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
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 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.
kgriffin@spiritrealty.com
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.
athomas@spiritrealty.com
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 extensive 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
Recent Acquisition Activity
During the third quarter of 2022, Spirit completed the acquisition of 51 properties for $247.9 million, with a cash capitalization rate of 6.91%, an economic yield of 7.76% and a weighted average lease term of 14.8 years.
Of the deals we closed in the third quarter, 77% were with existing relationships. From an industry perspective, we invested in home furnishings, supercenters & clubs, car washes, dollar stores, drug stores, dealerships, health & fitness, manufacturing, distribution, flex and country club with an asset type breakdown of 49.6% retail, 46.1% industrial and 4.3% other.
FEATURED ACQUISITIONS
Spirit acquired a Better Being manufacturing facility located in Ogden, UT during the third quarter of 2022.
Better Being is a high-growth whole-body wellness platform that develops, manufactures, markets, and distributes trusted and beneficial vitamins, supplements, minerals, and personal care products through a portfolio of differentiated brands. The company was founded in 1993 and is headquartered in Salt Lake City, UT.
Spirit acquired a new BJ’s Wholesale Club located in Lady Lake, FL during the third 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 over 200 clubs and 150 gas locations and is headquartered in Westborough, MA.