to thrive in 2026? This report uses location analytics to identify 10 standout companies and the specific, data-backed strategies driving their momentum to help you inform your strategy.
Download Resource
From Buildout, Inc.
Is "operational drag" from disconnected tools costing your brokerage? This audit reveals 8 hidden signs you're losing margin and provides a clear path to streamline your deal lifecycle from prospecting to close.
Download Resource
From MRI Software
Fraud and bad debt are rising threats for multifamily operators. With AI-powered schemes and economic instability, the risks are higher than ever. This research report from the NAA reveals how the industry is fighting back to protect its assets.
Download Resource
From Altus Group
In today's complex commercial real estate market, uncertainty creates significant risk. This guide provides a framework for trustworthy financial due diligence, helping you make better deal decisions, mitigate risks, and avoid costly mistakes.
Download Resource
From Buildout, Inc.
Your listing emails are falling flat in crowded inboxes. This guide reveals 10 essential habits from top-performing brokers to help you create emails that cut through the noise, drive real engagement, and move deals forward faster.
Download Resource
From Placer.ai
Which US metros are poised for major consumer growth? This report reveals the 5 markets to watch in 2026, using location analytics to uncover the unique trends driving retail and dining foot traffic in each city.
Download Resource