Mike's Recap Email + Four Property OMs, June 18 2026

Mike Priolo's June 18, 2026 follow-up email recapping the meeting and presenting the four primary replacement candidates, each with detailed attributes and Mike's investment rationale. The email frames long-term value as driven by more than cap rate — tenant quality, lease structure, building age, location, demographics, rent growth, submarket vacancy, traffic, and replacement demand. It attaches the slide deck and links four OMs on Drive, and promises a separate email with lease/default-remedy materials.

Key Facts¶

Property 1: HD/UnityPoint, Ankeny IA — two-tenant medical, ~$370,180 NOI, ~6.25% cap, 2021 build, UnityPoint Fitch AA-.
Property 2: Carrollton Station, GA — 5-tenant retail, ~$4.8M, ~6.25% cap, 2020 build, ~5-yr WAVG term, 1.8% submarket vacancy.
Property 3: Caliber Collision, Aubrey TX — single-tenant absolute NNN, ~$5.59M, 5.75% cap, 15-yr lease to 2039, 10% bumps/5 yr.
Property 4: HD Lafayette, LA — single-tenant absolute NNN, ~$4.667M, 6.00% cap, 10-yr lease to 2035, top 1% HD location.
Common theme: simplify ownership, preserve/improve cash flow, reduce day-to-day responsibility vs. apartments.

Notable Quotes¶

"The goal is not simply to replace one real estate investment with another."