Noble Fir Partners
STNL Acquisition Criteria
Noble Fir Partners is actively acquiring single-tenant net lease real estate nationwide. We work directly with brokers and operators on off-market and lightly marketed deals. The criteria below define our buy box.
Bold and underlined criteria are hard requirements; bold alone indicates a strong preference.
| Target | Absolute NNN, Freestanding, Single Tenant Net Lease and Sale Leasebacks |
|---|---|
| Asset Class | Retail, medical, industrial & specialty use |
| Price Point | Up to $10.0M, sweet spot $1.0M - $5.0M per asset |
| Yield | 6.5%+ cap rate on in-place NOI |
| Site | Preference for signalized corners, outparcels, or infill / main-street historical corridors |
| Basis | At or below replacement cost - <$300 PSF retail, <$400 PSF QSR |
| Unit Financials & Health | Mission-critical locations preferred; verified store-level financials where possible |
| Lease Term | 5+ years remaining on the primary term |
| Guarantee | Minimum multi-unit franchisee guaranty; corporate guaranty preferred |
| Other Considerations | Market rents, city demographics, traffic counts, and regional growth trajectory |
| Exclusions | No ground leases. No tenants with extremely high PSF basis (e.g., Checkers QSR, Take 5). |