Investment Matters: Single-Tenant Star

Commercial Property Executive

Patrick Luther has been on our radar for most of the past decade. Back in 2015, he was named a CPE Star to Watch, one of the young professionals representing the rising generation of industry leaders.

The following year, he joined SRS, where he and his longtime business partner, Matthew Mousavi, co-founded the firm’s Net Lease Retail Advisory Group. Since then, Luther has earned recognition as a top commercial real estate investment adviser.

A fast starter, he'd already earned his residential sales license by the time he was 19. His challenging apprenticeship as a leasing agent during the Great Financial Crisis turned out to be invaluable experience for a career in investment sales. Today's tough environment, Luther says, demands not just technical knowledge but outstanding versatility, problem-solving and people skills.

Asked for his advice to new brokerage professionals, he stresses the importance of old-school practices: "You can't just run a brokerage business sitting at a computer or on a phone."

Highlights of this episode include:

• Inspiration for a CRE career in high school (2:49)
• A foot in the door during the GFC (4.03)
• Why leasing is "where the rubber meets the road" (5:23)
• Trends to watch in retail and net lease (6:58)
• Navigating the bid-ask gap (9:10)
• Lending, borrowing and the quest for capital (13:02)
• Making sense of cap rates (17:09)
• How healthy competition, mentorship and learning from peers intersect (19:56)
• Brokers' changing roles in tough times (23:00)
• The timeless value of old-school business practices (27:00)
• Off the clock: "the greatest luxury on Earth" (31:43)