New York apartment seller trades multifamily for a diversified portfolio of 7-Eleven, Chipotle, Wawa, Starbucks and multi-tenant retail assets - the latest sign of capital migrating from high-tax states into passive triple net lease property.
FORT LAUDERDALE, FL / ACCESS Newswire / July 7, 2026 / NX3 Commercial Group, a national net lease investment sales brokerage, announced the closing of a $27.5 million 1031 exchange comprising five single-tenant and multi-tenant NNN properties across Florida. The transaction was led by NX3 Commercial Group principals Luke Thomson and Robert Zahralban, who represented a New York-based buyer exchanging out of an apartment building and into a diversified portfolio of triple net lease investments.
The closing highlights a trend NX3 Commercial Group is seeing accelerate nationwide: apartment owners trading management-intensive multifamily assets for the passive, predictable income of NNN property.
The $27.5 Million NNN Portfolio
After selling a New York apartment building, the buyer used a 1031 exchange to defer capital gains taxes and reposition into five Florida NNN investment properties assembled and closed by NX3 Commercial Group. The portfolio includes:
A 7-Eleven in Tierra Verde, FL
A Chipotle in Middleburg, FL
A Wawa in Tampa, FL
A Starbucks in Orlando, FL
A multi-tenant retail center in Deltona, FL anchored by Verizon, Chipotle and Jersey Mike's
Together, the assets blend best-in-class net lease tenants across the convenience, quick-service restaurant and retail service categories - the durable, credit-backed cash flow that defines a well-built NNN portfolio.
Why Apartment Sellers Are Moving Into NNN
For the seller, the appeal was simple: predictable income without the day-to-day burden of managing tenants, turnover and repairs.
"This is a tale as old as time. Sellers of apartment buildings who are tired of the management are moving their money into NNN," said Luke Thomson, President of NX3 Commercial Group. "It also ties into a much larger concept we're seeing across the market, which is that tremendous volumes of money are moving from New York, New Jersey, California and similar states into Florida, Texas, Tennessee and other income-tax-free states."
That shift is a key reason the 1031 exchange remains one of the most powerful tools in commercial real estate. A 1031 exchange allows an investor to sell one investment property and reinvest the proceeds into a like-kind replacement property while deferring capital gains taxes - in practice, converting a hands-on multifamily asset into a portfolio of hands-off NNN investment properties backed by long-term corporate leases.
Capital Is Following Its Owners South
"The investments are following their owners," said Robert Zahralban, Head of National Net Lease at NX3 Commercial Group. "As more people retire in Florida or claim residency here, their investments are starting to follow - a migration we see not only in the residential space, but now also on the commercial investment side."
As high-net-worth investors relocate from New York, New Jersey and California to Florida, Texas and Tennessee, their real estate holdings are increasingly moving with them. NNN property has become the vehicle of choice for that transition because it is easy to own from a distance and backed by national credit tenants such as 7-Eleven, Chipotle, Wawa, Starbucks and Verizon.
One of the Most Active Net Lease Teams in the Country
NX3 Commercial Group has sold more than $2 billion in NNN property nationwide, ranking it among the most active net lease teams in the country. From its Fort Lauderdale headquarters, the firm helps buyers and sellers across the U.S. execute 1031 exchanges, source institutional-quality net lease assets and structure diversified portfolios like this $27.5 million closing - with a particular focus on matching investors exiting management-heavy multifamily with the right NNN property for their goals, timeline and exchange requirements.
Frequently Asked Questions
What is a 1031 exchange?
A 1031 exchange is a section of the U.S. tax code that lets a real estate investor sell an investment property and reinvest the proceeds into a like-kind replacement property while deferring capital gains taxes. In this transaction, a New York investor sold an apartment building and exchanged into five Florida NNN properties.
What is an NNN (triple net) property?
A NNN, or triple net lease, property is a commercial asset where the tenant pays property taxes, insurance and maintenance in addition to rent. This structure makes NNN property a popular passive-income investment, since the landlord has minimal management responsibilities.
Why are apartment owners moving into NNN property?
Many apartment owners are tired of active management - tenants, turnover and repairs. NNN property offers predictable, corporate-backed income with little to no landlord responsibility, making it an attractive 1031 exchange target for multifamily sellers.
Who brokered the $27.5 million NNN portfolio?
Luke Thomson and Robert Zahralban of NX3 Commercial Group, a Fort Lauderdale-based brokerage that sells NNN investment property nationwide, brokered the $27.5 million 1031 exchange.
About NX3 Commercial Group
NX3 Commercial Group is a national net lease investment sales brokerage headquartered in Fort Lauderdale, Florida, and one of the most active net lease teams in the country, with over $2 billion in NNN property sold nationwide. The firm specializes in NNN property acquisitions, dispositions and 1031 exchanges, advising private investors, family offices and institutions on triple net lease real estate and helping clients build durable, tax-advantaged income streams. To buy or sell NNN property, visit nx3commercialgroup.com.
Media Contact
NX3 Commercial Group
500 E Broward Blvd, Suite 920
Fort Lauderdale, FL 33394
SOURCE: NX3 Commercial Group LLC
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