Triple Net Lease Financing

With a career spanning over 25 years, Jonathan Hipp is recognized as one of the leading providers of net lease investment advisory services in the country. He joined Avison Young in 2020 as a Principal, member of the U.S. Capital Markets & Retail Executive Committees, and leader of the U.S. Net Lease Group. Based in the firm’s Washington, DC office, Hipp has expanded and solidified Avison Young’s net lease market position, and today leads a team of senior advisors across the country who specialize in the sale of retail, office, and industrial net lease assets, sale-leasebacks, 1031 exchanges, and tax structured zero-cashflow transactions. Envisioning a solid year for net lease during the 2020 depths of the pandemic, Hipp collaborated with his fellow partners and turned in a market-leading year, most notably closing two structured credit tenant net-lease properties totaling more than $570 million and representing 1.4 million square feet (msf). Combined, the deals are noted as one of the largest in the 2020 market. At the beginning of 2022 Hipp again collaborated with his partners and closed a 2.6 msf Amazon distribution facility in Iowa for $326 million. It was the fourth largest industrial sale transaction of 2022 according to Real Estate Alert. Joining Avison Young was a natural extension of Hipp’s industry milestones. Prior to joining the organization, he was best known as Founder, President, and CEO of Calkain Companies. With an entrepreneurial spirit, he successfully expanded Calkain’s services to uniquely include brokerage, advisory, asset management, research, and capital markets initiatives. With a hand-picked team of professionals, Hipp grew Calkain into one of the leading forces in U.S. commercial real estate activities, completing transactions well over $12 billion in net lease volume alone. Hipp is a sought-after expert on market conditions, and his insights have appeared in such publications as the New York Times, Forbes and Fortune magazines. He also authors two blogs focused on capital markets and net lease on two of the industry’s leading business news websites: GlobeSt.com and Commercial Property Executive. Hipp’s contributions to the industry have been recognized multiple times throughout the years. Both GlobeSt.com and Commercial Property Executive recently noted his achievements, naming him a Net Lease Influencer in 2020, 2021, and 2022 and nominating him for the 2021 Net Lease Executive of the Year.

Barclay G. Jones III currently serves as Managing Director, Net Lease Investments for The Carlyle Group since March 2022, focusing on the Company's corporate finance and leasing business. Prior to joining Carlyle, Mr. Jones was an Executive Vice President, Net Lease Investments for iStar, Inc., a real estate finance firm. Prior to that, Mr. Jones served in a variety of capacities, including Principal of ACRE Partners LLC, a privately held firm focused on providing public and private corporations with highly structured, value-added financing solutions for their corporate real estate facilities, Vice Chairman and Chief Acquisitions Officer, for W.P. Carey & Co., Inc. from 1982 to 1998. During that period, he was responsible for originating in excess of $2 billion of sale-leaseback financings and over $1 billion of mortgage placements. During his tenure at W.P. Carey, the firm grew from fewer than 10 employees to over 70, and from approximately $100 million in assets to over $2.5 billion. Mr. Jones holds a B.S. degree in economics from the Wharton School of the University of Pennsylvania.

Rafal Rak is Vice President of Digital Realty and serves as the company’s Portfolio Manager for Midwest and West regions. In this capacity, he has overall responsibility for strategic planning, development, operations, leasing and financial performance of 48 buildings with 9.2 million rentable square feet. Digital Realty is a leading global data center Real Estate Investment Trust (REIT) with 215 properties in 14 countries and 36 markets representing 34 million square feet in North America, Europe, Asia, Latin America and Australia. Digital Realty is the 8th largest publicly-traded REITs in the U.S. with a market capitalization of approximately $27 billion, a member of the prestigious S&P 500 and has been recognized by the EPA as one of the top 100 largest buyers of renewal energy.

Robert Vanecko is a Managing Principal of Brennan Investment Group and is also the head of Brennan’s single-tenant net lease division. Robert has extensive experience in a wide variety of real estate and corporate transactions as a principal, investment banker, and attorney. Since 1993, he has been involved in the structuring, negotiation, and execution of over 40 separate transactions, with a total value of over $3 billion. Robert combines his background in finance, capital markets, and law to analyze, structure, negotiate, and implement diverse and complex investment transactions. Prior to Brennan Investment Group, Robert was a co-founder and co-general partner of DV Urban Realty Partners I L.P. (“DV”), a $71.5 million real estate private equity fund. DV invests in value-added urban real estate transactions, primarily in Chicago. Along with the other sponsors of DV, Robert directed the day-to-day operations of the fund, including investment sourcing, evaluation and execution, asset management, finance, and administration. The fund’s portfolio of investments and developments includes over 800 residential units and over 500,000 square feet of commercial space. Robert also co-founded and managed the fund’s property management affiliate—DV Property Management, LLC. Robert has a Bachelor of Arts degree from Yale University and a Juris Doctor degree (magna cum laude) from Northwestern University School of Law. He serves on the boards of several charitable and civic organizations.

Assisting an array of companies and individuals with real estate matters on a national, regional and local basis, Jonathan Frank focuses his practice on commercial real estate, land development, leasing and finance. He represents developers, investors, businesses, landlords and tenants, including Fortune 500 companies, in all facets of commercial real estate transactions including acquisitions, dispositions, development, financing, leasing and §1031 tax-free exchanges. Jonathan has extensive experience with major economic development projects, complex mixed-use developments, office parks, shopping centers and residential communities. Further, he devotes a significant portion of his time to the representation of institutional and individual investors in the identification, acquisition, financing, and leasing of net lease, retail, office, industrial and multi-family investment properties. He is experienced in the formation of innovative multi-investor arrangements including tenant-in-common (TIC) structures. Jonathan is actively involved on the firm’s Economic Development Team, where he serves as the public relations chair and provides real estate services to the firm’s economic development clients. He also has an active national leasing practice representing expanding companies in office, industrial and retail leases throughout the United States. In regard to land development, he has led his clients through the entire development cycle from negotiating the purchase contract, to financing the acquisition, preparing comprehensive declarations of easements, covenants, conditions and restrictions (ECRs) and other property owner association documents, to leasing, outparcel sales and joint venture structuring on over $1 billion in development projects. Understanding that real estate matters often cross into other practice areas, Jonathan helps his clients identify their legal needs and then find the right lawyers with the right skills within Williams Mullen to assist them with those needs. A skilled project manager, Jonathan oversees all facets of his clients’ matters and transactions, as well as the entire team of professionals involved. His goal is to work toward accomplishing the client’s objectives as effectively and efficiently as possible. Jonathan has been listed among Virginia’s “Legal Elite” by Virginia Business magazine four times, most recently in 2017, and he is listed in The Best Lawyers in America® for Real Estate Law. He earned his Juris Doctor degree, cum laude, from the University of Richmond School of Law and his Bachelor of Science degree, cum laude, from Washington and Lee University.