Category: SNL Insights

In this episode, Jeremy Mercer, Will Narduzzi, Rob Franks, and Secure Net Lease’s Bob Moorhead sit down with Jeremy Hudson, VP of Real Estate at Raising Cane’s, to break down what’s behind the brand’s rapid growth and continued success.

 

From Regional Concept to National Platform

Since joining in 2012, Hudson has helped scale Raising Cane’s from just over 100 locations to more than 1,000 nationwide.

Today, the growth strategy is clear and consistent:

• ~100 new locations annually
• Expansion into both core and new markets
• Goal of 1,500 locations by 2030 with $8mm AUV Target

The approach remains disciplined, with a focus on sustainable, high-performing growth.

Why Simplicity Drives Performance

One of Cane’s biggest advantages is its intentionally limited menu.

That simplicity allows for:

• Faster operations and throughput
• Consistent customer experience
• Strong unit-level economics

Rather than chasing trends, the brand has stayed focused on doing a few things extremely well, and it continues to pay off.

An Evolving Real Estate Playbook

As the company scales, its real estate strategy continues to adapt.

Key shifts include:

• More efficient drive-thru designs
• Smaller, more flexible site footprints
• A mix of ground leases and strategic ownership

At the same time, site selection remains highly disciplined, combining data-driven insights with on-the-ground evaluation to ensure long-term success.

What’s Next for Cane’s

Looking ahead, the focus is on steady expansion without compromising the model.

That includes:

• Entering new markets with strong fundamentals
• Refining store formats and prototypes
• Maintaining operational consistency at scale

Retail Market Snapshot

The episode also highlights broader trends across net lease retail:

• Inventory levels continue to tighten
• Cap rates and pricing remain relatively stable
• Demand for strong QSR brands is still high

Even with macro uncertainty, activity remains positive, reinforcing the resilience of well-located retail assets.

 

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In this episode, hosts Jeremy Mercer, Rob Franks, and Secure Net Lease’s Bob Moorhead sit down with Ryan Redus from Hopdoddy to talk about restaurant growth, site selection, and what’s driving momentum across today’s retail market.

The conversation highlights Hopdoddy’s expansion strategy, how the brand is approaching new markets, and what goes into evaluating the right sites. Ryan also shares insights from his background in brand strategy and how data and real-world experience come together when making real estate decisions.

The team also breaks down current net lease trends, including cap rates, inventory levels, and buyer demand across major tenants like 7-Eleven, Chipotle, and Starbucks. Despite broader market uncertainty, activity remains strong, especially in high-growth markets like Texas.

 

Key Topics Covered:

Hopdoddy’s Expansion Strategy

• Texas remains the core focus, with continued growth in major markets
• A look at how the brand balances experience, operations, and new formats

Site Selection & Deal Strategy

• How data and market knowledge guide site decisions
• What makes a location successful beyond just the numbers

Retail Market Trends

• Inventory tightening across key net lease tenants
• Continued demand from both buyers and expanding retailers

Big Picture Takeaways

• Strong tenant activity across retail
• Texas continues to attract both national and emerging brands

 

This episode offers a high-level look at where retail is today and where it may be headed next.

To hear the full conversation and deeper insights behind these trends, listen to Episode 12 below.

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In this special episode recorded live from the show floor at ICSC Red River in San Antonio, Will Narduzzi, Rob Franks, and Secure Net Lease’s Bob Moorhead, along with several industry leaders discuss retail expansion, emerging restaurant concepts, and why Texas continues to attract national and international brands.

With thousands of attendees and retailers from across the country in town, the conversations highlight how tenants, developers, and investors are approaching growth in 2026.

From T-Mobile real estate strategy to international restaurant brands entering the U.S., the episode captures the energy and momentum across today’s retail landscape.

 

Key Topics Covered:

ICSC Red River: Why Regional Shows Still Matter

The team shares observations from the conference floor, where attendance and activity were strong once again. While the national ICSC conferences remain the industry’s largest gatherings, many retailers believe regional shows like Red River are where real deals and relationships take shape.

T-Mobile’s Retail Strategy

Zach from T-Mobile joins the show to discuss how the company is approaching store expansion and relocations across Texas and the southern U.S.

The conversation touches on:

• The ongoing “carrier competition” for top retail corners
• Why A+ shopping centers and high-traffic trade areas remain the priority
• How proximity to competitors can actually benefit store performance

Nando’s: A Global Brand Entering Texas

Ryan from Nando’s PERi-PERi discusses the international fast-casual brand’s expansion into the United States.

With more than 1,300 restaurants globally, Nando’s is still in the early stages of its U.S. growth. The brand recently opened in Dallas and Houston, with additional locations planned as it builds a long-term presence in Texas.

The conversation dives into what makes the concept unique—and why the company is taking a patient, community-focused approach to growth.

Wagamama’s U.S. Growth Strategy

Souk Singh joins the episode to talk about Wagamama, the popular London-based Pan-Asian restaurant brand.

With a strong following overseas, the company is now refining its strategy for the American market—adjusting everything from restaurant design to service style.

Texas is one of the key markets under evaluation as the brand looks toward its next phase of U.S. expansion.

Development & Retail Trends

The episode also features insights from Abe Pacetti with Regency Centers on the development side of retail.

Topics include:

• Grocery-anchored retail expansion
• The long timelines behind major developments
• Why Texas continues to lead the country in retail growth

Texas Remains a Retail Powerhouse

Throughout the episode, guests highlight the same theme: Texas remains one of the most attractive retail markets in the country.

Population growth, strong consumer spending, and continued development activity are drawing new concepts and brands into the state—many of which see Texas as their entry point into the U.S. market.

 

This live episode from ICSC Red River offers a behind-the-scenes look at the retailers, developers, and industry leaders shaping the next wave of retail growth.

To hear the full conversations and insights from the show floor, listen to Episode 11 below.

 

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In this episode, hosts Jeremy Mercer, Rob Franks, and Secure Net Lease’s Bob Moorhead are back with a packed start to 2026. From surging 7-Eleven demand to sublease fallout and Dallas’ ridiculous retail construction pipeline, the team covers all the major trends so far this year.

Key Topics Covered:

7-Eleven, Chipotle & Starbucks Market Insights

• 7-Eleven listings dropped sharply from 77 to 49 month-over-month, driven by exchange buyers and year-end bonus depreciation closings. Median price now sits at $8M with a 5.15% median cap rate.
• Chipotle shows positive absorption with inventory holding steady near 53 listings and median cap rates around 5%. High demand continues, especially for locations with “Chipotlane” drive-thrus.
• Starbucks listings declined from 138 to 113, signaling improving absorption. Though cap rates are still hovering near 6%, the brand is investing heavily in remodels—targeting 1,000 sites in 2026.

Protein Wars
From Chipotle’s double protein bowls to Starbucks pushing protein in drinks, the team discusses how weight-loss drugs like GLP-1s are reshaping consumer preferences—and how major QSR tenants are responding.

Financing Outlook
The 10-year Treasury remains sticky in the 4.0%–4.25% range. Lenders are quoting shorter 5-year terms, and rate cuts may be limited. Still, lower construction and bridge loan costs could drive more development in 2026.

Retail Headlines & Closures

• Wingstop hits 3,000 locations, with 800 added since 2023.
• Tractor Supply celebrates 2,400 stores with plans for 100 more.
• Aldi targets 180 new locations and a revamped e-comm rollout.
• Wendy’s will close 300 stores, while GameStop will shutter 470—including 45 in Texas.
• Salad & Go exits Texas entirely; Dallas sites may backfill quickly with drive-thru users like Dutch Bros and 7 Brew.

Retail Real Estate in Dallas
The team breaks down data from the ICSC New York show and Weitzman’s Texas Retail Forecast:

• DFW retail occupancy hit a record 95.3% in 2025.
• Grocery-anchored centers are booming, with 18 new openings in 2025 and 34 more in the pipeline.
• Power centers are making a comeback, with 6–8 currently under construction—unheard of in most U.S. markets.

Tenant Strategy & Risk Management
Advice for investors with $3–4M budgets: consider ground leases with strong credit (e.g., Murphy, Circle K, Starbucks) over high-yield, high-risk tenants like 1-5 unit franchisee operators. The team also discusses the growing threat of theft in vacant buildings—and why site security is now essential.

Card Shops & Cultural Trends
A surprise retail category re-emerges: collectible card shops. New concepts like Card Vault, Wax, and Cards in a Box are opening across DFW, reflecting nostalgic demand—and serious spend.

From market data to mall activations, Episode 10 kicks off the year with optimism, analysis, and a few protein-packed predictions for what’s next in retail real estate.

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The Retail Recap hosts, Jeremy Mercer, Will Narduzzi, Rob Franks, and Secure Net Lease’s Bob Moorhead, are back with a new episode. From Starbucks shuttering 430+ stores to the Salad & Go contraction and a rundown of current net lease market dynamics, the group tackles it all, plus a few hot takes on state fair food and Texas steakhouse rankings.

 

Key Topics Covered:

Starbucks Closures & Opportunities
Starbucks closed 434 locations at the end of September, with 22 in Texas, including several in DFW. Most were non–drive-thru or underperforming café models. Still, a few recent builds with drive-thrus made the cut. The upside? Landlords may land buyouts or backfill deals with tenants like Chipotle.

 

Tenant Trends & Market Updates

• 7-Eleven: 74 listings on market (up from 72), with older portfolios hitting as bonus depreciation incentives persist. Cap rates hold steady, with strong activity in Texas, Florida and the Carolinas.
• Chipotle: Inventory dropped from 52 to 49; net positive absorption. Cap rates range from 4.0%–5.65%, with median pricing around $3.5M.
• Starbucks: Active listings remain, despite closures. California and New York saw the biggest cuts. Even with softening performance in urban markets, the brand’s real estate remains high quality.

Rate Cuts & Capital Outlook
Despite a recent rate drop, lenders report it’s “already priced in.” CME Group forecasts a 97% chance of another 25 bps cut next month. Treasury yields remain stable, hovering around 4.1%–4.3%.

 

Retail Headlines

• Salad & Go closed 41 locations, largely in Houston and San Antonio. Well-located DFW sites may backfill quickly.
• Toys R Us is staging a comeback, with 10 flagship stores set to open by year-end.
• Peloton plans to shutter all its showrooms nationwide.
• Racetrac acquires Potbelly for $566M, likely signaling an in-store food strategy expansion.
• Aldi targets 800 new stores in 3 years—many expected to backfill second-gen spaces.

 

And Finally… Steakhouse Showdowns & Fried Fair Fare
From Perry’s pork chops to Mastro’s glam, the team breaks down the latest “Best Steakhouses in Texas” list—and offers a few honorable mentions. Plus, a new wave of bizarre Texas State Fair foods (deep-fried carbonara, anyone?) draws criticism and curiosity.

 

While closures and cap rate shifts dominate the headlines, solid real estate fundamentals continue to create new opportunities for investors and developers. As always, the team serves up sharp analysis with a side of humor, and a few questionable food takes.

 

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In this episode, hosts Jeremy Mercer, Rob Franks, and Secure Net Lease’s Bob Moorhead dive into retail investment trends, zeroing in on cap rate stability, the renewed power of bonus depreciation, and the competitive dynamics reshaping retail deal making. T-Mobile’s Zach Spletter joins the conversation for added perspective from the tenant side.

Cap Rates Holding the Line

Despite market uncertainty, cap rates across major retail brands remain remarkably consistent from the prior month:

• Starbucks is holding steady with a 6% average list cap. Inventory is growing slightly, but investor appetite is flat due to shorter lease terms and landlord responsibilities.
• Chipotle’s average list cap is in the 5% range when looked at nationally, bolstered by its lease structure and the popularity of drive-thru-equipped locations.
• 7-Eleven cap rates vary, with newer truck stop-style builds reaching price points of $14M+. These larger formats are seeing increasing demand in growth states like Texas, Florida, Arizona and the Carolinas.
• Dutch Bros stands out for its 15-year, true triple-net deals offering simplicity and security that investors continue to favor.

Inventory volumes across these brands are stable, and pricing hasn’t meaningfully changed. Buyers remain selective with elevated interest rates and negative leverage concerns.

Bonus Depreciation Sparks Movement

One of the biggest catalysts in the market right now is the return of 100% bonus depreciation, signed into law on July 4th. The effect was almost immediate as deal activity picked up, especially for large C-store assets that qualify.

While it hasn’t translated to a wave of closings just yet, there’s been a noticeable uptick in offers, site visits, and investor engagement. For many 1031 buyers and private capital groups, the added tax benefit is helping offset the sting of higher debt costs.

On the Ground: Tenant & Leasing Insights

Zach Spletter of T-Mobile joins to share how the brand continues to evolve from small-town expansion to top-100 metro relocations and suburban infill. Their ideal footprint (2,800–3,500 SF) often targets outparcels, and they’re focusing more on optimization and co-tenancy strategy.

Conclusion

Cap rates are holding steady, but buyer behavior is shifting as bonus depreciation re-enters the equation. Combine that with consistent inventory and potential rate cuts, and the back half of the year should see increased activity.

 

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July 4, 2025 – In a major win for commercial real estate investors, the One Big Beautiful Bill Act reinstating 100% bonus depreciation on qualified property as a permanent provision.

This change marks a pivotal shift from previous tax laws that included a scheduled phase-out. Now, investors can expense the full cost of eligible property placed in service after January 20, 2025, without worrying about legislative sunsets or shifting deadlines.

 

Why It Matters for Real Estate Investors

• Permanent Tax Benefit: Investors can deduct 100% of qualified property costs in the year placed into service. There is no expiration or phase-out.
• Strategic Flexibility: With bonus depreciation no longer time-sensitive, acquisition decisions can focus on fundamentals and timing that align with investor goals.
• Convenience stores stand out for their bonus depreciation advantages: 7-Eleven is the most viable net lease option currently eligible for bonus depreciation, as other corporate c-store brands typically sign ground leases that don’t qualify. As in prior years with 100% bonus depreciation, we expect all qualifying 7-Eleven offerings to sell out before year-end.

 

How Secure Net Lease Can Help

Secure Net Lease is a national leader in the acquisition and disposition of bonus depreciation-qualified Net Leased Assets. With over 500 convenience-store closings totaling $2B+, our platform delivers unmatched insight, execution, and access to on- and off-market opportunities.

Contact Secure Net Lease to learn how to take advantage of this powerful and permanent tax incentive.

Fresh off the plane from ICSC Vegas, hosts Jeremy Mercer, Will Narduzzi, Rob Franks, and Secure Net Lease’s Bob Moorhead recap their whirlwind experience at the biggest event in retail real estate. From 11 back-to-back meetings to surprise tenant confrontations and booth turf politics, the team breaks down how Vegas delivered.

 

Key Topics Covered:

ICSC Chaos & Takeaways
Vegas ICSC was intense: 11+ meetings in a day, packed halls, and major fatigue. Sunday is no longer a warmup—it’s a full day of panels, keynotes (Nick Saban, Kendra Scott), and deal-making. Monday is wall-to-wall meetings; Tuesday cools off but still yields valuable connections.

Capital Meets Real Estate
The team logged $10–20M in potential pipeline, including LOIs on ground leases and BTS deals. A key win: reconnecting with a dark industrial tenant face-to-face.

Convention Floor Survival
Without booth space, the team squatted at the JLL booth—until learning booths were tracked for ROI. Next year’s tip: arrive Saturday, book early, or BYO lounge. Travel delays and late nights led to missed meetings and meltdowns (including a tragic midnight ice cream fail).

Tenant Trends
Cap rates across Chipotle, 7-Eleven, and Starbucks remain mostly steady. In-N-Out is back to expanding in markets like Dallas and Nashville. Dave’s Hot Chicken’s billion-dollar exit drew buzz, while McDonald’s CosMc’s experiment quietly flamed out.

Market Mood
Bonus depreciation remains a driver for sidelined buyers. Exchange activity is steady, but most are still cautious. ICSC attendance neared 25K—up from COVID lows, but still half of its peak.

 

While ICSC Vegas may not be back to its pre-COVID scale, it’s clearly regaining momentum. For capital providers, retailers, and developers alike, face-to-face time still wins—and the right meeting in the right hallway can make the whole trip worth it.

 

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In this episode, hosts Jeremy Mercer, Will Narduzzi, Rob Franks, and Secure Net Lease’s Bob Moorhead deliver another fast-paced update on the retail real estate world. With spring chaos in full swing and ICSC Vegas on the horizon, they break down what’s really happening across the market—from deal friction to fried chicken.

 

Key Topics Covered:

Tenant Trends & Cap Rate Stability

• Starbucks inventory remains elevated, with slow absorption and ongoing pricing challenges in secondary markets.
• Chipotle listings hold steady, with cap rates ranging from 4.0% to 5.75%.
• 7-Eleven continues its build-to-suit expansion, with slight tightening in cap rates.

 

The FUD Factor & Market Psychology

• Market uncertainty—aka FUD (fear, uncertainty, doubt)—is stalling transactions across the board.
• Interest rate swings, tax reform unknowns, and tariff fears are shaking confidence.
• Developers report deals getting iced due to C-suite turnover and strategic shifts.

 

Distressed Assets & Leaseback Headaches

• CVS and Walgreens are subleasing dark stores at significantly lower rents.
• Portfolios are being packaged with both “gems and junk” to move underperforming assets.
• Notable deals include the Legacy West sale—yes, that Legacy West—and Washington Prime portfolios.

 

Restaurant Winners & Repositioning

• Top Performers: Cava, Chipotle, Wingstop, Haywire, Monarch, Nick & Sam’s
• Decliners: Starbucks, KFC, Applebee’s, Del Taco
• Chick-fil-A leads with $7.5M+ average unit volumes, driving relocations to improve throughput.

 

From Fidelity buying power centers to American Girl’s quiet rebound at Park Lane, the episode is full of tactical insight and real-world anecdotes. Whether it’s mall failures, retail backfills, or the psychology behind a paused deal, this one has it all—plus a few laughs.

 

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We are proud to announce that Bob Moorhead, Managing Partner and founding member of Secure Net Lease, has been named one of GlobeSt.’s Influencers in Net Lease Real Estate for 2025. Selected as one of only 19 distinguished professionals nationwide, Bob’s inclusion reflects his tremendous impact on the sector through visionary leadership, strategic innovation, and a remarkable track record of success.

Each year, GlobeSt. recognizes individuals, teams, and firms that have made meaningful contributions to the net lease field—those whose efforts have helped shape the industry’s present and future. Despite market fluctuations and a general slowdown in commercial real estate transactions, the net lease space continues to attract investor interest for its stability and returns. Within this dynamic landscape, Bob Moorhead has consistently demonstrated the influence and foresight necessary to thrive and lead.

With more than 1,635 completed transactions totaling over $7.4 billion in value since 2011, Bob has established Secure Net Lease as a dominant force in the net lease sector. Notably, he facilitated a $237 million sale-leaseback deal involving Allsup’s convenience stores, a key component of a broader $1 billion acquisition between Yesway and Allsup’s. His strategic leadership has also driven over $2.1 billion in convenience store transactions, partnering with major brands such as 7-Eleven, Wawa, Circle K, and QuikTrip.

Beyond dealmaking, Bob is a respected leader who actively shares market insights, including guidance on navigating interest rate shifts and identifying tax-driven opportunities. His early recognition of the benefits of Bonus Depreciation allowed Secure Net Lease to create tailored lease structures that delivered lower rents, higher property values, and significant tax savings.

Bob will be profiled on GlobeSt.com and honored at the annual Net Lease Spring conference in New York City on April 2, 2025. Please join us in congratulating Bob Moorhead on this well-deserved recognition!

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