What do you look at first on a rent roll?

Rollover concentration. A centre where a third of the income expires in the same eighteen months is a different risk from one that ladders, even at identical occupancy and identical cap rate. The average lease term hides this; the schedule shows it.

How much does the CAM structure matter?

Enough to change the deal. Pro-rata with no cap collects very differently from a fixed or capped structure once taxes and insurance move. We reconcile recoveries against actual expenses rather than taking the stated ratio.

Is occupancy or market rent the better signal?

Market rent, most of the time. High occupancy at below-market rents is upside; high occupancy at above-market rents is a cliff you cannot see from the occupancy number alone.

Multitenant retail

Strip centers and grocery-anchored retail for sale

A multitenant centre is an operating business, not a bond. The rent roll is the asset: who rolls when, what the recovery structure actually collects, and how much of the in-place income survives the next three years. We underwrite strip, power and grocery-anchored centres across the Midwest, and the first thing we do on any of them is rebuild the rent roll from the leases rather than from the seller spreadsheet.

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$13M
Closed volume, published: 2
Closed transactions: 2
States

Closed in this practice

Closed Multitenant retail transactions
Property	Market	Class	Price	Cap	Closed	Status
The Shoppes at Albertville Crossings	Albertville, MN	Multitenant	$7,450,000	8.25%	2025	Sold · closed comp
Woodbury Center	Woodbury, MN	Multitenant	$5,100,000	8.45%	2024	Sold · closed comp

Available now

Active Multitenant retail listings
Property	Market	Class	Price	Cap	Term	Status
Brentwood II	Grand Rapids, MI	Multitenant	$3,260,000	8.65%	rent roll	Active
Harvey Ellis Shopping Center	Norton Shores, MI	Multitenant	$4,850,000	8.40%	rent roll	Active

How we underwrite the operations

Rent roll and rollover schedule
Rebuilt from the leases, not taken from the seller’s spreadsheet. Rollover concentration is the risk that average lease term hides: a third of the income expiring in the same eighteen months is a different asset at identical occupancy.
Expense ratio and CAM recovery
Recoveries reconciled against actual expenses. Pro-rata with no cap collects very differently from a capped structure once taxes and insurance move, and that gap lands on the buyer.
Occupancy and market rent
High occupancy at below-market rents is upside. High occupancy at above-market rents is a cliff you cannot see from the occupancy figure alone.

Who to call

Practice leadPractice lead — multitenant retailMultitenant and grocery-anchored retail(248) 254-3410

Direct line pending roster confirmation — this is the main office number.

Common questions

What do you look at first on a rent roll?: Rollover concentration. A centre where a third of the income expires in the same eighteen months is a different risk from one that ladders, even at identical occupancy and identical cap rate. The average lease term hides this; the schedule shows it.
How much does the CAM structure matter?: Enough to change the deal. Pro-rata with no cap collects very differently from a fixed or capped structure once taxes and insurance move. We reconcile recoveries against actual expenses rather than taking the stated ratio.
Is occupancy or market rent the better signal?: Market rent, most of the time. High occupancy at below-market rents is upside; high occupancy at above-market rents is a cliff you cannot see from the occupancy number alone.

Reading a rent roll on a grocery-anchored center

See multitenant retail before it is syndicated

Most of what we sell trades before it reaches a portal.

Get new multitenant retail listings first

Own one? Find out what it’s worth

A broker opinion of value with the comps attached. No listing agreement.

Request a confidential valuation