Bond Street REIT

What Bond Street REIT does

Bond Street Investment Trust (operating as Bond Street REIT) is a perpetual life private NAV Real Estate Investment Trust exclusively invested in the convenience retail sector. The company owns and manages a portfolio of open-air, multi-tenant, freestanding shopping centers featuring drive-through fast casual dining end caps and daily-needs service tenancies, concentrated in low-tax, high-growth markets across 10 southeastern U.S. states with selective expansion into the Midwest and Southwest. The portfolio is leased primarily under long-term triple-net (NNN) structures with contractual rent escalations, producing sub-2% economic vacancy and recurring rental cash flow.

Bond Street's product surface comprises three offerings: (1) the convenience retail center portfolio itself, anchored by tenants such as Starbucks, Chipotle, First Watch, Aspen Dental, Verizon, and Supercuts; (2) a UPREIT/721 Exchange structure allowing property sellers to contribute assets in exchange for operating partnership units, enabling tax-deferred exits; and (3) a perpetual life private REIT investment vehicle offered under Regulation D to accredited investors. The company operates with vertically integrated property and asset management and uses AppFolio for investor and tenant portal services — no proprietary technology stack is disclosed.

The business model generates revenue primarily through NNN rental income across the portfolio, supplemented by growth funded through a $300 million growth equity commitment from Conversant Capital (September 2025) and a $100 million revolving credit facility (December 2025, accordion to $600 million). Distribution is sales-led and direct, targeting accredited investors via private placement, ICSC industry events, and direct relationships. The go-to-market combines acquisition-side sourcing (targeting $150 million+ in annual acquisitions in the Southeast and Midwest) with capital-raise activities from the regulated accredited-investor channel.

Name

Bond Street REIT

Legal name

Bond Street REIT

Website

https://bondstreetreit.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Bond Street REIT is a perpetual life private NAV REIT that owns and manages a portfolio of open-air convenience retail shopping centers leased to fast-casual and daily-needs tenants across the southeastern, Midwestern, and select southwestern United States, offering accredited investors a tax-advantaged real estate investment and property sellers a UPREIT/721 Exchange.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Trust (Retail REIT)

NAICS

Lessors of Real Estate (5311)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Convenience retail REIT
• Private NAV REIT
• Shopping center investment
• Commercial real estate trust
• Accredited investor offerings

Headquarters

HQ city

Charleston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Commercial Real Estate Rental Income: Bond Street REIT generates revenue through long-term NNN (Triple Net) leases with tenants at its convenience retail shopping centers. The company collects rent with rent escalations built into lease agreements, providing stable and growing cash flow streams. The portfolio maintains sub-2% economic vacancy.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Bond Street REIT is a perpetual life private NAV Real Estate Investment Trust that acquires and manages a curated portfolio of open-air convenience retail shopping centers in suburban and secondary markets across the Southeast, Midwest, and select Southwest regions. The company raises capital from accredited investors through private placement offerings and provides a UPREIT/721 Exchange structure enabling property owners to contribute assets in exchange for OP units for tax-deferred diversification. Revenue is generated primarily through long-term NNN leases with retail tenants including fast-casual dining and daily-needs service operators.

Product overview

Bond Street REIT operates as a perpetual life private NAV REIT exclusively invested in convenience retail shopping centers. The company manages a carefully curated portfolio of open-air, multi-tenant convenience centers positioned in low-tax, high-growth southern markets. The portfolio is concentrated in suburban and secondary markets featuring drive-through fast casual dining concepts and daily needs service tenancies. The company offers its investors a UPREIT/721 Exchange structure for tax-advantaged property acquisitions and provides investor access through a private placement structure intended solely for accredited investors.

Differentiator

Problem solved

Functional benefit

Products and services

• Convenience Retail Shopping Centers Portfolio A curated portfolio of open-air, multi-tenant, freestanding convenience retail shopping centers positioned in low-tax, high-growth southern markets. Properties feature drive-through fast casual dining concepts, daily-needs service tenancies, and modern, newly constructed Class A buildings leased under long-term NNN agreements with rent escalations. The portfolio is offered to accredited investors as part of the perpetual-life private NAV REIT.
• UPREIT / 721 Exchange Program A tax-advantaged property acquisition structure allowing convenience retail property owners to contribute existing assets to Bond Street REIT in exchange for OP units. Sellers receive continued investment exposure, dividend income, and management relief while deferring capital gains tax liabilities. Designed for institutional and private owners of multi-tenant convenience retail centers seeking tax-deferred exit strategies.
• Perpetual Life Private NAV REIT Shares Non-traded shares of a perpetual-life private NAV REIT offered to accredited investors via Regulation D private placement. Provides long-term continued asset ownership, enhanced dividend yield from NNN rental income with built-in escalations, reduced portfolio risk through sector diversification, elective investor liquidity provisions, and superior REIT tax structure. Investors access the offering through the firm's private placement materials and AppFolio investor portal.

Quantifiable outcome

• Sub-2% economic vacancy across portfolio
• +1 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Fried FranksupportingImplementation/ SI/ Consulting Partner · 3 September 2025Fried Frank advised Conversant Capital on its $300 million commitment to invest in Bond Street REIT. Fried Frank provided legal counsel on the transaction structure for this growth equity investment in the convenience retail REIT.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Brixmor Property Group: NYSE-listed open-air shopping center REIT with a national portfolio of necessity-based and convenience-oriented retail centers. Directly comparable to Bond Street REIT in asset class, tenant mix (grocery/daily needs/service), and net lease structure, though at much greater scale.
• Phillips Edison & Company: NASDAQ-listed REIT focused on necessity-based grocery-anchored neighborhood and community shopping centers. Highly comparable in its concentration on convenience and daily-needs retail, NNN lease structure, and private NAV-style investor offerings alongside its public stock.
• Kite Realty Group Trust: Open-air shopping center REIT with high-quality grocery-anchored and mixed-use retail properties across the Sun Belt and Midwest. Closely comparable to Bond Street in target markets and convenience retail thesis.
• NETSTREIT Corp: NASDAQ-listed net lease retail REIT focused on single-tenant convenience and service properties. Directly comparable to Bond Street's NNN lease model and tenant profile (national service and fast casual brands), though at smaller scale.
• Essential Properties Realty Trust: NASDAQ-listed net lease REIT focused on middle-market retail and service tenants with long-term NNN leases. Highly comparable in tenant type, lease structure, and convenience-oriented retail focus.
• InvenTrust Properties Corp: Sun Belt-focused open-air shopping center REIT with a multi-tenant convenience retail portfolio. Directly comparable to Bond Street in geographic concentration and tenant mix.
• STORE Capital (private): Was a publicly traded net lease retail REIT that went private in a 2022 take-private; focused on single-tenant operational and convenience retail. Closely comparable to Bond Street's net lease convenience retail thesis.

Broad incumbents

• Agree Realty Corporation: NYSE-listed net lease retail REIT with a large, diversified portfolio of free-standing retail and convenience properties. Comparable in net lease convenience retail focus but significantly larger and broader geographically.
• Regency Centers Corporation: NASDAQ-listed, grocery-anchored open-air shopping center REIT. Comparable in asset class and tenant mix but significantly larger scale and broader national footprint than Bond Street.
• Realty Income Corporation: NYSE-listed S&P 500 net lease REIT with a massive, diversified portfolio across retail and other property types. Broad incumbent comparable to Bond Street in net lease retail but with far greater scale, diversification, and access to public capital markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bond-street-reit

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bond Street REIT