TARGETED INVESTMENTS

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
Structure
icon 10+ Year
Lease Term
icon Sophisticated
Operator

Acquisition Contacts

PJ Behr, CCIM
PJ Behr, CCIM
PJ Behr, CCIM Vice President, Retail & Other
(972) 476-1940
pbehr@spiritrealty.com
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Mr. Behr joined Spirit in May 2021 and serves as Vice President of Acquisitions where he 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
swolff@spiritrealty.com
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Mr. Wolff joined Spirit in March 2020 and serves as Vice President of Acquisitions where he 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 over 20 years of commercial real estate experience, specializing primarily in the industrial sector. During this period, he has completed over $3B in transactions exceeding 22M square feet across the country. 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 completed the acquisition of 18 properties during the second quarter of 2021 for $283.7 million, with an initial cash capitalization rate of 7.07%, an economic yield of 7.84% and a weighted average lease term of 13.0 years.

Of the deals we closed in the second quarter, 55% were with existing relationships. From an industry perspective, we added home improvement, building materials, dollar stores and home décor with an asset type breakdown of 18.3% retail, 66.7% industrial and 15.0% office. In total, 78% of our acquisitions consisted of public credits with increases to existing public tenants such as Home Depot, At Home, Dollar General and Family Dollar. We also added four new public credits to our tenant roster, including Tupperware, Bluelinx, L3 Harris and Builders Firstsource.

FEATURED ACQUISITIONS

Valley Gateway Plaza: At Home/Hobby Lobby
Valley Gateway Plaza: At Home/Hobby Lobby
Valley Gateway Plaza: At Home/Hobby Lobby Home Decor / Specialty Retail Riverside, CA

Spirit Realty Capital acquired a retail center comprised of At Home and Hobby Lobby located in Riverside, CA in the second quarter of 2021.

At Home is a home décor superstore and is one of the fastest growing retailers in the country. Based in Plano, Texas, At Home’s stores each carry over 50,000 unique items across broad product categories including furniture, garden, home textiles, housewares, patio, rugs, seasonal decor, tabletop decor and wall decor.

Hobby Lobby provides a broad mix of products, including arts and crafts supplies, fashion fabrics, baskets, silk flowers, needlework, wearable art, picture framing, cards, party supplies and furniture. Its product portfolio covers more than 70,000 items under the store channel, as well as a large department devoted to seasonal merchandise.

BlueLinx
BlueLinx
BlueLinx Distribution Multiple Locations

Spirit Realty Capital acquired three (3) BlueLinx distribution centers located throughout the country in the second quarter of 2021.

BlueLinx Holdings Inc., together with its subsidiaries, distributes building and industrial products in the United States. It distributes structural products, including plywood, oriented strand board, rebar and remesh, lumber, spruce and other wood products primarily that are used for structural support and walls in construction projects; and specialty products comprising engineered wood, moulding, siding, cedar, metal and insulation products.

Off Lease Only
Off Lease Only
Off Lease Only Dealerships Bradenton, FL

Spirit Realty Capital acquired, through a takeout structure, a brand new Off Lease Only dealership located in Bradenton, FL in the second quarter of 2021.

Off Lease Only is the largest-volume independent used-car dealership in the United States, selling thousands of cars each month to customers at its four (4) Florida retail locations and in markets around the world through their website.

Home Depot
Home Depot
Home Depot Home Improvement Lawton, OK

Spirit Realty Capital acquired a Home Depot property located in Lawton, OK in the second quarter of 2021.

The Home Depot, Inc. is the world’s largest home improvement specialty retailer. The company provides its individual and professional customers with building materials, home improvement products, land and garden products, as well as installation, maintenance and education services.