U.S. Realty Advisors

What U.S. Realty Advisors does

U.S. Realty Advisors (USRA) is a New York-based institutional real estate investment manager founded in 1989 by Richard H. Ader, specializing in single-tenant net leased real estate. The firm provides sale-leaseback financing, build-to-suit financing, net lease acquisitions, and structured financing solutions to corporations, private equity sponsors, developers, and not-for-profit institutions. USRA's core thesis is that corporate capital is better deployed in core operations than tied up in real estate; its solutions unlock 100% of real estate market value while preserving long-term operational control for tenants through leases typically exceeding 10 years. Transaction sizes range from $10 million to $2.3 billion, with the firm accepting tenant credits from AAA through sub-investment grade.

The firm manages five discretionary net lease funds (Fund I closed 2011 through Fund V launched 2025) and separately managed accounts, serving 300+ institutional investor relationships. Its portfolio spans 25 million square feet across diverse tenant industries including e-commerce, logistics, defense, food manufacturing, life sciences, financial services, and government. Revenue is generated through three streams: recurring management fees on AUM (currently $7.4 billion per the firm's About page, with $1.6 billion cited on the homepage — a discrepancy likely reflecting different measurement bases or time periods), performance/carry fees on fund returns above hurdles, and origination/structuring transaction fees.

USRA differentiates through 37 years of bespoke structuring expertise, with senior team members having pioneered novel structures including the first foreign currency-based sale-leaseback, first UDAG-linked sale-leaseback, and first build-to-suit leveraged lease. The firm is led by Managing Partner David Grazioli (appointed 2022) and operates with 11-50 employees from its Midtown Manhattan headquarters. Cumulative transactions exceed $10 billion since inception, with recent marquee deals including a $2.4 billion manufacturing CTL in 2024 (the largest CTL to date) and a $447 million build-to-suit for L3Harris Technologies.

Name

U.S. Realty Advisors

Legal name

U.S. Realty Advisors, LLC

Website

https://usrealtyadvisors.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

U.S. Realty Advisors is a New York-based institutional real estate investment manager specializing in sale-leaseback and build-to-suit financing for corporations and developers. Founded in 1989, the firm manages five discretionary net lease funds with $7.4 billion in AUM, serving 300+ investors and 100+ corporate tenants.

Ownership category

akta.pro rank

Product category

Net Lease Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Lessors of Real Estate (5311), Nonresidential Property Managers (531312), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA)

akta.pro secondary industries

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Real Estate Advisory & Consulting (Strategy, Portfolio & Location) (FSAEAJAH), Real Estate Strategy & Portfolio Consulting (Corporate/Institutional) (BPAJANAB)

Keywords

• Net lease investment
• Sale-leaseback financing
• Build-to-suit financing
• Real estate asset management
• Discretionary investment funds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: USRA generates management fees from its five discretionary net lease funds and separately managed vehicles, charging fees on assets under management.
2. Performance/Carry Fees: The firm earns carried interest and performance-based fees from its fund investments when returns exceed specified hurdles.
3. Transaction Fees: Origination and structuring fees from sale-leaseback, build-to-suit, and net lease acquisition transactions for corporate clients.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

U.S. Realty Advisors is a single-tenant net lease real estate investment and asset management firm that provides sale-leaseback financing, build-to-suit financing, net lease acquisition, and structured financing to corporations, developers, and institutional investors across the United States. The firm manages five discretionary net lease funds plus separately managed accounts, holding $7.4 billion in assets under management and 25 million square feet of real estate, and has closed over $10 billion in cumulative net lease transactions since 1989.

Product overview

USRA operates as a single-tenant net lease real estate investment and asset management firm offering four interconnected core products: Sale-Leaseback Financing, Build-to-Suit Financing, Net Lease Acquisition, and Structured Financing. These products enable corporations to monetize real estate while retaining operational control through long-term leases. The firm also manages a series of closed-end discretionary funds (Fund I through Fund V) that pool capital from institutional and private investors for deployment into net lease assets. The firm has provided more than $3.5 billion in capital to corporations nationwide over recent years for mission-critical capital projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Sale-Leaseback Financing USRA partners with companies to unlock the full market value of their owner-occupied real estate in exchange for a long-term net lease, allowing companies to monetize real estate while retaining long-term operational control of the facilities.
• Build-to-Suit Financing USRA provides corporations, developers, and tax-exempt institutions up to 100% of project costs to fund construction of new properties or renovation/expansion of existing facilities, custom-built to the user's exact specifications.
• Net Lease Acquisition USRA purchases existing single-tenant net leased properties with remaining lease terms of ten years or longer from investors and developers, with post-acquisition optimization and the provision of additional capital.
• Structured Financing USRA works alongside tenants and their advisors to acquire existing leased assets and to address financial, real estate, tax, and other issues in order to craft tailored net lease solutions for all interested parties.
• USRA Net Lease Funds (Fund I through Fund V) A series of closed-end discretionary net lease funds (Fund I closed 2011, Fund II launched 2014, Fund III 2017, Fund IV 2020, and Fund V 2025) that pool capital from institutional and private investors for deployment into USRA's single-tenant net lease strategies, along with separately managed vehicles.

Quantifiable outcome

• Over $10 billion in net lease transactions closed since 1989
• +4 more outcomes

Named customers32 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators12 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• W. P. Carey: W. P. Carey is a leading publicly traded net lease REIT managing ~$50B+ in AUM across single-tenant industrial, retail, office, and warehouse properties globally. It is the closest direct competitor to USRA in net lease investment management, though materially larger and more diversified geographically and by property type.
• National Retail Properties (NNN REIT): NNN REIT is a public net lease REIT specializing in single-tenant retail properties with ~$9B+ in AUM. It is comparable to USRA in its single-tenant net lease focus and institutional tenant base, though with a narrower retail specialization.
• Store Capital (now part of GIC/Oak Street): STORE Capital was a public net lease company acquired by GIC and Oak Street in 2023. It was a direct competitor to USRA in net lease sale-leaseback transactions with middle-market and corporate tenants across multiple industries.
• Broadstone Net Lease: Broadstone Net Lease is a public net lease REIT with a diversified portfolio of single-tenant properties across industrial, restaurant, office, and retail. It is comparable to USRA as a diversified single-tenant net lease investment manager, though public and larger-scale.
• Gladstone Commercial: Gladstone Commercial is a public net lease REIT focused on industrial, office, and retail properties leased to middle-market and investment-grade tenants. It is comparable to USRA in single-tenant net lease strategy and tenant-credit focus, though with smaller average deal size.
• EPR Properties: EPR Properties is a public specialty net lease REIT focused on experiential properties (theaters, golf, eat-and-play). It shares USRA's net lease investment management focus with institutional-quality tenants, though in a narrower property subset.
• Alpine Income Property Trust: Alpine Income Property Trust is a public net lease REIT managed by ALPS Advisors and AEW Capital. It is comparable to USRA's single-tenant net lease strategy with institutional investors, though smaller and more retail-focused.
• Agree Realty Corporation: Agree Realty is a public net lease REIT specializing in retail net lease properties leased to omnichannel tenants. It is comparable to USRA in single-tenant net lease strategy with institutional-quality retail tenants, though USRA is more diversified across property types.
• Realty Income: Realty Income is a public net lease REIT with a $40B+ portfolio of single-tenant commercial properties, recently having acquired Spirit Realty Capital. It is a direct competitor to USRA in net lease real estate investment, with similar institutional-quality tenants and long-duration lease structures.

Broad incumbents

• PGIM Real Estate Finance: PGIM Real Estate is the global real estate investment arm of Prudential Financial with $200B+ AUM across debt, equity, and structured finance. It is comparable to USRA in net lease and structured real estate finance for institutional clients, though with broader product offerings and balance-sheet capacity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/u-s-realty-advisors-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

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 U.S. Realty Advisors