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.
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.
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
Spirit completed the acquisition of 56 properties during the second quarter of 2022 for $399.0 million, with a cash capitalization rate of 6.34%, an economic yield of 7.08% and a weighted average lease term of 14.4 years.
Of the deals we closed in the second quarter, 82% were with existing relationships. From an industry perspective, we invested in health and fitness, car washes, home décor, restaurant – casual dining, department stores, home furnishings, dollar stores, dealerships, restaurant – quick service, sporting goods, early education, discount retail, distribution, manufacturing, office and other with an asset type breakdown of 79.5% retail, 17.5% industrial and 3.0% office.
FEATURED ACQUISITIONS
Spirit acquired four HomTex, Inc. industrial facilities located in the Southeast region in Vinemont, AL, Selma, AL, Sylva, NC and Leoma, TN during the second quarter of 2022.
HomTex, Inc. was founded 35 years ago as a contract manufacturer of sheeting. HomTex today has multiple nationally recognized bedding brands and sells to a wide variety of retailers as well as direct-to-consumer through their E-commerce platform. Core production focus is sheeting and bedding products along with personal protective equipment (PPE). The company was founded in 1987 and is headquartered in Cullman, AL.
Spirit acquired two Trilogy Plastics manufacturing facilities located in Alliance, OH during the second quarter of 2022.
Trilogy Plastics is an internationally recognized rotational molder specializing in high appearance, tight tolerance rotomolded parts and assemblies. Today, Trilogy's lean manufacturing facilities are one of the most modern rotomolding plants in the industry. The company was founded in 1987 and is headquartered in Alliance, OH.
Spirit acquired a vacant retail building and is funding the redevelopment of it into a retail center comprised of HomeGoods, Sierra Trading Post, Five Below and Big Lots located in the Midwest region in West Bend, WI during the second quarter of 2022.
HomeGoods, a subsidiary of The TJX Companies, Inc. is a leading national retailer of off-priced home apparel, décor, and other furnishings. HomeGoods has 850 locations in the United States.
Sierra Trading Post, a subsidiary of the TJX Companies, Inc. is a retailer of off-price sports and recreation apparel/equipment. Sierra has just under 60 locations in the United States.
Five Below, Inc. is a leading retailer of value-priced novelty goods with inventory ranging from toys, outdoor equipment, candy, fashion accessories, and electronics. The company has 1,200 locations and a long-term goal of 2,500 locations.
Big Lots, Inc is a leading retailer of discount home furnishings and other general merchandise such as toys, grocery, cosmetics, apparel, office supplies, and home improvement equipment. The company has over 1,400 locations.
As part of a partial recapitalization of an existing tenant, Spirit acquired three Sonic Drive-Ins located in Boiling Springs, SC, Duncan, SC and Shelby, NC during the second quarter of 2022.
Sonic Drive-In is a chain of vehicle-focused restaurants serving fast food with an emphasis on drinks and frozen sweet goods. Each customer can order, pay and receive their food and beverages without leaving their vehicle. Sonic has over 3,500 locations across the United States, with locations primarily concentrated in the American South.