Net lease deals keep shining

The market for net-lease commercial real estate deals involving Gulf Coast properties appears to be healthy as ever, based on a series of transactions executed recently by a new Texas-based investment fund.

SCF Realty Capital, an affiliate of Plano, Texas-based Stonebriar Commercial Finance, earlier this month acquired five net lease properties in Sarasota, Lee and Charlotte counties, property records show.

An SCF Realty entity known as SCFRC-HW-G LLC spent a total of $8.24 for five restaurants — four Applebee's Neighborhood Bar & Grill properties and a Perkins Restaurant and Bakery.

All five properties were acquired from GE Capital Franchise Finance Corp., according to records. General Electric has been working for the past three years to divest itself of its commercial real estate holdings and mortgage obligations to focus on its core manufacturing operations.

Both Applebee's and Perkins often operate under net-lease arrangements, in which tenants typically pay a portion of expenses such as utilities, taxes or insurance.

SCF Realty intends to specialize in single-tenant net-lease deals, according to its website.

“SCF Realty Capital provides long-term financing solutions to single-tenant real estate properties operating across a wide variety of industries within the service, retail and industrial sectors,” the company's website says.

Stonebriar, created in April 2015, has committed to finance more than $850 million in deals, according to its website. The company founded SCF Realty in April and hired net-lease veteran Pete Mavoides, formerly of Spirit Realty Capital, to be its president. Mavoides did not return a series of telephone calls for comment on his company's acquisitions regionally.