Brokers+Engineers (B+E) has launched the first tech-driven brokerage firm and trading platform for net-lease real estate (NNN).
“Brokers+Engineers is the first technology platform created specifically for trading NNN property, from origination to close,” said Camille Renshaw, CEO and co-founder. “B+E will maintain the largest NNN data set in the industry, with technology products that will leverage this data to provide a new standard of advisory to brokerage clients.”
“The first tech product we will launch offers predictive pricing, followed by a second product which will provide 1031 advisory to exchangers, leveraging artificial intelligence,” said Scott Scurich, president and co-founder. “All of this will be delivered through a transformative technology platform that allows us to help virtually anyone intelligently trade net lease.”
Brokers+Engineers currently has offices in New York and Tampa, with a San Francisco office to open shortly. The NNN real estate market within the United States is estimated to have a total market value of $6.5 trillion that consists of more than 1.3 million properties, with greater than $55 billion in average annual sales volume.
Less than 1 percent of the NNN market trades annually or roughly 11,000 transactions with an average sales price of $5.5 million, and 55 percent of those transactions utilize brokers. NNN property values are unique in that the pricing is not driven strictly by the underlying real estate but also by the lease terms and a single tenant’s credit rating.
“Until now, the tech industry has failed to transform NNN because it overlooked the fact that senior people and their relationships are crucial to our transactions,” said Renshaw. “At B+E, our people are empowered by data analytics, artificial intelligence and innovative engineering, but senior people still drive all the deals.”
Renshaw was most recently head of sales for Ten-X. Prior to Ten-X, she founded the Stan Johnson Co.’s New York office. Before that, she was director of the U.S. Capital Markets division of Colliers International and a Top 40 Worldwide producer. Renshaw originally entered commercial real estate as an owner, after founding Dyzco Technologies and successfully selling it to American Financial Services Corp.
Scurich was most recently a managing director at Ten-X, heading up its net lease division. Prior to Ten-X, he was the senior partner in Renshaw’s team at the Stan Johnson Co. While at the Stan Johnson Co., he was a top national producer of retail NNN assets as well as one of the firm’s leaders in 1031 exchange advisory. Prior to Stan Johnson Co., Scurich worked in the capital markets group for Cushman & Wakefield in Atlanta, covering an eight-state territory where he closed an excess of $1.5 billion in transaction volume.