Who Buys Net Lease Properties? NNN Buyer Criteria For 2026

Updated October 2026 · Buyers Utopia net lease desk

We match owners of single tenant net lease properties with the REITs, funds and 1031 buyers that are buying them right now. If your building is leased to one tenant on a long lease, there is a buyer pool for it. Below is what those buyers look for, what they pass on, and what to send so you get a real answer quickly.

What is a net lease property?

A net lease property is a building leased to one tenant who pays the rent plus the property’s taxes, insurance and maintenance. In an absolute NNN lease the tenant also covers roof and structure, so the owner collects rent with almost no landlord duties. Buyers value these properties on the rent and on how safe that rent is.

Buy box

This is the combined criteria the net lease buyers we work with have published or sent us in 2026:

Property: single tenant retail, restaurant, auto service, convenience and fuel, medical retail, and single tenant industrial.
Deal size: private 1031 buyers from about $400,000 to $11 million per property; REITs from about $1 million up to $300 million for a single property or portfolio.
Lease term: 10 to 20 years on new leases and sale leasebacks; more than 5 years remaining on existing leases.
Lease type: absolute NNN preferred; NN considered by private buyers.
Tenant: national brands and investment grade companies, plus strong operators with profitable locations.
Building size: for single tenant retail, generally under 20,000 square feet.
Rent increases: scheduled increases are preferred and help pricing.
Cap rate: private buyers we work with have set targets from 6.25 to 8.5 percent, depending on tenant and term.
Structures: existing leases, sale leasebacks, build to suit, portfolios, mortgage assumption, and OP units for owners who want to defer tax.

What the buyers will not buy

Vacant or dark buildings (those go to owner users, not net lease buyers).
Gross leases where the landlord pays taxes, insurance, roof and structure.
Multi tenant strip centers (a different buyer pool).
Leases with less than 5 years left, for REIT buyers. Private 1031 buyers may still bid.
Properties where the tenant has a right of first refusal that has not been waived or addressed.

Documents to have ready

The lease and every amendment, plus any guaranty.
Rent schedule showing scheduled increases and options.
Two to three years of operating statements, including tax and insurance reimbursements.
Tenant financials or location sales, if the lease requires the tenant to report them.
Most recent tax bill and insurance certificate.
Title policy, survey, and any Phase I environmental report.
Roof and HVAC warranties, and any property condition report.

What transfers at closing

The lease is assigned to the buyer, along with any security deposit and warranties. The tenant signs an estoppel confirming the rent and that there are no defaults. Rent and expenses are prorated to the closing date, and the tenant gets a letter telling them where to send rent.

How the process works

Send the lease. Tenant, location, rent and years remaining are enough to start.
Buyer read. We tell you which buyer type fits and where they are pricing similar properties.
Offers. Qualified buyers submit letters of intent.
Diligence and closing. The buyer reviews the lease, title, survey and estoppel, then closes.

Who we are

Buyers Utopia is operated by licensed commercial real estate brokers. Net lease submissions are handled by the Investment Grade team, which works with net lease REITs, private funds, family offices and 1031 exchange buyers. We are brokers, not principals.

Buyer guides by tenant

Each guide answers who buys properties leased to that tenant and what moves the price.

Dollar and discount: Dollar General, Dollar Tree and Family Dollar, Five Below, Ollie’s Bargain Outlet, 99 Cents Only Stores, Big Lots, Save A Lot

Grocery and wholesale: Kroger, Publix, Albertsons, Aldi and Trader Joe’s, Hy-Vee, Meijer, Food Lion, Giant Eagle, Giant Food Stores, Whole Foods and Amazon Fresh, Piggly Wiggly, IGA Supermarkets, Family Fare, BI-LO and Winn-Dixie, Costco, BJ’s Wholesale Club

Pharmacy: CVS, Rite Aid

Quick service and casual dining: McDonald’s, Chick-fil-A, Starbucks, Taco Bell, Wendy’s, Chipotle, Dairy Queen, Steak n Shake, Restaurant Brands International, Inspire Brands, Applebee’s and IHOP, Olive Garden, Chili’s, Outback Steakhouse

Auto parts and service: Autozone, O’Reilly Auto Parts, Advance Auto Parts, NAPA Auto Parts, Pep Boys, Valvoline, Goodyear, Bridgestone Firestone, Big O Tires, Mister Car Wash, AutoNation, Hertz, Avis Budget

Fuel and convenience: 7-Eleven, Wawa, Sheetz, QuikTrip, Circle K, Casey’s, Love’s Travel Stops, Murphy USA, Kum & Go, Sunoco, Valero, Sinclair Oil, Shell and Jiffy Lube, Phillips 66, Marathon and Speedway, ExxonMobil, Chevron, BP

Banks: Chase Bank, Bank of America, Wells Fargo, PNC Bank, Truist, U.S. Bank, Fifth Third Bank, Huntington Bank, KeyBank, Citizens Bank, Regions Bank, TD Bank, M&T Bank, Capital One, Citibank, Comerica Bank, BMO Harris Bank, TCF Bank

Home, general and specialty retail: Home Depot, Lowe’s, Tractor Supply, Harbor Freight, Sherwin-Williams, Floor and Decor, Walmart, Target, TJ Maxx, Ross Dress for Less, Burlington, Kohl’s, Best Buy, Ulta Beauty, PetSmart, Petco, Michaels, Staples, Office Depot, Dick’s Sporting Goods

Fitness and entertainment: Planet Fitness, Life Time, 24 Hour Fitness, AMC Theatres, Regal, Chuck E. Cheese

Logistics, telecom and services: Amazon, FedEx, The UPS Store, XPO Logistics, Verizon, T-Mobile, AT&T

Questions owners ask

Who buys net lease properties?

Private investors, many of them completing 1031 exchanges, are the most active buyers of single net lease properties. Net lease REITs, private funds, family offices and DST sponsors buy larger assets, portfolios and sale leasebacks. Which group pays the most depends on the tenant’s credit and the years left on the lease.

How much lease term do buyers need?

REIT buyers prefer 10 to 20 years on a new lease or sale leaseback, and generally want more than 5 years left on an existing lease. Private 1031 buyers will look at shorter terms, but the price drops as the term gets shorter.

Do buyers only want investment grade tenants?

No. Some of the most active net lease REITs underwrite the operator’s credit and the profitability of the location rather than requiring an investment grade rating. Investment grade tenants still trade at the lowest cap rates.

What cap rate will my property sell at?

It depends on tenant credit, lease term, rent increases and location. Essential Properties reported a 7.8 percent weighted average cash cap rate on what it bought in the second quarter of 2026, and the private buyers we work with have set targets from 6.25 to 8.5 percent. Investment grade tenants on long leases trade at the low end. Send the lease and we will tell you where the buyers are pricing it.

Can I sell my business’s building and stay as the tenant?

Yes. That is a sale leaseback. Net lease REITs buy the real estate, sign a new 10 to 20 year lease with your company, and you keep operating. Buyers will ask for unit level financials for the location.

Is Buyers Utopia the buyer?

No. Buyers Utopia is run by licensed commercial real estate brokers. We match your property with the net lease buyers we work with, and the Investment Grade team handles the transaction.

Submit your net lease property

Tell us the tenant, location and years left on the lease. A licensed broker reads every submission.

Tell us about your net lease property

A licensed broker reads every submission and matches it to the buyers we work with. Only the tenant, lease term, your name and email are required.

Buyers: join the desk

If you buy net lease properties and want to see deals before they are marketed, send us your buy box: tenant credit, lease term, deal size and markets.

Net Lease Property Buyers