Chris Bosworth is an executive vice
president with CBRE in Atlanta and has quickly made a name for himself in
commercial real estate circles. He was named of the international firm’s top
100 U.S. performers for 2012. In this Four on Friday, we ask Chris about his
practice, the current demand for net-lease properties, the start of his real
estate career and his favorite musicians.
Give us a brief overview of your
responsibilities at CBRE.
Bosworth: I head up CBRE’s Net Lease Property Group
for the Southeast. Our team’s singular focus is on advising institutions,
private equity firms, REITs, developers and corporate users in all facets of
single-tenant, net-leased properties. Over the last 15 years, we have completed
more than 700 sales transactions, and the total value of those deals is more
than $2 billion. We had our best year ever in 2012, closing 63 transactions.
The deals encompassed 198 properties and had a total value of $440 million.
We’re hoping for the same in 2013!
What level of investor demand do you
currently see for net-lease properties and, generally speaking, what kinds of
tenants (fast-food, drug-store, etc.) are most desired by investors?
Bosworth: Investor demand is high. From private
buyers looking for higher yielding alternative investments to triple-net private
REITs looking to purchase in excess of $10 billion annually, the demand is clearly
outweighing the supply. Investor criteria will always vary but most demand is still
chasing net-lease properties that have what I call the “five major food groups”:
long-term leases, credit tenants, triple-net leases, bumps in rent and quality
Did you consider any other career paths
before choosing commercial real estate?
Bosworth: I was following my Dad’s footsteps into
medicine until I interned one summer during college. I realized living in
hospital bunks and being on call on weekends was not for me – not to mention
the head of the Biology Department reviewed my grades with me after my junior
year and told me to major in something else!
For the final questions, we’ll get three
in for the price of one. What’s your favorite A) book of all-time? B) movie of
all-time? and C) musician of all-time?
Bosworth: A) “World According to Garp” B) “Shawshank
Redemption” and C) Do I have to choose one? That one is tough. Anything
Southern/classic rock: Allman Brothers, Black Crowes, Widespread Panic, Bill
Withers, Stevie Wonder, The Meters and the Rebirth Brass Band.