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

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 21 years of commercial real estate experience, specializing primarily in the industrial sector. During this period, he has completed over $6B in transactions exceeding 30M 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.

Keith Griffin
Keith Griffin
Keith Griffin Vice President, Industrial
(972) 476-1986
kgriffin@spiritrealty.com
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Mr. Griffin joined Spirit in February 2022 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. Griffin has over a decade of experience in commercial real estate spanning various asset classes and disciplines, including valuation, research, debt origination, acquisitions, and dispositions. Throughout his career he has been involved in over $1B in transactions across the country. Prior to joining Spirit, Mr. Griffin’s experience included roles at MetLife Investment Management, AIC Ventures, Regions Financial, and Morgan Stanley. Mr. Griffin obtained his bachelor’s in economics, with additional coursework in statistics, at North Carolina State University and his MBA from Duke University’s Fuqua School of Business.

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. 

Alex Thomas
Alex Thomas
Alex Thomas Vice President, Retail & Other
(972) 476-1977
athomas@spiritrealty.com
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Mr. Thomas joined Spirit in January 2022 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. Thomas has over seven years of experience in the net lease REIT space and has been involved in the acquisition of over $1.5B in assets. Mr. Thomas received his BBA from Texas Christian University.

Who We Are and What We Do

Spirit Snapshot
Transacting with Spirit

Recent Acquisition Activity

Spirit completed the acquisition of 41 properties during the first quarter of 2022 for $474.2 million, with a cash capitalization rate of 6.41%, an economic yield of 7.15% and a weighted average lease term of 13.3 years.

Of the deals we closed in the first quarter, 62% were with existing relationships. From an industry perspective, we invested in health and fitness, entertainment, car washes, home furnishings, warehouse club and supercenters, department stores, specialty retail, dollar stores, apparel, sporting goods, distribution, manufacturing, flex, data center and other with an asset type breakdown of 59.4% retail, 36.7% industrial and 3.9% other.

FEATURED ACQUISITIONS

Life Time Fitness
Life Time Fitness
Life Time Fitness Health And Fitness Multiple Locations

Spirit acquired two Life Time Fitness facilities located in the Southwest region in Katy, TX and Sugar Land, TX during the first quarter of 2022.

Life Time Fitness is primarily engaged in designing, building and operating distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment. The company has more than 150 locations in the United States and Canada. The company became publicly listed in October 2021 and is headquartered in Chanhassen, MN.

BJ's Wholesale Club
BJ's Wholesale Club
BJ's Wholesale Club Warehouse Club And Supercenters Lansing, MI

Spirit acquired a BJ’s Wholesale Club located in the Midwest region in Lansing, MI during the first quarter of 2022.

BJ’s is a leading warehouse club operator on the east coast of the United States. BJ’s provides a curated assortment focused on perishable products, continuously refreshed general merchandise, gasoline and other ancillary services to deliver a differentiated shopping experience that is further enhanced by their omnichannel capabilities. The company operates 227 clubs and 158 gas locations and is headquartered in Westborough, MA.

Ames Industrial Facility
Ames Industrial Facility
Ames Industrial Facility Distribution Ames, IA

Spirit Realty Capital acquired an industrial facility comprised of Amcor and GXO Logistics located in the Midwest region in Ames, IA during the first quarter of 2022.

Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home- and personal-care, and other products. The company is focused on making packaging that is increasingly light-weighted, recyclable and reusable, and made using an increasing amount of recycled content. The company was founded in 1926 and is headquartered in Switzerland.

GXO Logistics, Inc. is the world’s largest pure-play contract logistics provider and is benefiting from the rapid growth of e-commerce, automation and outsourcing. The company partners with the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and e-commerce solutions, at scale and with speed. The company is headquartered in Greenwich, CT.

Advanced Distributor Products
Advanced Distributor Products
Advanced Distributor Products Distribution Grenada, MS

Spirit acquired an Advanced Distributor Products (ADP) distribution facility located in the Southeast region in Grenada, MS during the first quarter of 2022.

ADP is the leading producer of residential evaporator coils in the USA. The Company offers a large selection of high-quality indoor HVAC products, including a wide selection of styles and configurations of evaporator coils, air handlers, and unit heaters. They supply over 500 HVAC distributors at more than 4,000 points of distribution throughout North America. The company is headquartered in Grenada, MS.