Development Question: Which specific type of investment is the type that is easiest to finance + tackled by a lean shop?

My vote is build to suit, single tenant credit tenants with NNN leases:

Pros:

- They don't have as many moving pieces development-wise.
- Banks like them because with a credit tenant and NNN lease it is seen as almost as stable as a bond;
- Sophisticated parties on all sides of the transaction means overall more of a streamlined process and less headaches except for the lease document which is more complicated than an office lease and the design parameters.
- Good will from one deal with a corp client can have exponentially greater benefits in the future as they work with you on more deals.
- No calls from angry tenants or condo owners at 3am.
- If you can finance 80%, given the bond like nature of the investment gaining an equity partner for balance would be easier than say a condo project.
- Financing option not limited to AA/AAA tenants but also slightly below investment grade BB/B tenants.
- Risks can be mitigated by JV with the corp tenant.
- If you like Corp finance, there is a component since you are essentially going long on this tenant so digging into their valuation is important.
- The relative simplicity of the project and that you are bolstering local economy means a more cooperative relationship with local government/parties.
- Can be developed quicker once lease/plans/agreements resulting in better return to developer. Plus allowing development team to focus on next pipeline project.
- Given the long term, stable nature of this development finding a third party to sell it would not present a steep challenge or risk.

Cons:

- Lack of diversification. Wendys blows up, so does your investment. This could be mitigated by building in other space for unrelated third parties which you could sign up after you have locked in the primary credit tenant.
- You will still need to be able to buy the land upfront so it is not a total risk free, drop ship type of situation.
- Direct costs. Unlike other developments there is usually no developer fee, no construction management fee, no administration fee, and no overhead fee. I do think they include it in their matrix when calculating the rent. Any experienced guys here please way in as to where the greatest profit drivers are here.
- The fact you are developing to suit means that there is not much creativity or artistry involved in the layout or physical structure. No starchitects here.
- Part of the decision tree for corp tenant to engage in build to suit comes from the prevailing tax code. If this environment becomes hostile to corp tenant then the demand for this type of vehicle could suffer.
- IRRs driven powerfully by the reversion value, so it is imperative that you buy the land in an area which will see strong growth.

Any commentary on my view, what you think I got right or wrong, would is appreciated. What do you guys think: Which specific type of investment is the type that is easiest to finance, develop and can be tackled by a lean shop (outsource all the pieces)?