Baby boomer investors are exchanging ownership of multifamily properties for net lease retail properties due to record pricing in the multifamily sector and a desire for more passive investments without management responsibilities. The average price per square foot for single-tenant net lease retail properties has surpassed pre-recession highs, reaching $263, while the dollar volume of deals topped $25 billion in 2014. Retirees are taking advantage of 1031 exchanges to transition from multifamily to net lease retail for steady cash flow.