Acquisitions
NNN Acquisition Criteria
User/Tenant
C-Store/Gas
QSR/Fast food
Fast Casual dining
Grocery/Supermarket
Automotive service/repair (includes carwash)
Discount/Dollar Stores
Urgent Care & Dental
Pharmacies
Home Improvement
Price/Cap Rate
6+ cap rate deals (will look at lower, but will likely not transact below 6)
1mm up to 20mm+
Lease
Minimum 10 years remaining, but will consider 7-8+ for right cap rate and tenant
Will consider short term leases (<5 years remaining) dependent on tenant, RE fundamentals, and cap rate
Absolute NNN, NNN, and NN roof and structure only
NN deals prefer to be in warm weather states (no snow)
Rental increases throughout primary term strongly preferred (annual is great, every 5 is good too)
Fundamentals
Grocery or big box outparcels strongly preferred (Kroger, Publix, Walmart, Target, Sam’s Club, Bj’s, Costco, Home Depot, Lowes)
Hard corners
Quality access (multiple ingress/egress points, cross access with shopping center if an outparcel, ability to enter and exit in both directions from primary road)
Market rent consideration (will not consider leases with rents grossly over market/replacement)
Location/Market
South East US
Sunbelt
TX
Midwest
Mountain West