Sector Deep Dive – Institutional-Grade Credit NNN
What is Institutional-Grade Credit NNN?
Credit-tenant leases with a focus on manufacturing tenants that benefit from U.S. reshoring.
Sector Deep Dive
$1T+
in announced U.S. manufacturing investment is reshaping the industrial landscape1
$235B
in U.S. manufacturing construction spending in 2024, the highest annual total on record2
Institutional-grade tenants
Manufacturing reshoring is driven by institutional-grade companies locked into multi-decade leases.
Durable contractual income
20-year NNN leases with CPI-linked escalators that generate CPI-linked escalators that generate NOI growth that keeps pace with inflation through rate environments.
Structurally-embedded margin protection
NNN tenants pay taxes, insurance and maintenance, which reduces landlord exposure to operating cost inflation.
Inside the Deal
$13M
Investment in Jacksonville, FL
13%
Underwritten Property IRR3
3.2%
NOI Escalations4
Cold Storage NNN Deal
Mission critical asset: brand new cold storage facility located in Jacksonville, FL
Contractual income profile with potential for equity upside: 20-year NNN lease with fixed rent escalators paired with limited landlord obligations
Credit-quality tenant: tenant is a key, 35-year distribution partner to McDonald’s with exclusive territorial rights
Acquisition date March 16, 2026.
Logo represents the primary customer of the tenant and does not represent an endorsement of the Fund.
1 Source: J.P. Morgan Asset Management, The Industrial Power Play, April 2026.
2 Source: U.S. Census Bureau, Value of Construction Put in Place Survey, February 2025.
3 Represents underwritten property IRR at acquisition
4 Represents average contractual rent escalations.