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Private Buyers Boost Net Lease Retail Deals
January 16, 2026
U.S. single-tenant net lease retail transactions rose by 18 percent year-over-year for the first three quarters of 2025, driven by a resurgence of private investors seeking stable, low-management assets, according to a new Marcus & Millichap report.
Single-tenant net lease retail provides stable long-term cash flow, according to John Chang, Marcus & Millichap’s chief analytics & intelligence officer.
The dollar volume for STNL retail investments was also up, rising 14 percent. While the total was a 15 percent decrease in dollar volume since 2021, it was still higher than for any year prior to that point.
Compared to the previous low in 2023, dollar volume increased 25 percent through the third quarter. The improved transaction activity helped increase the average price slightly to $334 per square foot as buyer and seller expectations were better aligned, Marcus & Millichap reported.
Private investors accounted for 71 percent of transactions, far surpassing other buyer categories. Foreign buyers were a distant second with 10 percent, followed by REITs (9 percent), institutional investors (6 percent) and cross-border investors (4 percent).
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Single-tenant net lease retail provides stable long-term cash flow, according to John Chang, Marcus & Millichap’s chief analytics & intelligence officer.
The dollar volume for STNL retail investments was also up, rising 14 percent. While the total was a 15 percent decrease in dollar volume since 2021, it was still higher than for any year prior to that point.
Compared to the previous low in 2023, dollar volume increased 25 percent through the third quarter. The improved transaction activity helped increase the average price slightly to $334 per square foot as buyer and seller expectations were better aligned, Marcus & Millichap reported.
Private investors accounted for 71 percent of transactions, far surpassing other buyer categories. Foreign buyers were a distant second with 10 percent, followed by REITs (9 percent), institutional investors (6 percent) and cross-border investors (4 percent).
