ICSC Vegas
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Deal Sheet
Reliant Net Lease acquired a 9-property medical office portfolio in Georgia according to a press release from the seller’s representative, brokerage Matthews. The 92,000 square foot portfolio was sold by the founder of tenant Legacy Brain & Spine.
Separately, BREIT (Blackstone Real Estate Income Trust) announced 1Q2026 earnings including the acquisition of 82 net lease properties via Reliant Net Lease during the quarter for ~$263 million. BREIT holds a 25% share in the Reliant venture with Blackstone Mortgage Trust the 75% partner. In other news, BREIT reduced its investments in net lease real estate debt (loan investments) by ~$400 million (a nearly 50% reduction)
W.P. Carey (NYSE: WPC) announced an additional $400 million in completed investments in the two weeks since its 1Q26 earnings report. Year-to-date volume totals $1.1 billion with visibility toward an additional $400 million yet to close.
Recent closings include the sale-leaseback of a 43-property manufacturing portfolio with newly branded GardenCore (formerly Oldcastle Lawn & Garden), a leading U.S. manufacturer of lawn and garden consumables, offering a broad portfolio of mulch, soil, stone and lime products. Private equity firm Pacific Avenue Capital Partners announced a definitive agreement to acquire the Oldcastle business for $1.1 billion back on April 30th - meaning the leaseback was likely simultaneous to the broader business acquisition.
ExchangeRight Income Fund completed 3 acquisitions during 1Q2026:
-Merger with an ExchangeRight DST for 23 properties with a fair value of $90.9 million
-Merger with an ExchangeRight DST for 16 properties with a fair value of $68.4 million
-$2.4 million single property acquisition from a third party
-In aggregate, the portfolio added 8 Walgreens, 13 Dollar General, 4 Tractor Supply, 1 Pick ‘n Save, 1 Fresenius, 5 Advance Auto, 1 BioLife Plasma, 1 Verizon, 2 AutoZone, and 1 GIANT Food Store during the quarter
Neither North Haven Net REIT nor New Mountain Net Lease Trust completed any acquisitions during 1Q2026. The trusts sold common equity shares raising $148.4 million and $78.6 million during the first three months of 2026.
Blue Owl’s net lease non-traded REIT acquired 8 industrial assets (721,000 sq. ft.) for $151.2 million and 1 retail asset for $2.6 million during 1Q2026. Industrial deals included Syngenta in Malta, IL, a 6-property Core-Mark portfolio, and Eaton in Los Angeles, CA while the retail investment was a Starbucks. Additional activity in the quarter:
-Deployed $366 million in investments in real estate debt (sold $97 million)
-Made $359 million in total investments in unconsolidated real estate ventures ($192 million in real estate debt; $157 million in net lease data centers; and $10 million in net lease)
-Sold common equity shares raising $760 million; Repurchased shares totaling $133 million
-Subsequent to quarter-end, committed to fund $1.2 billion of equity related to take-private acquisition of Sila Realty Trust (NYSE: SILA)
-SH