We acquire single-tenant operationally essential real estate across various asset types, industries, and geographies throughout the U.S. We seek long-term partnerships with our customers and we value relationships.

Acquisition Criteria

icon Direct SLB and
Existing Leases
icon Free Standing
Single Tenant
icon Net Lease
icon 10+ Year
Lease Term
icon Sophisticated

Acquisition Contacts

PJ Behr, CCIM Vice President, Retail & Other
(972) 476-1940

Mr. Behr joined Spirit in May 2021 and serves as Vice President of Acquisitions. In this role, Mr. Behr is responsible for sourcing, marketing, analyzing and overseeing the acquisition of new investment real estate opportunities, with a primary focus in the retail, office and entertainment sectors.

Mr. Behr has over 20 years of experience in commercial real estate with a primary focus on single tenant investment properties. Throughout his career he has completed over 1,250 transactions across 47 states, exceeding $1.8B in sales. Prior to joining Spirit, Mr. Behr spent 10 years working for institutional property owners including a REIT and GE Capital Franchise Finance, where he ran the dispositions team selling stabilized properties to investors.  His most recent experience includes over 10 years in capital markets as an investment sale broker, representing buyers and sellers around the country. Mr. Behr earned a BS in business administration from the University of Central Florida. 

Stephen Wolff
Stephen Wolff
Stephen Wolff Vice President, Industrial
(972) 476-1981

Steve Wolff joined Spirit in March 2020 and serves as Vice President of Acquisitions. In this role, Mr. Wolff is responsible for sourcing, marketing, analyzing and overseeing the acquisition of new investment real estate opportunities, with a primary focus in the industrial sector. 

Mr. Wolff has close to 20 years of commercial real estate experience, specializing primarily in the industrial sector. During this period, he has transacted on over $2.25B in transactions exceeding 12.5M square feet across the country. His most recent experience was at Fort Capital where he was the Director of Acquisitions and Investments, overseeing all industrial acquisition activity, with a focus on acquiring assets $15M - $115M. Additionally, Mr. Wolff’s previous experience included roles at Westmount Realty Capital, Pacific Century Holdings, NAI Global, and Staubach Capital Markets. Mr. Wolff attended the University of Arkansas and Southern Methodist University.

Recent Acquisition Activity

Spirit Realty closed the first quarter of 2021 with the acquisition of 25 properties for $190.5 million, with an initial cash capitalization rate of 7.57%, an economic yield of 8.44% and a weighted average lease term of 17.7 years.

Of the deals we closed in the first quarter, 70% were sourced through existing relationships. The industrial assets we bought were a mix of distribution centers and light manufacturing that are mission critical for our tenants. Our retail acquisitions added to existing relationships with Life Time Fitness, BJ’s Wholesale, Kohl’s and other existing tenants within our auto service, dollar store and entertainment portfolios.


Life Time Fitness
Life Time Fitness
Life Time Fitness Health & Fitness Multiple Locations

Spirit Realty Capital acquired three (3) Life Time Fitness centers located throughout the country in the fourth quarter of 2020 and the first quarter of 2021.

Life Time Fitness operates high-end, large format suburban fitness and athletic facilities, the majority of which operate 24 hours a day, seven days a week. Life Time offers a variety of services including group fitness, yoga, swimming, running, racquetball, squash, tennis, pilates, martial arts, kids activities, camps, adult leagues, rocking climbing, cycling, basketball, personal training, weight loss & nutrition initiatives, in addition to spa and chiropractic services.

Shutterfly Manufacturing Plano, TX

Spirit Realty Capital acquired one Shutterfly build-to-suit manufacturing facility located in Plano, Texas in the third quarter of 2020.

Shutterfly, Inc. is the leading retailer and manufacturing platform for personalized products and communications. Founded in 1999, Shutterfly, Inc. has three divisions: Consumer, Lifetouch, and Shutterfly Business Solutions. The Consumer and Lifetouch divisions help consumers capture, preserve, and share life’s important moments through professional and personal photography, and personalized products. The Shutterfly and Snapfish brands bring photos to life in photo books, gifts, home décor, and cards and stationery. Lifetouch is the national leader in school photography, built on the enduring tradition of “Picture Day,” and also serves families through portrait studios and other partnerships. Shutterfly Business Solutions delivers digital printing services that enable efficient and effective customer engagement through personalized communications.

At Home
At Home
At Home Home Decor Lutz, FL

Spirit Realty Capital acquired one (1) At Home property located in Florida in the third quarter of 2020.

At Home specializes in home decor products and is based in Plano, Texas and currently operates 225 stores in 40 states. The average store is 110,000 square feet. Each store offers up to 50,000 home products that range from furniture, mirrors, rugs, art and housewares to tabletop, patio and seasonal decor.

STNL Logistics Portfolio
STNL Logistics Portfolio
STNL Logistics Portfolio Distribution Multiple Locations

Spirit Realty Capital acquired four (4) logistics facilities located throughout the United States in the fourth quarter of 2020.