A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.
net lease propertiesfinancial
Properties leased under agreements where the tenant pays base rent plus some or all of the property's operating costs such as taxes, insurance, and maintenance. For investors this matters because it typically produces more predictable, lower-maintenance cash flow and shifts many expense risks to the tenant, similar to owning a car that the driver fuels and insures so the owner receives steady payments with fewer surprise bills.
ground-leased assetsfinancial
A ground-leased asset is a property arrangement where the landowner rents the land on a long-term lease while a tenant owns and operates any buildings or improvements on that land—think of leasing the plot while you own the house. Investors care because the lease terms drive income stability, who pays for upkeep and taxes, and how easy it is to finance or sell the property, so these assets have different risk and return profiles than wholly owned real estate.
sale-leaseback financingfinancial
Sale-leaseback financing is when a company sells an asset—commonly property or equipment—to a buyer and immediately leases it back so it keeps using the asset while receiving cash from the sale. Investors care because it converts tied-up assets into liquid money that can pay debt, fund operations or growth, but it also creates ongoing rent costs and can change reported profits and balance-sheet risk—like selling your house to unlock cash and then paying rent to stay.
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CALABASAS, Calif.--(BUSINESS WIRE)--
Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today that commercial real estate executive Michael Puline has joined the firm as senior managing director and national director of its retail division. Puline will guide the strategic growth of Marcus & Millichap's and Institutional Property Advisors’ (IPA) retail divisions and lead the company’s retail advisory teams, helping to ensure seamless execution and client service delivery.
Michael Puline Marcus & Millichap
“Michael is a strategic thinker and dynamic leader whose expertise in navigating complex private equity and institutional investment environments, operational leadership, and relationships with premier national retailers make him exceptionally well suited to lead the strategic growth of our retail divisions,” said Gregory A. LaBerge, Marcus & Millichap’s chief client officer. “His experience and relationships will be instrumental in helping our teams expand their business, deepen industry connections, and enhance the value we deliver across the platform.”
Over the course of his 25-plus-year career, Puline has executed more than 2,500 leasing and sale transactions totaling $8.5 billion and developed deep relationships with institutional investors, REIT executives, and major retailers. Prior to joining Marcus & Millichap, he held a senior leadership role with a Blackstone portfolio company, where he led national retailer strategy and research for a $9 billion, 19-million-square-foot retail portfolio.
“Expanding the Marcus & Millichap and IPA retail platform and working closely with the firm’s advisors across North America is a tremendous opportunity,” said Puline. “The strength of the company’s platform, market intelligence, and advisor network creates a powerful foundation for continued growth and client success in the retail sector.”
Marcus & Millichap’s retail division provides investment sales, advisory, and transaction services for all types of retail real estate, including net lease properties, ground-leased assets, sale-leaseback financing, and open-air shopping centers of all sizes. In 2025, the firm closed more than 3,400 retail transactions, approximately as many retail transactions as its next three closest competitors combined.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.
