CHICAGO—Chicago-based Baum Realty Group, LLC, a retail brokerage firm, has just added Brad Teitelbaum and Patrick Forkin as new vice presidents in its investment sales division. The two will focus on the sale of net lease investments on a national platform.
“The market for net lease product is robust and shows no sign of slowing down,” according to Baum’s chief operating officer, Mike Demetriou. “We’re extremely excited to add this pair of industry experts to our team.”
As reported in GlobeSt.com, cap rates for single tenant net lease retail properties have been sinking for more than three years, according to a series of studies by the Boulder Group, a commercial real estate firm in suburban Chicago. The cap rates for retail properties, for example, went down to 6.5% in the second quarter, a decline of 25 bps from the last quarter, when rates had hit an already historic low of 6.75%. One year ago the retail rate stood at 7.0%.
And Baum’s investment sales division is on pace for a record year, company officials say. The team brokered $74 million in property sales in 2013 and has already exceeded that mark to date in 2014. “By adding a net lease team with Brad and Patrick at the helm, we expect to more than double our investment sales division volume in 2015,” Demetriou says. “It’s not just about revenues though, this is about having a deep bench to service our clients – Baum is now uniquely positioned to cover national retail investment sales at all stages of the product life cycle.”
An investment sales veteran with eight years of experience, Teitelbaum most recently spent three years at Colliers International. With a focus on net lease investment sales across the country, he has completed over $100,000,000 in transactions in just the last few years alone.
Teitelbaum began his real estate career at Grubb and Ellis while attending Arizona State University. Since then, he has completed dozens of transactions, including recent deals like: Forever 21, Northwestern Memorial Hospital, Starbucks, Chase Bank, Wells Fargo and Panera Bread.
And prior to joining Baum, Forkin was an investment sales broker with Mid-America Real Estate Group. Since joining Mid-America in 2008, he has been involved in over 130 completed transactions nationwide valued at more than $1.2 billion. Forkin began focusing on net leased investment sales in 2012 and since then his net lease team completed 67 transactions totaling $157 million. Recent single tenant lease sales include Walgreens, Vitamin Shoppe, Chase Bank, Mattress Firm, Family Dollar, Kwik Trip, and Midwest Title Loans.