Retail Ground Lease Rent. How To Determine?

Good Morning Guys,

I stumbled onto this forum yesterday when I was doing a google search and discovered a thread discussing how to value a ground lease. The thread can be found under the title: Ground Leases - How To Value And What Am I Missing?

One poster responded to the OP by stating ground payments are typically calculated based off a % of gross NOI. Stating they generally want to be 20% or lower, but he's seen as high as 30% on newly cut ground leases.

This thread was addressing the scenario of a developer ground leasing a property to build a commercial development that would be funded with rental income. What I want to know is if this same method applies to ground leasing a property to a national tenant where they are their own developer? More specifically, I want to confirm if the ground rent is based off of their gross annual projected revenue and then converted as a fixed percentage of that revenue? 

If anyone can answer this question I would greatly appreciate it as I have never been able to find a straight answer to this. 

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