Noah’s extensive experience has dispelled the myth that net lease assets are completely passive.
What got you interested in real estate?
Noah: My junior year of college I purchased a home and decided I could make a good living for a college student as a real estate agent. David Sobelman and Austin Simmons came to our university to conduct a seminar on net lease development and analysis. I didn’t realize that Walgreens leased 90% of their real estate. I called David the next week to gauge his interest in bringing me on as an intern.
You work primarily in net lease asset management. How does your daily work differ from the brokerage side of things?
Noah: Brokers spend a majority of their time servicing deals and sourcing new business. We spend our day monitoring tenant and property performance. Our ability to focus on the property specific details and tenant’s performance provides us with a deeper understanding of the tenants we partner with, as well as their competitors. We perform rent collection, reconciliation, and project management services for our clients to maintain, and increase, the value of their assets.
CAM has experienced healthy growth. Do you think the market (finally) understands the value of active net lease management?
Noah: The dialogue has begun, but it is not widespread and widely accepted. Net lease owners feel that “more passive” means passive, or that they are able to make the best decisions for their portfolio. Owners sometimes fail to realize that their stock and bond investments seem passive and provide consistent returns as well, but only because they have an experienced advisor who is solely focused on their investments executing decisions on their behalf.
What do you enjoy most about asset management?
Noah: I enjoy working with our clients to advise on the best practice for their property. We have open dialogue regarding their portfolio strategy, and it is fun to see the results of our efforts when tenants agree to replace the HVAC units, roof, or conduct a remodel and lease extension for net lease properties. Tenants and REITs have large teams to pool knowledge and make the strongest decisions for a property, while net lease owners are often left to make critical decisions on their own.