The Background

This NNN portfolio sale in Owings Mills, Maryland bundled a Popeyes, a Krispy Kreme and an AutoZone into one $6,550,000 transaction. We represented the buyer, and the buyer was not who most people would expect on a triple net portfolio of this size.

The Problem We Had to Solve

Three properties, three national credit tenants, three separate leases and one closing. Each asset carried its own lease structure, rent schedule and tenant credit profile, and all three had to be underwritten at the same time for a buyer who needed the whole package or none of it. Portfolios like this usually break when one of the three assets fails to hold up under review and the buyer starts asking to carve it out.

What We Did

We underwrote all three leases and credit profiles in parallel rather than one at a time, so the buyer could evaluate the portfolio as a single decision instead of three sequential ones.
The more important work was understanding why this buyer was different. The buyer was the Popeyes operator, the tenant of one of the three properties, not a passive 1031 investor and not an institution chasing yield. What they were buying was control. Owning the Krispy Kreme and AutoZone parcels alongside their own restaurant meant they decided who occupies the space next door, which protects the business they actually run from a competing or incompatible tenant moving in. Once it was clear that strategic control mattered more than the going-in return, how to present the portfolio became obvious.

How It Closed

All three properties traded together at $6,550,000, and the operator went from tenant of one building to owner of the real estate around their own store.

The Silber Difference

Operators are one of the most overlooked buyer pools in net lease. They already know the corner, they already know the traffic, and they have a reason to own the block that no spreadsheet captures. We are on the phone with tenants and operators as often as we are with investors, and that is why this portfolio went to a buyer who valued it for something other than yield.