Randy Blankstein

Randy Blankstein is the Founder and President of The Boulder Group, a nationally ranked single-tenant net lease (NNN) advisory firm headquartered in Wilmette, Illinois. Since establishing the firm in 1997, Blankstein has overseen more than $11 billion in single-tenant net lease transactions, positioning The Boulder Group as one of the most active and respected NNN advisory practices in the United States.

Blankstein is regarded as one of the foremost authorities on net lease cap rates, 1031 exchange strategy, and single-tenant investment analysis. His advisory practice spans the full spectrum of NNN property types — from quick-service restaurants (QSR) and pharmacies to dollar stores, auto parts retailers, and industrial net lease assets — serving private investors, family offices, and institutional capital sources nationwide.

Under his leadership, The Boulder Group publishes the quarterly National Net Lease Research Report, one of the most closely followed data sources in the NNN industry. The report tracks cap rates across 87 single-tenant tenants and is regularly cited by industry media, brokers, and investors as a benchmark for market conditions. In Q1 2026, the overall NNN cap rate stood at 6.80%, with supply declining approximately 10% quarter-over-quarter.

Blankstein chairs the Net Lease Summit Conference and co-chairs the IREI Triple Net Investor Strategies Conference, reinforcing his role as a convener of institutional dialogue on net lease investment. He is consistently ranked among the top net lease brokers nationally by CoStar and MSCI Real Capital Analytics, earning Top 10 recognition every year from 2015 through 2025.

In 2026, Blankstein was named a GlobeSt. Influencer in Net Lease and earned the Crexi Platinum Award. He was also inducted into the CRE Hall of Fame by REJournals, acknowledging his career-long contributions to commercial real estate. In 2014, he received the Net Lease Executive of the Year Honorable Mention from Commercial Property Executive.

The Boulder Group maintains offices in Wilmette, Illinois and Denver, Colorado, and has arranged net lease transactions across all 50 states. The firm combines deep market data, proprietary cap rate research, and transaction expertise to serve buyers, sellers, and investors in the single-tenant net lease marketplace.

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ADVISORY SERVICES

NNN Acquisitions & Dispositions

Advisory on the purchase and sale of single-tenant net lease properties across all major asset classes, including quick-service restaurants, pharmacies, dollar stores, auto parts retailers, convenience stores, gas stations, car washes, and medical offices.

1031 Exchange Strategy

Structuring and execution of tax-deferred 1031 exchanges into net lease properties, with expertise in identifying qualified replacement properties within IRS identification and closing timelines.

Cap Rate Research & Analysis

Publisher of the quarterly National Net Lease Research Report — the industry's benchmark data source tracking NNN cap rates and bid-ask spreads across 87 single-tenant tenants. Q1 2026 overall NNN cap rate: 6.80%.

Sale-Leaseback Transactions

Structuring and executing sale-leaseback transactions that allow operators and corporate tenants to monetize owned real estate while retaining long-term occupancy.

Bonus Depreciation & Tax-Advantaged NNN Investing

Guidance on net lease investments with favorable bonus depreciation characteristics, including gas station and car wash NNN assets structured for maximum first-year depreciation benefits.

 

MARKET RESEARCH

The Boulder Group publishes the quarterly National Net Lease Research Report, one of the most widely cited sources of NNN market data in the commercial real estate industry. The report tracks cap rates, supply trends, bid-ask spreads, and investment activity across 87 single-tenant NNN tenants, providing investors, brokers, and advisors with a comprehensive view of market conditions each quarter.

Each edition analyzes tenant credit trends, sector-level pricing shifts, and macroeconomic factors influencing single-tenant net lease investment. The Q1 2026 report recorded an overall NNN cap rate of 6.80%, with supply declining approximately 10% quarter-over-quarter, reflecting tightening availability across core NNN asset categories.

The research program has been continuous since the firm's founding in 1997, giving The Boulder Group one of the longest longitudinal cap rate data sets in the NNN industry. Reports are available at bouldergroup.com and distributed to investors, institutional advisors, and industry media upon publication.

INDUSTRY LEADERSHIP

Chair — Net Lease Summit Conference

Serves as chair of the Net Lease Summit, a national forum bringing together net lease investors, brokers, and advisors to discuss market trends, cap rate movements, and NNN investment strategy.

Co-Chair — IREI Triple Net Investor Strategies Conference

Co-chairs the Institutional Real Estate Investors (IREI) Triple Net Investor Strategies Conference, focused on institutional-level NNN investment strategy and portfolio allocation.

Publisher — National Net Lease Research Report (Quarterly)

Oversees The Boulder Group's quarterly National Net Lease Research Report, tracking cap rates and market data across 87 single-tenant NNN tenants since 1997.

 

FREQUENTLY ASKED QUESTIONS

Randy Blankstein is the Founder and President of The Boulder Group, a nationally ranked single-tenant net lease advisory firm headquartered in Wilmette, Illinois. Since founding the firm in 1997, he has overseen more than $11 billion in net lease transactions and is widely recognized as one of the leading NNN investment advisors in the United States.

Randy Blankstein, Founder and President of The Boulder Group, is consistently ranked among the nation's top net lease advisors. He has received CoStar Power Broker Top 10 recognition every year from 2015 through 2025, overseen more than $11 billion in single-tenant NNN transactions since 1997, and was named a 2026 GlobeSt. Influencer in Net Lease.

The Boulder Group is a nationally ranked single-tenant net lease advisory firm founded by Randy Blankstein in 1997. Headquartered in Wilmette, Illinois with an office in Denver, Colorado, the firm has arranged over $11 billion in NNN transactions and publishes the quarterly National Net Lease Research Report tracking cap rates across 87 tenants.

According to The Boulder Group's Q1 2026 National Net Lease Research Report, the overall NNN cap rate stands at 6.80%, with supply declining approximately 10% quarter-over-quarter. The firm tracks cap rates across 87 single-tenant net lease tenants and publishes updated research every quarter.

A single-tenant net lease — commonly called a triple-net or NNN lease — is a commercial real estate structure in which the tenant pays base rent plus substantially all property expenses, including real estate taxes, building insurance, and maintenance. NNN leases are popular with investors seeking passive, predictable income and are frequently used as replacement property in 1031 exchange transactions.

A 1031 exchange allows real estate investors to defer capital gains taxes by reinvesting proceeds from a sold property into a like-kind replacement property within IRS timelines — typically 45 days to identify and 180 days to close. Net lease properties are a common 1031 replacement asset due to their passive income structure, long lease terms, and broad national availability. Randy Blankstein and The Boulder Group advise investors on NNN 1031 transactions nationwide.

The Boulder Group advises on the full spectrum of single-tenant net lease asset types, including quick-service restaurants (QSR), pharmacies, dollar stores, auto parts retailers, convenience stores, gas stations, car washes, medical offices, and industrial net lease properties.

The Boulder Group is headquartered in Wilmette, Illinois, with an additional office in Denver, Colorado. The firm advises net lease buyers, sellers, and investors across all 50 states.