Net Lease & NNN Investments

Francisco Williams, CCIM leads WCA's net-lease brokerage practice in Southern California and selectively nationwide, representing owners selling single-tenant net-leased retail, industrial and medical assets and 1031 exchange buyers seeking replacement property. The review considers tenant credit, lease obligations and rollover exposure, and a seller's engagement starts with a complimentary Broker Opinion of Value. Exchange tax and legal decisions remain with the client's qualified intermediary and tax or legal advisors. Direct line (213) 880-8107.

Nothing. WCA prepares a complimentary Broker Opinion of Value that underwrites the lease (term, escalations, options, tenant credit) and the loan behind it, and prices the sell, hold and refinance paths side by side. It is a brokerage opinion, not a licensed appraisal, with no obligation to list.

Single-tenant pharmacies, drive-thru QSR, fuel and convenience, auto service, medical pads and net-leased industrial, in Los Angeles, Orange, Riverside and San Bernardino counties and selectively nationwide. Current listings, including a co-listed retail sale-leaseback in Compton, are published at williamscap.ai/listings.

Yield buyers, exchange buyers and balance-sheet buyers underwrite the same building three different ways, so the Broker Opinion of Value includes the buyer-tribe read: who underwrites your lease best and what structure gets them to paper. The loan decision — assumption, defeasance or hold — is made before marketing and the offering memorandum presents it as the structure of the deal; the campaign reaches exchange buyers and their brokers nationwide, the WCA Buyer Book, CREXi and cooperating brokers. Two documented sales show the method, a Walgreens sold with its CMBS loan assumed and a CVS delivered free and clear to a 1031 buyer who needed no debt, both prior-firm transactions on which Francisco was an Investment Associate on the seller's team; Williams Capital Advisors was not the brokerage. See williamscap.ai/track-record.

Yes. After a sale closes, an investor has 45 calendar days to identify replacement property in writing and 180 days total, or the tax-filing deadline if earlier, to close, with funds held by a qualified intermediary. WCA sources single-tenant inventory nationwide, manages the identification timeline and coordinates with the intermediary; tax and legal decisions stay with the client's intermediary and advisors. Acquisition criteria can be registered in the Buyer Book at williamscap.ai/buyer-book.

Yes. In a sale-leaseback, an owner-operator sells the real estate and signs a long-term NNN lease at closing — unlocking the property's value while keeping the business in place. WCA structures the lease (term, rent, escalations) to balance sale proceeds against ongoing occupancy cost, then markets the asset to net lease investors.

There is no single market cap rate — NNN pricing depends on tenant credit rating, remaining lease term, rent escalations, location, and the interest-rate environment. Investment-grade tenants on long-term leases trade at lower cap rates than franchisee-backed or shorter-term leases. The honest way to price a specific asset is underwriting it: request a complimentary Broker Opinion of Value or screen scenarios with the cap rate calculator at williamscap.ai/tools/cap-rate-calculator.

A triple net (NNN) lease is a commercial lease in which the tenant pays the property taxes, building insurance, and maintenance in addition to base rent — leaving the owner with largely passive income. Single-tenant NNN properties (pharmacies, drive-thru QSR, fuel and convenience, auto service, medical pads) are popular with 1031 exchange buyers because the tenant handles day-to-day operating costs.