{"id":1004811997,"date":"2026-09-21T04:41:18","date_gmt":"2026-09-21T12:41:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004811997"},"modified":"2026-09-21T04:41:20","modified_gmt":"2026-09-21T12:41:20","slug":"sale-leaseback-deals-slide-even-as-stnl-investment-grows","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sale-leaseback-deals-slide-even-as-stnl-investment-grows\/","title":{"rendered":"Sale-Leaseback Deals Slide Even as STNL Investment Grows"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ab136cf4faa6&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1005\" height=\"754\" data-attachment-id=\"1004811999\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sale-leaseback-deals-slide-even-as-stnl-investment-grows\/newmark-head-of-southeast-research-ching-ting-wang\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Head-of-Southeast-Research-Ching-Ting-Wang.jpg\" data-orig-size=\"1005,754\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Wang, ChingTing&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Newmark Head of Southeast Research Ching-Ting Wang\" data-image-description=\"&lt;p&gt;Image obtained via e-mail from Whit Nuckolls, PR for Newmark at Prosek.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Newmark Head of Southeast Research Ching-Ting Wang noted that during the second quarter of 2026 sale-leaseback deals accounted for 6.7 percent of all net lease transactions, substantially below the 13.1 percent average registered starting in 2019. Image courtesy of Newmark&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Head-of-Southeast-Research-Ching-Ting-Wang.jpg?w=1005\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Head-of-Southeast-Research-Ching-Ting-Wang.jpg\" alt=\"Headshot of Newmark Head of Southeast Research Ching-Ting Wang. \" class=\"wp-image-1004811999\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Head-of-Southeast-Research-Ching-Ting-Wang.jpg 1005w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Head-of-Southeast-Research-Ching-Ting-Wang.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Head-of-Southeast-Research-Ching-Ting-Wang.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1005px) 100vw, 1005px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Newmark Head of Southeast Research Ching-Ting Wang noted that during the second quarter of 2026, sale-leaseback deals accounted for 6.7 percent of all net lease transactions, substantially below the 13.1 percent average registered starting in 2019. <em>Image courtesy of Newmark<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The return to more predictable <a href=\"https:\/\/www.commercialsearch.com\/news\/why-net-lease-investing-is-all-about-the-real-estate\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/why-net-lease-investing-is-all-about-the-real-estate\/\">net lease acquisitions<\/a> is exposing a selective environment, with fewer sale-leaseback deals penciling out. User-owned divestment clocked in at $1.3 billion during the first half of 2026, marking a steep decline of 67.6 percent year-over-year, according to Newmark data.  <\/p>\n\n\n\n<p>Meanwhile, overall net lease transactions totaled $13.8 billion in the second quarter alone, the largest second-quarter figure since 2022, a recent Newmark national report on single-tenant net lease shows. This was across office, industrial and retail combined.<\/p>\n\n\n\n<p>\u201cAlthough overall net lease sales volume has generally been increasing, the 2026 decline in sale-leaseback volume is mainly attributed to a smaller number of deals being inked, rather than a drop in deal size,\u201d Newmark Head of Southeast Research Ching-Ting Wang told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>Returns not rising to desirable levels and less-than-ideal credit criteria fueled part of investor reluctance, according to Wang. Capital flew toward traditional net lease purchases instead.<\/p>\n\n\n\n<p>With more capital <a href=\"https:\/\/www.commercialsearch.com\/news\/private-buyers-boost-net-lease-retail-deals\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/private-buyers-boost-net-lease-retail-deals\/\">in the net lease sector at large<\/a>, the share of sale-leasebacks nearly halved during the second quarter compared to the historical average since 2019, Wang underlined.<\/p>\n\n\n\n<p>\u201cFor middle-market companies, which typically use sale-leasebacks to unlock capital for expansion, the pullback suggests they are either turning to more conventional financing sources or deferring monetization of owned real estate until pricing and terms improve,\u201d she reasoned.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-effects-of-selectivity-beyond-sale-leaseback-deals\">The effects of selectivity beyond sale-leaseback deals<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ab136cf5008a&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004812000\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sale-leaseback-deals-slide-even-as-stnl-investment-grows\/newmark-senior-research-analyst-kirsten-kempf\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Senior-Research-Analyst-Kirsten-Kempf.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark IV&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;110&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Newmark Senior Research Analyst Kirsten Kempf\" data-image-description=\"&lt;p&gt;Image obtained via e-mail from Whit Nuckolls, PR for Newmark at Prosek.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;\u201cThe national net lease market continues to recover from the slowdown that began in 2023, and that recovery is broad-based even though the pace varies by property type,\u201d according to Newmark Senior Research Analyst Kirsten Kempf. Image courtesy of Newmark&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Senior-Research-Analyst-Kirsten-Kempf.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Senior-Research-Analyst-Kirsten-Kempf.jpg\" alt=\"Headshot of Newmark Senior Research Analyst Kirsten Kempf.\" class=\"wp-image-1004812000\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Senior-Research-Analyst-Kirsten-Kempf.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Senior-Research-Analyst-Kirsten-Kempf.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/Newmark-Senior-Research-Analyst-Kirsten-Kempf.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">\u201cThe national net lease market continues to recover from the slowdown that began in 2023, and that recovery is broad-based even though the pace varies by property type,\u201d according to Newmark Senior Research Analyst Kirsten Kempf. <em>Image courtesy of Newmark<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The same selectivity that limited sale-leaseback deals is in line with the structural shift of the entire net lease sector as asset type preferences realigned to match investor needs.<\/p>\n\n\n\n<p>\u201cThe bigger structural story of the past decade is the rotation from office into industrial: The industrial share of national net lease sales volume has grown from roughly a third to 61.5 percent today, while the office share has fallen from nearly 40 percent to just 13.2 percent over the same period,\u201d Newmark Senior Research Analyst Kirsten Kempf told <em>CPE<\/em>.<\/p>\n\n\n\n<p>Notably, net lease <a href=\"https:\/\/www.commercialsearch.com\/news\/single-tenant-retail-is-back-in-favor\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/single-tenant-retail-is-back-in-favor\/\">single-tenant retail<\/a>\u2019s share of the investment volume remained exceptionally stable, ranging between 24 and 25 percent during the same period, consistently drawing investors while office and industrial shifted places, Kempf continued.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-overall-market-transaction-activity-rebounds\">Overall market transaction activity rebounds<\/h2>\n\n\n\n<p>The growth of cap rates across the three sectors outpaced the 10-year Treasury increase rate, widening spreads that aided in reigniting deal flow, Wang added. Sidelined investors that are waiting for cap rates to adjust are beginning to observe their <a href=\"https:\/\/www.commercialsearch.com\/news\/how-net-lease-investors-are-rewriting-the-rules\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/how-net-lease-investors-are-rewriting-the-rules\/\">desired risk-adjusted returns<\/a>, potentially supporting consistent activity throughout the broader market.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ab136cf50584&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004812004\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sale-leaseback-deals-slide-even-as-stnl-investment-grows\/modern-industrial-warehouse-at-sunset-large-structure-with-many-windows-reflecting-golden-light-empty-paved-parking-lot-extends-in-front-sunrise-sunset-sky-commercial-property-distribution\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/AdobeStock_1148675607.jpeg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Vadym - stock.adobe.com&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Modern industrial warehouse at sunset. Large structure with many windows reflecting golden light. Empty paved parking lot, extends in front. Sunrise sunset sky. Commercial property distribution&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Modern industrial warehouse at sunset. Large structure with many windows reflecting golden light. Empty paved parking lot extends in front. Sunrise sunset sky. Commercial property distribution&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Modern industrial warehouse at sunset. Large structure with many windows reflecting golden light. Empty paved parking lot extends in front. Sunrise sunset sky. Commercial property distribution\" data-image-description=\"&lt;p&gt;Image obtained by Patricia from adobe stock. Do not reuse without permission from the art department.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Single-tenant net lease transaction volume during the second quarter of 2026 increased 24.1 percent year-over-year, with the number of transactions also increasing 8.2 percent during the same period. Image by Vadym\/Adobe Stock&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/AdobeStock_1148675607.jpeg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/AdobeStock_1148675607.jpeg\" alt=\"Modern industrial warehouse at sunset. Large structure with many windows reflecting golden light. Empty paved parking lot, extends in front. Sunrise sunset sky. Commercial property distribution\" class=\"wp-image-1004812004\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/AdobeStock_1148675607.jpeg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/AdobeStock_1148675607.jpeg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/AdobeStock_1148675607.jpeg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/09\/AdobeStock_1148675607.jpeg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Single-tenant net lease transaction volume increased 24.1 percent year-over-year as of the second quarter of 2026, with the number of transactions also increasing 8.2 percent. <em>Image by Vadym\/Adobe Stock<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Kempf noted that during the 12-month period trailing June, \u201call three major property types posted higher sales volume than the prior four-quarter period, with office actually leading at 23.2 percent growth, followed by industrial at 17.1 percent and retail at 16.3 percent.\u201d<\/p>\n\n\n\n<p>She concluded that demand continues to gravitate toward \u201cstable income, strong tenant credit, lease quality and disciplined pricing,\u201d and that \u201cimprovement is occurring across the market, not in a single asset class.\u201d<\/p>\n\n\n\n<p>The third quarter is showing signs of continued investor confidence, with CBRE Investment Management\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-im-pays-1-6b-for-cerberus-net-lease-platform\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/cbre-im-pays-1-6b-for-cerberus-net-lease-platform\/\">acquisition of Cerberus Capital Management\u2019s Tenet Equity<\/a> net lease platform for $1.6 billion. Notably, Tenet Equity mainly operated through sale-leaseback deals by aiding middle-market companies with capital solutions that monetized their real estate holdings without losing operational control.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A highly selective environment is fueling structural changes in this space.<\/p>\n","protected":false},"author":3471,"featured_media":1004812004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742,21747,21749],"tags":[50999,51624],"class_list":["post-1004811997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","category-office","category-retail","tag-newmark","tag-single-tenant-net-lease-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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