Our knowledge base is focused and centered on one asset class: Convenience Retail. We know the tenancies, the markets, and most importantly, we deem our investment decisions correlative to our existing portfolio of knowledge.
Bond Street is the first and only private NAV REIT whose portfolio is exclusively invested in the convenience retail sector. Since 2014, Bond Street has acquired, and continues to manage, a carefully curated portfolio of open air convenience centers in low tax, high growth southern markets—all of which are suburban, multi-tenant, highly visible, boulevard-facing and largely populated with drive through fast casual food concepts and daily needs service tenancies.
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Known commonly as the 721 Exchange, Bond Street REIT has the ability to acquire properties that mutually benefit both the Seller and REIT. Through a tax-advantaged strategy, Sellers looking to still keep some skin in the game or who are not ready to incur a tax liability can contribute their existing property to the REIT in exchange for OP units. This yields immediate diversification through exposure to the rest of the REIT’s portfolio, a strong dividend and the ability for a Seller to take their hands off the management wheel while remaining invested.
Our core business philosophy is to acquire, and hold for long-term investment, convenience retail centers in the southeast—harvesting ever increasing cash flow streams and rising equities. As we continue to raise common equity and acquire, we will also continue our laddered debt maturity, structure insulating our model from capital and credit droughts.
Multi-tenant retail centers that are visible, accessible and convenient
Southern states focus, in high population growth MSAs
Daily needs and services that can’t be bought online
“Bond Street never ascribed to the notion that brick and mortar retail was in a secular long-term death spiral caused by online shopping and home delivery. In fact, when others were fleeing the sector, Bond Street was buying. It seemed antithetical to us that humans would stay in their homes and receive 5 UPS deliveries per day. We did not buy into the pundits’ thesis. As a consequence, our sector was never overbuilt, which has caused a run up in tenant demand, base rents and valuations.”
Bond Street’s portfolio structure and philosophy also stands the test of time and conflict. The two-year pandemic from 2020-2022 induced severe demand shock, pushing our business model to unprecedented extremes. With careful insistence upon laddered long-term non-recourse fixed rate financing, coupled with the nature of our tenancies and their ability to operate with optimal resilience and limited disruption, a no-default, low-business failure result was achieved.
As the shock fades into the past, it is evident that the shift in consumer lifestyle nurtured both a need and craving for social interaction. Remote work strengthened suburban markets and increased the frequency of visits for service retailers. This newfound behavior allowed convenience retail to not only survive economically-challenging elements, but also thrive. Real estate footprints remained small, demand for services stayed static and the growing narrative of working from home benefited the local merchant more than ever.
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