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
Direct SLB andExisting Leases
Free StandingSingle Tenant
Net LeaseStructure
10+ Year Lease Term
SophisticatedOperator
Acquisition Contacts
pbehr@spiritrealty.com
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.
swolff@spiritrealty.com
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.
Who We Are and What We Do
Recent Acquisition Activity
Spirit completed the acquisition of 31 properties during the third quarter of 2021 for $291.8 million, with an initial cash capitalization rate of 7.27%, an economic yield of 8.62% and a weighted average lease term of 18.4 years.
Of the deals we closed in the third quarter, 70% were with existing relationships. From an industry perspective, we invested in country club, manufacturing, car washes, automotive service, health and fitness, early education and dollar stores with an asset type breakdown of 14.4% retail, 6.4% industrial and 79.2% country club.
FEATURED ACQUISITIONS
Spirit acquired twenty-two (22) ClubCorp country clubs located across twelve (12) states in the third quarter of 2021.
Dallas-based ClubCorp is the largest owner and operator of private clubs nationwide with 200+ country clubs, city clubs, athletic clubs and stadium clubs. At their clubs, they offer workspaces, restaurants, event spaces, resort-style pools, tennis facilities and fitness centers. ClubCorp caters their clubs to the needs of golfers, foodies, businesspeople and families alike.
Spirit closed on a build-to-suit deal for a SunOpta manufacturing facility located in Midlothian, TX in the third quarter of 2021.
SunOpta Inc. is a publicly traded, global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing and production. SunOpta specializes in the sourcing, processing and packaging of organic, natural and non-GMO food products, integrated from seed through packaged products. The company was founded in 1973 and headquartered in Edina, MN.
Spirit acquired a Shiloh Industries manufacturing facility in Wellington, OH in the third quarter of 2021. This is our third sale leaseback transaction with Shiloh Industries in 2021, demonstrating our commitment to partnering with our tenants to meet their growth objectives.
Shiloh Industries, Inc. is a global innovative solutions provider focusing on lightweight technologies that provide environmental and safety benefits to the mobility market. The company designs and manufactures products within body structure, chassis and propulsion systems for the industrial, automotive and commercial vehicle markets. The company was founded in 1950 and headquartered in Valley City, OH.
Spirit acquired three (3) Jiffy Lube properties located in Texas in the third quarter of 2021.
Jiffy Lube is a leading provider of automotive preventive maintenance. With a national footprint of more than 2,000 franchisee-owned service centers across the country, Jiffy Lube offers a range of services including oil changes, tire rotations, and inspections as well as services related to filters, fluids, suspension, brakes, cosmetic repairs, engines and glass. The concept was established more than 35 years ago.