Real Estate
Build to Suit Development · Net Lease · Opportunistic & Value Add
A Disciplined Approach to Commercial Real Estate
NorthStar Finance's real estate platform is focused on the acquisition and development of single-tenant commercial properties. Our team brings deep expertise in credit underwriting, tenant relationships, sale-leaseback structuring, and development management — capabilities that create a meaningful competitive advantage in sourcing and executing transactions that others cannot.
We are active as principals across three complementary strategies — net lease acquisitions, build-to-suit development, and value-add repositioning — investing our own capital alongside partners and allowing us to serve a broad range of tenant and investor needs across market cycles.
Three Complementary Real Estate Strategies
Build to Suit Development
NorthStar develops purpose-built, single-tenant properties for creditworthy tenants seeking custom facilities. As a principal developer, we manage the full project lifecycle — from site selection and entitlements through construction and delivery — structuring long-term net leases upon completion. Our development platform allows tenants to focus on their core business while we manage the complexity of bringing a new facility to life.
Net Lease Acquisitions
NorthStar acquires single-tenant net lease properties as a principal investor, targeting essential-use assets occupied by middle market and investment-grade tenants. We source transactions through our proprietary network of owner-operators, brokers, and capital partners — with a particular focus on sale-leaseback structures that create value for both the operator and the investor.
Value Add & Opportunistic
NorthStar targets value-add and opportunistic real estate opportunities where it can unlock embedded value. We focus on properties where active management and strategic capital allocation drive superior risk-adjusted returns.
Past Transactions
Industrial Manufacturing Facility Sale-Leaseback
NorthStar advised a Phoenix-based manufacturing company on the sale-leaseback of its 120,000 square foot industrial facility. A key outcome of the engagement was that the sale-leaseback valuation achieved for the property was substantially higher than the fee simple appraised value — demonstrating the premium that a long-term, occupied net lease asset commands in the investment market relative to a vacant or owner-occupied appraisal. The transaction unlocked significant embedded real estate equity for the operator while allowing the company to retain full occupancy and operational continuity under a long-term net lease.
- 120,000 SF industrial manufacturing facility
- Phoenix, Arizona
- Sale-leaseback value substantially exceeded the fee simple appraised value
- Significant liquidity unlocked for the operator
- Long-term net lease with full operational continuity
Nashville Build-to-Suit & Net Lease Structuring
NorthStar advised on a complex, multi-party transaction in downtown Nashville. NorthStar's primary role was to structure a build-to-suit arrangement between the tenant and the buyer, whereby the buyer agreed not only to acquire the land but also to finance the construction of the improvements on behalf of the tenant under a long-term net lease structure. The transaction required aligning the interests of both parties around a development program, construction financing commitment, and lease economics that worked for all sides.
- Structured build-to-suit arrangement between buyer and tenant
- Buyer agreed to finance construction of improvements under a net lease
- Long-term net lease structure upon completion
- Downtown Nashville entertainment corridor location
Quick Service Restaurant to Regulated Dispensary Conversion
NorthStar facilitated the adaptive reuse of a former Subway restaurant into a licensed cannabis dispensary in the Philadelphia MSA. The transaction was structured with a multistate operator (MSO) as the tenant, converting the vacated QSR shell into a compliant, purpose-built retail cannabis facility.
- Former Subway restaurant adaptively reused as licensed cannabis dispensary
- Multistate operator (MSO) as tenant
- Philadelphia MSA location
- Navigated complex cannabis licensing and municipal approval process
Cannabis Dispensary Sale-Leaseback
NorthStar structured and executed a sale-leaseback of an existing, operating cannabis dispensary in the Pittsburgh MSA. The transaction provided the operator with liquidity while retaining full operational control of the facility under a long-term net lease.
- Existing operating cannabis dispensary
- Sale-leaseback structure providing operator liquidity
- Pittsburgh MSA location
- Long-term net lease with operator retaining full occupancy
Vacant Restaurant Acquisition for New Concept
NorthStar acquired a vacant restaurant property in Suburban Chicago with the intent to repurpose the existing structure into a new restaurant concept. The transaction leveraged NorthStar's real estate and operator relationships to identify and execute an off-market acquisition of a well-located, vacant food-and-beverage asset.
- Vacant single-tenant restaurant property
- Suburban Chicago location
- Acquired for repurposing into a new restaurant concept
- Value-add repositioning through new operator and concept