Have a Triple-Net Listing? Give Your Seller More Than One Exit.
Sell to STW RWA Fund 1, or launch the property as its own tokenized real-world asset project.
Most triple-net (NNN) properties are marketed to a single pool of 1031 buyers and priced to whatever that pool will pay this quarter. STW RWA gives you two more doors: a direct acquisition by Fund 1 · Real Estate, or a dedicated tokenized offering where the property is funded by many investors buying compliant fractional interests. Brokers stay in the deal, and owners can take a full exit, a partial exit, or a recapitalization.
Sell to Fund 1
Direct acquisition, partnership, or structured purchase of qualified NNN assets.Its own RWA project
A tokenized offering built around your single property or portfolio.First, the definition: what is a triple-net (NNN) property?
A triple-net (NNN) lease is a commercial lease in which the tenant pays base rent plus the three “nets” — property taxes, building insurance, and maintenance — instead of the landlord absorbing them inside the rent. The result is a largely passive, bond-like income stream where the owner’s net operating income is much closer to gross rent than in a gross-lease building.
A triple-net property is real estate leased on those terms: most often a freestanding, single-tenant building — a quick-service restaurant, pharmacy, dollar store, convenience and fuel center, auto-service shop, urgent-care or dental clinic, bank branch, industrial or flex facility — though multi-tenant retail and industrial parks are frequently leased on a NNN or NNN-equivalent basis as well. Value is driven less by the bricks and more by the lease: tenant credit, guarantor strength, remaining term, rent escalations, renewal options, and the actual expense allocation written into the document.
- Net 1 · Taxes
- Tenant pays real property taxes and assessments on the leased premises.
- Net 2 · Insurance
- Tenant carries and pays for the required property and liability coverage.
- Net 3 · Maintenance
- Tenant handles agreed repairs and upkeep; roof, structure, and parking treatment varies by lease.
Terminology varies in practice. “NN,” “NNN,” and “absolute net” are used loosely across markets, and the executed lease — not the label — controls which costs the owner retains. We underwrite from the lease and the estoppel, not the marketing flyer.
Full exit, partial exit, or recapitalization.
Some owners want to be completely out. Some want cash today but would keep a slice of an asset they know well. Some do not want to sell at all — they want capital to pay off a maturing loan, fund a build-out, or expand. A tokenized real-world asset structure can be shaped for any of the three, and Fund 1 can also simply buy the property outright.
Sell 100% and walk
Fund 1 acquires the property directly, or the interest is placed in full through a tokenized offering. The owner exits the asset, the management, and the lease administration.
- ✓Clean, negotiated purchase and sale
- ✓No ongoing landlord obligations
- ✓Broker remains in the transaction
Take liquidity, keep a piece
The owner sells a defined portion of the equity and retains the balance. Capital comes out now, while the owner stays exposed to future upside on the interest they keep.
- ✓Sell a percentage rather than the whole
- ✓Retained interest defined in the documents
- ✓Useful for estate and partnership splits
Raise capital, stay in control
Investor capital funds a loan payoff, tenant improvements, an expansion, or another business purpose while the owner remains the sponsor and operator of the asset.
- ✓Address a maturing or high-rate loan
- ✓Fund improvements or a second location
- ✓Owner keeps day-to-day control
No funding amount, timeline, valuation, liquidity, tax result, or level of investor demand is guaranteed in any structure. Which path is available depends on the asset, the lease, title, the tenant, and applicable securities requirements.
Fund 1 is actively seeking qualified NNN acquisitions.
Fund 1 · Real Estate can evaluate direct purchases, partnerships, and structured transactions on qualified triple-net assets. When a straight purchase is not the best answer, the same team can structure the property as its own tokenized RWA project instead of sending you back to the market. One submission, two real paths.
1A second buyer pool, not just 1031 money
Traditional NNN pricing is set by whoever is exchanging this quarter. A tokenized offering can reach many accredited investors buying compliant fractional interests, which broadens the demand pool beyond the single-buyer, single-closing model.
2Deal certainty from a decision-maker
You are talking to the sponsor, not a broker chain. Fund 1 can evaluate a direct purchase, a partnership, or a structured transaction, and can tell you quickly which one fits the asset.
3Hard-to-place assets get a real read
Shorter remaining term, non-rated or franchisee guarantor, secondary market, vacancy risk, or an odd expense allocation — the situations that stall a conventional listing are exactly the ones a structured or tokenized approach is built to work through.
4Portfolios and one-offs both welcome
A single pad site, a small portfolio, or a mixed group of single-tenant and multi-tenant assets can all be submitted. Portfolios can be evaluated whole, in part, or asset by asset.
5The owner keeps optionality
Full exit, partial exit, or recapitalization — the owner is not forced into an all-or-nothing decision before knowing what each option would actually look like.
6Tax-aware, not tax-promising
We coordinate with the owner’s own CPA and counsel on timing and structure. We do not promise a tax outcome, and we do not claim tokenization erases capital-gains tax. See the tax section below.
Qualified single-tenant and multi-tenant commercial NNN assets.
We keep the box intentionally broad. Rather than a narrow tenant list, we look at the lease, the guarantor, the location, and the numbers. Retail, medical, industrial, flex, office, and service properties are all worth submitting.
Retail & pad sites
Freestanding single-tenant retail and multi-tenant strip centers leased on NNN or NNN-equivalent terms.
Medical & service
Clinics, urgent care, dental, outpatient, veterinary, and other net-leased service facilities.
Industrial, flex & office
Warehouse, logistics, light manufacturing, flex, and net-leased corporate or branch office.
What we look at when we underwrite
- ✓Tenant and guarantor credit — corporate, franchisee, or personal
- ✓Remaining primary term, renewal options, and escalations
- ✓Actual expense allocation in the executed lease
- ✓Rent-to-sales or rent-to-EBITDAR coverage where available
- ✓Location, traffic, visibility, and alternate-use potential
- ✓Age, condition, roof and structure responsibility, deferred capital
- ✓Title, survey, environmental, and existing debt or defeasance
- ✓Owner’s timing, motivation, and preferred exit shape
We respect existing broker relationships.
Bring us the listing and stay in the transaction. You keep the client relationship, you stay in the communication chain, and you are not cut out because the deal took a structured or tokenized path instead of a conventional sale.
- ✓You stay in the deal. Your relationship with the owner is respected throughout, whether the outcome is a Fund 1 purchase or a tokenized project.
- ✓Broker compensation is funded by the transaction. On a tokenized project, broker compensation is paid from token sale proceeds, or from the interim loan placed at closing — which is then repaid as tokens are sold.
- ✓Everything in writing. Compensation is subject to a written agreement, applicable licensing and real estate rules, and the final transaction structure.
- ✓Fast, honest read. Send the lease, rent roll, and asking price and we will tell you candidly whether it fits, and which of the three paths we would pursue.
No commission, referral fee, or co-brokerage amount is offered or implied on this page. Any compensation is subject to a separate written agreement and to the licensing and real estate rules of the applicable jurisdiction.
From submission to closing or offering.
The first two steps cost the owner nothing and require no listing change. We only move forward if the structure genuinely serves the seller.
Submit the asset
Send address, tenant, lease abstract or full lease, rent roll, NOI, asking price, and the owner’s timing.
Initial read
We confirm whether the asset is a Fund 1 candidate, an RWA project candidate, both, or neither.
Term sheet
Price or valuation range, structure, retained interest if any, timing, and conditions are put in writing.
Diligence & documents
Title, survey, environmental, estoppel, lease review, and preparation of purchase or offering documents.
Close or launch
Either a negotiated closing with Fund 1, or the launch of the tokenized offering to verified accredited investors.
Tax-aware structuring, not a tax promise.
A sale, recapitalization, or tokenized project may have tax consequences. Depending on the facts, an owner’s independent CPA and counsel may evaluate approaches such as installment-sale reporting or a qualifying Section 1031 exchange. Tokenization itself does not automatically eliminate, defer, or reduce capital-gains tax.
The IRS describes an installment sale as a sale of property where the seller receives at least one payment after the tax year of the sale, with gain generally reported as payments are received under the installment method, subject to the rules and exclusions that apply (IRS Topic no. 705, Installment Sales — irs.gov/taxtopics/tc705; IRS Publication 537 — irs.gov/publications/p537).
Separately, the IRS explains that a like-kind exchange under Internal Revenue Code Section 1031 may allow deferral of gain on an exchange of qualifying real property held for productive use in a trade or business or for investment, when the exchange satisfies the statute’s identification, timing, and qualifying-property requirements (IRS Like-kind exchanges — real estate tax tips; IRS: Like-Kind Exchanges Under IRC Section 1031).
Whether either approach is available in a specific transaction depends entirely on that transaction’s facts and structure. STW RWA and First Capital Co. do not provide tax, legal, or accounting advice, do not promise any tax treatment, and will coordinate with the owner’s own advisers. Every owner should obtain independent tax and legal advice before signing anything.
Questions brokers and owners ask first.
Do you have to buy it, or can the owner still list it conventionally?
The owner keeps every option. Submitting an asset creates no exclusivity and no obligation. Many owners run a conventional marketing process in parallel and use our read as a second opinion on value and structure.
What size assets do you look at?
We keep the box broad — qualified single-tenant and multi-tenant commercial NNN assets, individually or as portfolios. Rather than screen on price alone, we look at the lease, the guarantor, the location, and the numbers. Send it and we will tell you.
What does “its own RWA project” actually mean?
Instead of one buyer purchasing the property, a compliant offering is structured around that specific asset and interests are sold to verified accredited investors in fractional, tokenized form. The property is the collateral and the source of income; the tokens represent the securities interests in the structure. Tokenized interests are securities and remain subject to securities laws.
How is the broker paid on a tokenized project?
Broker compensation on a tokenized project is funded either from token sale proceeds or from the interim loan placed at closing, which is then repaid as tokens are sold. Terms are set out in a written agreement and are subject to applicable licensing and real estate rules.
What if the tenant has a short remaining term or is a franchisee?
Still submit it. Short term, franchisee or non-rated guarantors, secondary markets, and alternate-use scenarios are exactly the cases where a structured or tokenized approach can produce a better answer than a conventional cap-rate listing.
Can the owner defer capital-gains tax by tokenizing?
Not automatically, and no one should tell you otherwise. Tokenization does not by itself eliminate, defer, or reduce capital-gains tax. Depending on the facts, the owner’s own CPA and counsel may evaluate installment-sale reporting or a qualifying Section 1031 exchange. We coordinate; we do not advise or promise an outcome.
How fast can you respond?
With a lease abstract, rent roll, NOI, and asking price in hand, we aim to give a candid initial read quickly and tell you which of the three paths, if any, we would pursue.
Send us the lease and the number.
Submissions are reviewed confidentially. Include the property address, tenant and guarantor, property type, asking price, annual NOI, remaining lease term, escalations, and the owner’s desired timing. Brokers, include your name, company, and license state.
David Stewart
Acquisitions & Tokenization- david@FirstCapitalCo.net
- 805-216-1160 · call, text, or WhatsApp
Dr. Robert Parry
Structure & Capital Markets- rparry@FirstCapitalCo.net
- Second point of contact for broker submissions
Submit an NNN property
One email opens both paths — a Fund 1 purchase or a dedicated tokenized RWA project.
