Staples Credit Rating & NNN Cap Rate

Metric	Details
Entity / Legal Name	Staples, Inc.
Ownership	Sycamore Partners (took private 2017)
S&P / Moody’s Rating	Not Rated / B2 (leveraged debt level)
Investment Grade Status	Non-Investment Grade (leveraged PE structure)
Sector	Office Products & Business Services Retail
US Store Count	~1,000 (declining)
Cap Rate Range	7.5–9.5%
Typical Lease Term	5–10 years (NNN or Gross)
Guarantee Type	Corporate (Staples, Inc.)
Typical Building Size	15,000–25,000 SF
Typical Price Range	$2,000,000–$5,000,000

Staples Business Overview & NNN Investment Profile

Staples is the largest US office supply retailer, operating approximately 1,000 US stores following years of aggressive rationalization. Sycamore Partners took Staples private in 2017 for approximately $6.9 billion in a leveraged buyout, delisting the company from the NASDAQ. The company continues to carry public debt obligations, making credit ratings available to NNN investors despite the private ownership structure. Staples and ODP Corporation (Office Depot / OfficeMax) are direct competitors in a category that has been structurally disrupted by Amazon and digital workflows that have reduced physical office supply purchasing.

Non-Investment Grade / Declining Format: Staples carries B2 at the leveraged debt level — non-investment grade, reflecting the LBO capital structure and the ongoing structural decline of physical office supply retail. Like Office Depot, Staples has been pivoting toward B2B distribution and away from physical retail. NNN investors must evaluate individual store closure risk carefully. Staples and Office Depot have been aggressively closing overlapping locations, and a property that exists today may be slated for near-term rationalization.

Staples vs. Office Depot / OfficeMax: NNN Comparison

Staples and ODP Corporation (Office Depot / OfficeMax) compete in the same declining physical office supply category. Both carry non-investment grade leveraged credit profiles, both are executing aggressive store closure programs, and both are pivoting to B2B distribution as a survival strategy. The key NNN underwriting distinction is that Staples is fully private (Sycamore Partners) while ODP is publicly traded, providing slightly more financial transparency for ODP. Both face the same secular headwinds from Amazon’s office supply dominance and the shift to digital document workflows.

Staples NNN Lease Structure

Staples leases are typically 5 to 10 year terms — shorter than most NNN categories — reflecting the company’s uncertainty about its long-term physical footprint. The 15,000 to 25,000 SF format in strip and power centers is highly re-tenantable. Lease structures vary between NNN and gross depending on the center type and vintage of the lease. The accessible price point of $2,000,000 to $5,000,000 makes Staples properties viable for individual investors, though the structural risk profile requires commensurate yield expectations.

Staples NNN Cap Rate & Pricing Trends

Staples NNN properties trade at cap rates between 7.5% and 9.5% as of Q1 2026 — consistent with the non-IG leveraged PE credit profile and the declining format. Locations with longer remaining lease terms and demonstrated sales productivity in strong suburban markets price at the tighter end. Properties in competitive markets with nearby Office Depot presence, shorter remaining terms, or weaker demographics price at the wider end. The re-tenanting optionality of the 15,000 to 25,000 SF format is a meaningful mitigant at the right pricing.

Staples NNN Investment: Pros & Cons

Pros	Cons
15–25K SF highly re-tenantable format	B2 leveraged PE credit — non-investment grade
Accessible price point ($2M–$5M)	Physical office supply category in structural decline
B2B pivot provides some operational stability	Aggressive store closure program — location-specific risk high
7.5–9.5% yields compensate for the risk	Shorter lease terms (5–10 years) increase rollover exposure

Comparable NNN Tenants

Comparable Tenant	Rating	Cap Rate Range
Office Depot / OfficeMax	NR / B2	7.5–9.5%
Michaels	B / B1	7.5–9.0%
Harbor Freight	Private / B2	7.0–8.5%

Is Staples investment grade?

No. Staples carries B2 at the leveraged debt level — non-investment grade, reflecting the Sycamore Partners LBO capital structure and the structural challenges of physical office supply retail. Staples is not publicly rated by S&P at the corporate level.

Who owns Staples?

Sycamore Partners, a private equity firm specializing in retail and consumer investments, acquired Staples in 2017 for approximately $6.9 billion. The company remains private with no publicly announced IPO plans.

What cap rates are Staples NNN properties trading at?

Staples NNN properties trade at 7.5% to 9.5% as of Q1 2026. The accessible 15,000 to 25,000 SF format and $2M to $5M price range make these available to individual investors with higher risk tolerance.

The Only Staples NNN Advisor Whose Fee Comes From the Deal, Not From You

In NNN buyer representation, the listing broker typically pays a cooperating commission to the buyer’s broker. On the majority of transactions, this means there is no separate fee to you as the buyer. Where a cooperating commission is not available, our compensation is agreed upon with you in advance so there are never surprises.

Find It — We assess each Staples location for closure risk and lease structure before you commit due diligence costs.

Fund It — Non-IG PE-backed retail requires the right lender match. We have 150+ relationships to find competitive terms.

Exit It / 1031 — Selling a Staples asset and looking to exchange into investment-grade NNN? We source replacement assets and manage the full timeline.

Talk to a Retail NNN Specialist →

In a 1031 exchange? Tell us your timeline — we move faster.

Related NNN Tenants

Own a Staples Property? Capital Markets Strategies Beyond Selling

Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting NNN properties across investment-grade and non-investment-grade credit tiers. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts.

Evaluating a 1031 exchange or disposition? We represent both sides of Staples NNN transactions — whether you are looking to exit at peak value, exchange into a higher-quality credit tenant, or reposition within the same sector.

Need a current valuation? We maintain live comps on Staples NNN transactions and can produce a Broker Opinion of Value within 48 hours reflecting today’s cap rate market.

Schedule a 15-minute capital markets consultation →

Own multiple Staples properties? Considering an off-market sale?

Investment Grade represents owners on confidential disposition of Staples portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Staples buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.

For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.

The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.