Latest from the podcast
Joshua Ungerecht and David Fisher, Managing Partners at ExchangeRight Real Estate, are the latest guest on the NLO Podcast. Founded in 2012, ExchangeRight serves over 8,300 investors, stewarding in excess of $7.5 billion in assets under management diversified across over 1,400 properties and 30 million square feet throughout 47 states.
Our conversation covers Joshua and David’s unique personal paths that led to meeting Warren Thomas and the founding of ExchangeRight, their focus on creditworthy net leased assets, the firm’s exhaustive due diligence process, financing deals in the early days of the platform, the DST industry, building to over $7 billion brick by brick, and much more. Check out “Net Lease Observer” on Apple podcasts, Spotify, or Podbean:
Net Lease Observer | Apple Podcasts
Net Lease Observer | Spotify
Net Lease Observer | Podbean
Gimme gimme gasolina
Getty Realty (NYSE: GTY) announced the sale/leaseback acquisition a 41-property portfolio of convenience and gas stores from Refuel Operating Company for $260.9 million. Buildings average 5,000 square feet on 2.5-acre parcels and are located across North Carolina, South Carolina, Texas, and Mississippi.
The deal includes four master leases with rental increases every 5 years. The estimated cap rate is 6.75% with an average price point of $6.4 million per property. Refuel, backed by PE sponsor First reserve, operates ~250 locations across 5 states.
According to previous reports, First Reserve explored a sale of the Refuel business back in 2024. In addition to the leaseback, Refuel closed a new senior secured credit facility with Citizens Bank to refinance the company’s existing debt.
Double dip for dollars
JLL Capital Markets and GA Group Real Estate represented Family Dollar in a second portfolio sale/leaseback of 2026, the latest a 47-store portfolio that sold for $74.7 million. An undisclosed institutional real estate investor acquired the properties which total 388,000 square feet across 19 states.
The pair of advisors facilitated a separate 46-property, $75 million deal for Family Dollar just 3 months ago.
Debt deals
As long-term government interest rates hit multi-decade highs, multiple large debt offerings were executed.
Agree Realty (NYSE: ADC) completed a $400 million aggregate principal amount offering for 5.65% senior unsecured notes due 2036.
STORE Capital announced the closing of a $525.0 million securitization representing the 16th note issuance under its ABS program. The weighted average all-in interest rate of the notes is 5.74% (weighted average all-in credit spread of 97bps) with a 4.9-year life.
Notes were issued in four classes:
$317.0 million in 5.7-year AAA-rated, Class A-1 notes at 5.79%
$133.0 million in 3.1-year AAA-rated, Class A-1-P notes at 5.56%
$53.0 million in 5.7-year AA-rated, Class A-2 notes at 5.89%
$22.0 million in 3.1-year AA-rated, Class A-2-P notes at 5.71%
Net proceeds of the transaction were used to redeem ~$280 million of ABS notes set to mature in 4Q2026. Those notes hold a weighted average interest rate of ~3.6% (200bps+ inside the new notes).
Slew of new investor decks released
Essential Properties: EPRT Investment Presentation Sept-2026
NETSTREIT: NTST Investor Presentation Sept-2026
FrontView: FVR Investment Presentation Sep-2026
Other insights
-Austin, TX-based PlaceMCR announced the acquisition of a 5-property portfolio of At Home retail stores from LCN Capital for $31.85 million. The buildings comprise ~534,000 square feet across more than 46 acres (Pharr, TX; New Braunfels, TX; Grand Prairie, TX; Gulfport, MS; & Toledo, OH).
-Four Corners Property Trust (NYSE: FCPT) completed the sale/leaseback acquisition of an automotive service property in Kentucky leased to an undisclosed national operator for $3.5 million.
-Multiple outlets report Mesirow acquired a 3-building office campus in Deerfield, Illinois from biopharmaceutical company Amgen for $151 million. Amgen will retain tenancy in one building while a unit of Fortune Brands Innovations will move into the other two. The facilities total 660,000 square feet on 70 acres.