A PPM for retail centers and net-lease-heavy portfolios

Retail covers neighborhood and community centers, grocery-anchored strip centers, power centers, and lifestyle centers. In the private-syndication market, necessity-based retail — grocery, quick-service restaurant, health and beauty, pet, dollar stores — is the dominant flavor because its cash flow has held up across economic cycles.

Deals in the wizard range from single-property strip centers in the $2–$8M equity range to multi-property portfolios in the $15M+ range. Pro forma typically runs 5–10 years with explicit lease-rollover modeling.

Retail disclosure emphasizes tenant-level risk more than most other property types. Expected content includes a rent roll with tenant name, category, square footage, base rent, percentage-rent structure, and lease-expiration date; co-tenancy clauses that could trigger rent adjustments if the anchor leaves; and an honest framing of e-commerce pressure on any category exposed to online substitution.

The wizard loads retail-specific risks by default: anchor-tenant loss, co-tenancy triggers, category-level e-commerce exposure, percentage-rent variability, CAM-reconciliation disputes, and the capital cost of re-tenanting vacant big boxes.

Retail syndications typically run as Delaware LLCs offering Class A units under Rule 506(c), with a 7–9% preferred return, a 60–70% LTV senior loan, and a 5–7-year hold. Grocery-anchored deals often price at a 25–75 bps premium to unanchored strip, which the projections reflect.