The Boulder Group Releases Q3 2026 Net Lease Tenant Profiles Report

WILMETTE, IL (September 11, 2026) — The Boulder Group announced the release of its Q3 2026 Net Lease Tenant Profiles Report today. The report provides current cap rate ranges and lease structure data for 88 single tenant net lease operators across the retail, restaurant, convenience, automotive, banking, grocery, and healthcare sectors, with all cap rate data reflecting publicly available asking cap rates as of September 2026. According to The Boulder Group’s Q3 2026 Net Lease Tenant Profiles Report, investment-grade ground lease tenants continue to command the tightest pricing in the single tenant net lease market, with Chick-fil-A 15-year ground leases now quoted at 4.15% to 4.45%, McDonald’s 15-year ground leases at 4.35% to 4.65%, and Wawa 15-year properties at 4.90% to 5.20%. The report also debuts a profile of Whataburger, a privately held regional quick-service restaurant operator with more than 1,100 locations, whose 15-year net lease properties are currently priced at cap rates of 4.85% to 5.25%, consistent with the market’s strong appetite for long-term QSR credits.

“The Q3 2026 data reflects a net lease market that continues to bifurcate along credit and lease-structure lines. Investment-grade ground lease credits with 15-year terms are pricing at or near historic tights, while shorter-term assets and below-investment-grade operators are priced meaningfully wider. The addition of Whataburger to this edition reflects the growing investor demand for established regional QSR brands with long-term net lease structures and consistent rent escalations,” says Randy Blankstein, President, The Boulder Group.

The Boulder Group’s Q3 2026 Net Lease Tenant Profiles Report documents notable cap rate compression in the convenience store sector since the prior edition. 7-Eleven cap rates compressed across all lease terms, with 5-year properties now quoted at 5.90% to 6.20% and 15-year properties at 4.80% to 5.15%, reflecting continued investor confidence in essential-use convenience assets backed by investment-grade credit. The report notes that S&P upgraded 7-Eleven’s credit rating to A- during this period, which The Boulder Group identifies as a contributing factor in the tightening.

“Buyers are drawing clear distinctions between operating-essential tenants with strong credit profiles and those facing structural headwinds. Convenience assets with long lease terms have absorbed investor capital very effectively, while casual dining and dollar store concepts continue to price at a material discount to QSR and essential retail. Family Dollar is a clear example: the sale of that chain by Dollar Tree to a private operator has moved it from an investment-grade credit to an unrated one, and that is reflected immediately in cap rates,” adds Jimmy Goodman, Partner, The Boulder Group.

The Boulder Group’s Q3 2026 Net Lease Tenant Profiles Report documents diverging pricing trends across the restaurant sector. In the casual dining segment, The Boulder Group reported that Applebee’s 15-year cap rates expanded approximately 15 basis points to 7.15% to 7.45%, and Burger King 10-year properties widened 25 basis points to 6.30% to 6.60%, reflecting continued investor caution around full-service and value-oriented dining concepts. By contrast, premium quick-service brands priced tighter: Raising Cane’s, now trades at 15-year cap rates of 4.90% to 5.20%, and the newly added Whataburger profile reflects 15-year pricing of 4.85% to 5.25%, according to The Boulder Group. The Boulder Group’s report also documents significant footprint expansion among several tenants: Dollar General reached 20,893 locations, Tractor Supply Co. grew to 2,463 locations, and Mavis Discount Tire expanded sharply to 4,400 locations, reflecting acquisition-driven growth in the automotive service space.

“In active transactions, the bid-ask spread is narrowest for long-term, investment-grade net lease assets and widest for below-investment-grade or non-rated tenants with five years or fewer remaining on the primary term. The Family Dollar credit transition is a tangible example of how quickly pricing adjusts to a change in ownership structure: the market repriced those assets as soon as the Dollar Tree sale was announced, and the cap rate movement of 10 basis points to 8.50% to 8.90% for 5-year properties understates how selective buyers have become on that credit,” John Feeney, Senior Vice President, The Boulder Group adds.

The Boulder Group anticipates that single tenant net lease transaction volume will remain active through the remainder of 2026, supported by continued 1031 exchange demand and ongoing capital allocation toward essential-use retail and QSR net lease properties. Data from The Boulder Group’s Q3 2026 Net Lease Tenant Profiles Report indicates that cap rate stability is most pronounced for investment-grade tenants with 15-year lease terms, while the greatest pricing uncertainty persists in assets with shorter lease terms, unrated operators, and sectors experiencing structural change. As has been consistent throughout the current rate cycle, The Boulder Group notes that net lease cap rates do not move in lockstep with interest rate changes, and tenant credit quality, lease term, and property location remain the primary determinants of net lease property pricing. Investors seeking income stability and pricing certainty are expected to continue concentrating capital in long-term NNN and ground lease assets from established, credit-tenanted operators, while the higher-yielding segment of the market continues to attract experienced buyers with higher risk tolerance and greater underwriting flexibility.

To view the full report: https://bouldergroup.com/media/pdf/NetLeaseProfile26Q3.pdf

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About The Boulder Group

The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $11 billion of single tenant net lease real estate transactions. From 2015 to 2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.

www.bouldergroup.com

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Contact Person: Randy Blankstein
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Phone: 8478816388
Address:3520 Lake Avenue Suite 203
City: Wilmette
State: Illinois
Country: United States
Website: https://www.bouldergroup.com/NNN-Properties-For-Sale.html

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