My Realtor's tip about NNN leases made me reconsider two buildings

I was walking a 12,000 sq ft flex space in Phoenix last Thursday and my broker casually said, 'you're not buying the roof, you're buying the tenant's credit.' That one line hit different after I ran the numbers on a 20-year lease with a regional pharmacy chain versus a mom-and-pop gym. Has anyone else had a deal fall apart because the CAM reconciliations looked fine but the anchor tenant's financials were shaky?

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