Retail rates in general are no secret and advertised and available. However what most starting business owners don't know or realize, is that rates are (almost always with certainty) at the highest possible level For example when a powercentre strip mall advertises rates at 32.00 P/sqft NNN, it's a starting point. That is, if they would even consider to negotiate with you.
Malls like Cross Iron, or any high profile powercentre malls are not particularly interested in start up businesses, even start up or small franchises will have a hard time getting in on it.
When you have a strong franchise behind you, or even better, you run a strong corporate store concept with multiple locations, it opens doors and that advertised rate at $32.00 NNN can drop as much as 40% for the first year and escalating over a 5 yr period. If you, your franchise organization, your own leasing agent or in some cases a lawyer knows his way around they will negotiate a balanced lease contract on your behalf, to a point where you will get reimbursed for Tenant improvement Allowances ($ based on the ultimate sq ft occupied and price per sq ft) as well as 2,3 or 4 months free rent in your first year.
Oh, and when you are a small guy and they would consider you, you will sign a PG, often covering the whole lease term for when things go haywire.
I realize all this is written from a business owner perspective, not an investor. but it helps you to understand who your clientele is.
Now, to go back to your topic of New Horizon, It truly is a different concept there is no question about that.
When it comes to investing 540K for 3 bays and based on $1500 per month per bay it would bring in $54000 annually. (I hope I read all your info right)
And you would make sure all leases are triple net. I wouldn't t think it's a terrible terrible investment, but you really need to understand the retail business and what you are up against and what can happen to you as an investor. When a tenant goes belly up, it's not just your mtg payment that you are on the hook for but you will also pay all cost associated with that bay that was all covered under the triple net lease. Yes you can go after the defaulting tenant, but again you need deep pockets to sit it out.
Anyhow, I could go on with many examples of what I have seen over many years in the business.
You can make money for sure, it all depends on where you are at in your investing adventure.
Personally I find residential R.E. a tad safer.
Greetings.