Development Services
NNN Build-to-Suit Development
Ground-up construction of single-tenant, triple net leased commercial properties across Florida. From site selection through disposition — we control the entire development cycle.
The Opportunity
300K+
Net new Florida residents annually
20%
Projected YoY increase in 1031 exchange volume
6.0-7.0%
Current NNN cap rates (vs. 5.0% pre-2022)
Florida's explosive growth, rising 1031 exchange activity, and expanded cap rates create the ideal window for NNN build-to-suit development. By controlling the development process from land acquisition through tenant placement and construction, we capture the full development spread between all-in cost basis and market valuation at stabilized cap rates.
Six-Phase Development Cycle
Site Identification
Source land parcels in high-growth Florida corridors through broker relationships, off-market deals, and municipal planning data. Target sites with strong traffic counts, favorable zoning, and proximity to residential rooftops.
Tenant Procurement
Engage national and regional tenant representatives to match sites with active expansion programs. Secure a Letter of Intent (LOI) and negotiate lease terms before committing to land acquisition.
Due Diligence & Entitlements
Conduct environmental (Phase I), geotechnical, and survey work. Secure zoning approvals, site plan approval, and building permits. Land purchase agreements are contingent on entitlement milestones.
Construction
Engage qualified general contractors through competitive bidding. Manage timelines, budgets, and quality using guaranteed maximum price (GMP) contracts. Target 6- to 9-month build cycles.
Lease Commencement
Deliver the completed building to the tenant, trigger lease commencement, and confirm rent payment. Obtain certificate of occupancy and stabilize the asset for sale.
Disposition
Market the stabilized, income-producing asset to 1031 exchange buyers, private investors, and institutional capital. Price at market cap rates to achieve the target development spread.
Each project is held in a single-purpose LLC. No land closing without an executed lease. GMP contracts cap construction risk.
Representative Pro Forma
Development Cost
Returns
150-250 bps development spread | 20-35% profit margins | 12-18 month cycle
Diversified Tenant Mix
QSR / Fast Food
Chick-fil-A, McDonald's, Starbucks, Taco Bell, Popeyes
Dollar / Discount
Dollar General, Dollar Tree, Family Dollar
Auto Parts
AutoZone, O'Reilly, Advance Auto Parts
Convenience / Gas
7-Eleven, Wawa, RaceTrac
Medical / Healthcare
DaVita, Fresenius, Urgent Care, Dental
Pharmacy
Walgreens, CVS
Florida Target Markets
| Market | Growth | Cap Rate | Key Appeal |
|---|---|---|---|
| Orlando / Kissimmee | Strong (2%+) | 5.25% - 5.75% | I-4 corridor, population boom |
| Tampa / Lakeland | Strong (1.8%+) | 5.50% - 6.00% | Suburban expansion, I-4 east corridor |
| Jacksonville | Moderate-Strong | 5.75% - 6.25% | Affordable land, logistics hub |
| Cape Coral / Ft. Myers | Strong | 5.50% - 6.00% | SW Florida growth corridor |
| Ocala / The Villages | Very Strong | 6.00% - 6.50% | Retirement migration, retail underserved |
| Port St. Lucie | Strong | 5.75% - 6.25% | Affordable SE Florida alternative |
Strategy: Primary metros for tighter cap rates and liquidity. Secondary markets for higher yields and lower land basis.
Risk Mitigation
Multiple exit strategies: sell at stabilization, hold for income, portfolio sale, or refinance and distribute.
NNN Build-to-Suit Business Plan
Download our comprehensive business plan covering the full development model, pro forma economics, tenant requirements, target markets, financial projections, and risk mitigation strategy.
Download Business Plan (PDF)Interested in NNN Development?
Whether you're an investor, landowner, or tenant looking for a build-to-suit partner in Florida — let's talk.