Single-Tenant Net Lease. Investment-Grade Credit. Disciplined Underwriting.
We buy the boring stuff that pays every month. Long-duration leases, durable tenants, conservative capital structures. No yield chasing, no speculative development, no value-add gymnastics.
Acquisition Criteria
The parameters we underwrite every deal against. Public, specific, and consistent across every offering we sponsor.
Full Underwriting Criteria
Public · Repeatable · VerifiableCriteria are guidelines for sponsor underwriting and may be modified for specific offerings. Final terms of any DST offering are governed by the Private Placement Memorandum.
Three Sectors. One Standard.
We focus on net-lease property types with durable demand, strong tenant economics, and proven cash flow performance through real-estate cycles.
Retail / NNN
Single-tenant retail with mission-critical operations and durable unit economics. We focus on tenants whose physical locations are essential to their business model, not vulnerable to e-commerce.
What We Buy
- Auto service (Tesla, Caliber Collision-class)
- Quick-service restaurants (QSR)
- Dollar stores and value retail
- Convenience and fuel
Investment-grade national operators or strong-credit franchisees with parent guarantees.
Industrial
Distribution, logistics, and light manufacturing assets supporting e-commerce growth, supply-chain reshoring, and last-mile delivery infrastructure across the Sunbelt and Mountain West.
What We Buy
- Distribution centers and fulfillment
- Warehouse and logistics facilities
- Light manufacturing
- Cold storage and food distribution
Investment-grade logistics and 3PL operators, national distributors with proven mission-critical use of the facility.
Healthcare
Outpatient and specialty care assets benefiting from demographic tailwinds, recession-resilient demand, and the structural shift of care delivery away from hospital settings.
What We Buy
- Dialysis (DaVita-class operators)
- Urgent care and walk-in clinics
- Outpatient surgery and specialty
- Medical office buildings
Investment-grade healthcare operators or established care networks with long-term lease commitments.
Sunbelt and Mountain West
Eleven states where population, employment, and business migration are creating durable demand for net-lease commercial real estate.
Sunbelt
6 StatesMountain West
5 StatesThree Tailwinds. One Region.
Population & Employment Growth
The Sunbelt and Mountain West captured roughly two-thirds of net U.S. domestic migration over the past decade. Population growth drives retail traffic, healthcare demand, and industrial absorption.
Business-Friendly Tax Environment
Lower corporate and personal tax burdens continue to attract employer relocations and headquarters moves. Texas, Florida, Tennessee, and Nevada lead the country in business migration.
Long-Cycle Demographic Tailwinds
Younger median ages and stronger household formation than coastal markets create durable demand for the net-lease asset classes we underwrite, particularly retail, healthcare, and logistics.
What Makes a Deal Pass Diligence
Tenant quality and lease structure are the two variables that determine whether a net-lease property delivers institutional cash flow. We underwrite both with the same discipline on every offering.
Tenant Criteria
We underwrite the tenant's ability to pay the lease, not just the lease itself. A property with a struggling operator is a property at risk regardless of how strong the structure looks on paper.
- Investment-grade credit preferred (BBB- / Baa3 or higher from S&P or Moody's).
- Strong unit economics at the property, not just corporate-level results.
- National brand or proven regional operator with established market presence.
- Five or more years of operating history at the parent or franchisee level.
- Parent corporate guarantees where the immediate tenant is a subsidiary or franchisee.
- Mission-critical operations at the location, with demonstrated commitment to the site.
Lease Criteria
Long-duration leases with predictable income are the foundation of every offering. We pass on short-tail leases and structures that put landlord economics at risk during the hold period.
- Minimum 10 years remaining on the initial lease term.
- Triple-net (NNN) preferred, absolute NNN ideal — tenant pays all property expenses.
- Annual or stepped rent escalations built into the lease, with CPI considered case by case.
- Multiple renewal options at fixed or fair-market rates.
- Tenant-paid taxes, insurance, and maintenance, including roof and structure where possible.
- Clear default and cure provisions, with non-recourse protection for landlord parties.
Institutional cash flow durability.
Every tenant and every lease structure is evaluated against one standard: would this cash flow continue, at this rent, on this term, if the tenant signed it again today?
Discipline Means Saying No.
The asset types and deal structures we routinely pass on. Every offering we sponsor is defined as much by the categories we won't underwrite as by the criteria we will.
Multi-Tenant or Operationally Complex Properties
Strip centers, mixed-use developments, and office buildings introduce variables we can't underwrite consistently. Common area expenses, tenant turnover, and operational risk make these assets a different product than the single-tenant net lease our investors are buying.
Hospitality & Cyclical Assets
Hotels, motels, full-service restaurants, and recreational properties depend on consumer cycles we can't predict. Even strong brands fail to deliver predictable monthly cash flow during downturns, which doesn't fit the DST structure or the investor expectation.
Speculative Development or Value-Add
We acquire stabilized assets with signed long-term leases and operating tenants. Speculative ground-up development, lease-up plays, and major repositioning require capabilities and risk tolerance that don't belong in a DST product.
Yield-Chasing Structures
High cap rates often signal weak tenant credit, short remaining lease term, or structural risk that won't deliver durable distributions. We pass on deals that look attractive on a one-page summary but don't survive a real-world stress test.
Have a Property That Fits?
If you represent a single-tenant net lease property that meets our acquisition criteria, we want to hear about it. Direct submissions, fast feedback, no committees.
Send Your Property Directly to the Acquisitions Team.
Email, phone, or contact form. Whatever's easiest for you. Every qualified property goes straight to our acquisitions group for review.
Response standard: every qualified property receives feedback within 5 business days.
Help Us Move Fast on Your Deal.
Submissions that include the items below get answered faster. Missing one or two is fine, we'll follow up.
- Property location and square footage
- Tenant name and credit profile (rating if available)
- Lease term remaining and renewal options
- Lease structure (NNN, NN, gross) and rent escalations
- Asking price and target cap rate
- Rent roll and lease abstract if available
- Recent property photos (exterior and tenant signage)
- Any prior diligence completed (Phase I, appraisal, etc.)
Property submissions are evaluated against the acquisition criteria above. Submitting a property does not create any obligation on either side until a Letter of Intent is signed.