Acquisition and 1031 exchange advisory.
Sourcing, underwriting, and identification support for net lease buyers, including 1031 exchangers.
- Best for
- 1031 exchangers, private investors, family offices, and funds buying net lease
- Coordination
- Qualified intermediaries, lenders, title and counsel
- Asset focus
- Discount retail, auto, QSR, and other net lease retail
Disciplined acquisitions.
The net lease market offers no shortage of listings. The challenge is identifying sound properties at appropriate pricing, with sellers able to close within the investor’s timeline.
Exchange investors operate under fixed deadlines. Once the relinquished property sells, the investor has 45 calendar days to identify replacement property in writing and 180 days to close, and some sellers price that pressure into their terms. AMC sources candidates before the exchange period begins, underwrites each one in detail and negotiates terms that protect both the deadline and the investor’s position.
Because the firm also represents sellers, its advisors understand how listings are priced and where negotiating room exists. They track comparable trades nationally and advise on whether a cap rate is supported, whether a lease presents issues, and whether an apparently attractive price reflects underlying risk.
Buyer-side assignments have included Dollar General properties in Arkansas, Kentucky, Mississippi, Ohio, Alabama, and Texas, plus a DG Market in Fabens, Texas.
Acquisition services.
The same depth of analysis applies to a first net lease purchase and to an experienced investor’s portfolio addition.
Investment criteria
Defining price range, tenant credit, lease type, term, geography, financing and acceptable landlord responsibility.
Sourcing on and off market
Listed inventory nationally, together with properties from the firm’s seller relationships that are not broadly marketed.
Underwriting
Lease abstract, rent schedule, guarantor review, demographics, traffic, comparable sales, and the risks a lender will flag.
Exchange timeline management
A calendar built from the 45- and 180-day dates, with milestones for LOI, contract, diligence and financing.
Negotiation
LOI and contract negotiation on price, diligence length, deposits, and contingencies that matter in an exchange.
Diligence to close
Estoppels, title, survey, environmental, and lender coordination until the deed records.
The acquisition process.
Defined milestones, managed by the same advisors from engagement through closing.
Define
Criteria, budget and exchange dates, set with the investor and their advisors.
Source
Build a shortlist from listed and off-market opportunities.
Underwrite
Rank options on risk and return; prepare backups.
Identify & contract
Submit your identification and negotiate terms.
Close
Manage diligence and financing to closing inside 180 days.
Two fixed deadlines.
Under Section 1031 of the Internal Revenue Code, investors can defer capital gains tax by exchanging real property held for investment into other like-kind real property. The rules are strict: proceeds must be held by a qualified intermediary, and the deadlines below are firm.
Net lease is a natural fit for many exchangers. It offers passive income, long lease terms, and tenants with recognizable credit. It also comes with pitfalls: short remaining terms, franchisee guarantees, landlord repair obligations, and sellers aware of the buyer’s deadline.
This is general information, not tax or legal advice. Investors should confirm the rules for their situation with a CPA, attorney and qualified intermediary. See IRS guidance on like-kind exchanges at irs.gov.
Plan the search before the sale.
From the sale of your relinquished property, you have 45 calendar days to identify replacement property in writing to your qualified intermediary.
The replacement must close within 180 days of the sale (or by your tax return due date, if earlier). The two windows run at the same time, not back to back.
Most exchangers identify up to three properties regardless of value. Alternatives such as the 200% rule exist; your QI and CPA should guide which applies.
Investor buyer list.
Registered investors receive opportunities matched to their criteria, including off-market properties, before they are broadly marketed.
When should I start looking for a replacement property?
Ideally before your relinquished property closes. The 45-day identification window starts on the day your sale closes, and good properties can take weeks to underwrite and negotiate. Starting early provides more options and a stronger negotiating position.
How many properties can I identify?
Most exchangers use the three-property rule, which allows you to identify up to three properties regardless of value. Other rules exist, such as the 200% rule. Your qualified intermediary and CPA should confirm which applies to you.
Do you charge buyers a fee?
In most net lease acquisitions, the buyer’s broker is compensated through the transaction. Compensation on any property is disclosed before the investor commits.
Is a Dollar General a good 1031 property?
It can be. Dollar General is a large public company and its properties are among the most actively traded in net lease. Value still varies widely with remaining term, rent increases, lease structure, location, and price. Each property is underwritten individually.
Can the team assist an investor already inside the 45-day window?
Yes. Investors in an active identification period should contact the team directly. The team will move quickly on sourcing and underwriting and will be direct about what is realistic in the time remaining.
Planning a 1031 exchange?
Share the exchange dates, budget and criteria, and the team will review current opportunities and help structure a plan before the exchange period begins.