Investment Grade
NNN Tenant Profiles
Investment grade analysis and cap rate data for all major NNN net lease tenants. InvestmentGrade.com covers 200+ tenants across QSR, pharmacy, dollar stores, banking, industrial, and all commercial real estate sectors.
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Fusion Energy and the Next Era of Data Center Real Estate
20th April 2026 | by the Investment Grade Team
Fusion PPAs from Microsoft, Google, and Meta are reshaping hyperscaler data center real estate. A pillar analysis of credit tenancy, site selection, lease structure, and 1031 and DST opportunities for CRE investors from 2026 through 2030.
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Medical NNN Bonus Depreciation: Dialysis, Dental, and Urgent Care Properties
20th April 2026 | by the Investment Grade Team
Medical NNN properties deliver 30% to 50% cost segregation reclassification through dialysis systems, dental equipment, and specialized medical infrastructure. Recession-resistant income plus meaningful bonus depreciation for long-term portfolio construction.
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QSR and Auto Service NNN Bonus Depreciation: Tier 2 Equipment-Heavy Properties
20th April 2026 | by the Investment Grade Team
QSR drive-throughs, lube centers, and collision repair NNN properties deliver 35% to 60% cost segregation reclassification. Equipment breakdown, worked examples, and the Tier 2 inventory advantage over car washes and gas stations.
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Gas Station and C-Store NNN Bonus Depreciation: The 15-Year Building Classification
20th April 2026 | by the Investment Grade Team
Qualifying gas station and convenience store NNN properties can classify the entire building as 15-year property under IRS rules, making it 100% eligible for bonus depreciation in Year 1. The three IRS qualifying tests, investment-grade C-store tenants, and worked examples.
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Car Wash NNN Bonus Depreciation: The #1 Tax Play in Net Lease
20th April 2026 | by the Investment Grade Team
Car wash NNN properties achieve 65% to 100% cost segregation reclassification, the highest of any commercial real estate type. Express tunnels, self-service bays, and the equipment breakdown that makes car washes the #1 depreciation play in NNN.
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Sally Beauty Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
⚠️ Caution — Stagnant Comparable Sales, Ongoing Store ClosuresSally Beauty Holdings (NYSE: SBH) is not in financial distress, but the company faces persistent operational challenges: declining comparable store sales, ongoing net store closures (footprint down 117+ stores from 2021), stagnant revenue growth, and sustained pressure from online competition. The company has maintained credit ratings in…
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Rent-A-Center Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Entity / Legal Name Rent-A-Center, Inc. Ticker NASDAQ: RCII S&P / Moody‑s Rating BB- / Ba2 Rating Outlook Stable Investment Grade Status Non‑Investment Grade — Speculative Sector Specialty Retail / Rent-to-Own US Location Count ~1,800+ stores (Rent-A-Center + Acima) Cap Rate Range 7.00% – 8.50% Typical Store Size 3,000 – 6,000 SF Typical…
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24 Hour Fitness Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
Metric Details Parent / Legal Entity 24 Hour Fitness Worldwide, Inc. (All Day AcquisitionCo, LLC) S&P / Moody‑s Rating CCC- / Caa3 Investment Grade Status Substantially Below Investment Grade — Distressed Sector Fitness / Health Club Ownership Private equity (since 2020 bankruptcy emergence) US Location Count ~300+ gyms (down from 440+ pre-pandemic) Geographic Concentration California,…
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Guitar Center Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
⚠️ Caution Alert — Post-Bankruptcy Private Operator, Recent Debt ExtensionGuitar Center filed for Chapter 11 bankruptcy in November 2020 and emerged in December 2020 after shedding more than $800 million in debt. The company is now privately owned by Ares Management and Longwood Group (who acquired it in a $1.1 billion all-cash transaction in June…
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GameStop Credit Rating & NNN Cap Rate Analysis
20th April 2026 | by the Investment Grade Team
⚠️ Caution Alert — Active Secular DeclineGameStop is not in bankruptcy, but the company is executing an aggressive multi-year store-closure program that has shuttered more than 1,000 U.S. locations since 2024. The company closed 590 U.S. stores in fiscal year 2024 and disclosed plans in a December 2025 SEC filing to close a “significant number”…
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