CRE brokers
The Boulder Group
The Boulder Group is an investment real estate firm working exclusively in single-tenant net lease property. It advises net lease owners, 1031 exchange buyers, private investors, family offices, developers and institutional funds on dispositions, acquisitions, off-market transactions, valuations and sale-leasebacks, and provides brokerage, advisory and financing services nationwide.
The advisory list runs from core brokerage — seller and buyer representation, 1031 exchange replacement property, sale-leaseback structuring, portfolio valuation — into due diligence, investment strategy, market and demographic evaluation, joint venture equity sourcing for developers, and expert witness and litigation support. The firm says its relationships give it access to a pool of net lease assets that are not publicly marketed.
Founded in 1997, the firm has arranged more than $11 billion of single-tenant net lease transactions and was ranked in the top 10 companies nationally for single-tenant retail transactions from 2015 through 2025 by both CoStar and MSCI Real Capital Analytics. It publishes the quarterly National Net Lease Research Report, which is widely cited for cap rate data.
The firm is small and deliberately narrow: it runs from a Wilmette, Illinois headquarters with a second office in Denver, and does not work outside the net lease sector. Buyers of multifamily, land or operating businesses are not its market.
Best for
Private investors, 1031 exchange buyers, family offices, developers and institutions buying or selling single-tenant net lease property nationwide. The firm works in no other sector, so other asset types are not a fit.
What they do
- Net lease dispositions and acquisitions
- NNN seller representation
- NNN buyer representation
- 1031 exchange replacement property brokerage
- Commercial sale-leaseback advisory
- Net lease valuations and portfolio advisory
- Off-market net lease transactions
- Joint venture equity sourcing for developers
- Expert witness testimony and litigation support
- Real estate due diligence and market evaluation
Details
| Attribute | Value |
|---|---|
| Founded | 1997 |
| Other offices | Denver, CO |
What stands out
- Founded in 1997 and has arranged more than $11 billion of single-tenant net lease transactions.
- Ranked in the top 10 companies nationally for single-tenant retail transactions from 2015 to 2025 by CoStar and MSCI Real Capital Analytics.
- Publishes the quarterly National Net Lease Research Report.
- Runs from a Wilmette, Illinois headquarters with a second office in Denver.
Common questions
- What is a net lease property?
- A net lease is a commercial lease under which the tenant pays some or all property expenses — taxes, insurance, maintenance — on top of rent. In a triple net (NNN) lease the tenant covers all of them, which makes the property low-maintenance for the landlord.
- What are the different types of net lease?
- Single net: tenant pays rent and property taxes. Double net: rent, taxes and insurance. Triple net: rent, taxes, insurance and maintenance. Absolute NNN: all costs including structural repairs and the roof. A bondable lease is similar to NNN with no landlord responsibilities and often a longer term.
- What are the risks of investing in net lease property?
- Tenant credit risk, because income stops if the tenant defaults or goes bankrupt. Vacancy risk, because a single-tenant building can be hard to re-lease. Market risk if values fall or the tenant's business model weakens. And limited control, since the landlord has less say over maintenance and operations.
- What cap rate should I expect on a net lease investment?
- The cap rate is annual net operating income divided by purchase price — a $1M property with $70,000 of NOI is a 7% cap. Lower cap rates around 5-6% generally indicate stronger tenants and lower risk, while 8-10% suggests higher risk. It is the unleveraged return on the property.