Central Property Development

What Central Property Development does

Central Property Development, Inc. is a family-owned real estate investment holding company headquartered at 614 S. Ashley St. in Ann Arbor, Michigan, and continuously incorporated since 1910. Originally founded as Central Warehouse, the company operated a warehousing and logistics business for most of its history before divesting that business to People's Services of Ohio in 2013 and refocusing exclusively on single-tenant net leased (STNL) commercial real estate. The operating arm was reorganized under the Central Equity Investments parent, with Central Property Development managing a portfolio of approximately 20 properties across 9 states and 20 municipalities.

The company's product surface is its STNL investment portfolio, concentrated in quick-service restaurants (KFC, Taco Bell, Wendy's, Dairy Queen, Dunkin, Tim Hortons, Qdoba), convenience and dollar-store retail (7-Eleven, Dollar General), casual dining (Applebee's), and service businesses (US Cellular, Family Tire and Auto/Mavis). There is no proprietary technology, software product, or digital platform; the offering is the underlying real estate assets themselves, underwritten for long-term hold with built-in rent escalators, minimal landlord involvement, and sale-leaseback economics that benefit both tenant and landlord. The company maintains no public technology footprint, app products, integrations, or AI capabilities.

The business model is recurring rental income from long-term net leases, with growth funded primarily through 1031 Tax Deferred Exchanges that allow the company to recycle capital and acquire larger properties without triggering immediate capital gains tax. The customer base consists of national-brand franchisees and regional tenants occupying individual sites; investors in the family entity are not externally disclosed. Distribution is direct acquisition from sellers with no third-party brokers, intermediaries, or marketing channels beyond a basic corporate website. The company is led by John Strobel (CEO and Chairman) and Terri Drenth (President), with a small 1-10 employee team consistent with the hands-off landlord model.

Name

Central Property Development

Legal name

Central Property Development, Inc.

Website

https://cp-development.com

Company type

Private

Founded year

1910

Operating status

Operating

Headcount range

1–10 employees

Short description

Central Property Development is a family-owned real estate investment holding company headquartered in Ann Arbor, Michigan, that owns and manages a portfolio of approximately 20 single-tenant net lease commercial properties across 9 U.S. states, leased to national-brand QSR, retail, and service tenants under long-term net leases funded largely through 1031 exchanges.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (53112), Lessors of Real Estate (5311), Lessors of Other Real Estate Property (531190)

SIC

Investors, Nec (6799), Lessors Of Real Property, Nec (6519), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Commercial real estate investment
• Single-tenant net lease
• STNL portfolio
• 1031 tax exchange
• Net-leased properties

Headquarters

HQ city

Ann Arbor

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Others

Revenue model

1. Rental Income from Commercial Properties: Long-term rental income from single-tenant net lease (STNL) commercial properties. The company holds properties with strong, steady tenants who pay rent, with built-in rent increases to keep pace with inflation. Revenue is recurring and provides income security for investors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Central Property Development is a family-owned real estate investment holding company that acquires and holds Single-Tenant Net-Leased (STNL) commercial assets across the United States. The company focuses on long-term holds with strong, steady tenants such as quick-service restaurants (KFC, Taco Bell, Wendy's, Dairy Queen, Tim Hortons, Dunkin, Qdoba), dollar stores, convenience stores, telecommunications, and auto service tenants, emphasizing minimal landlord involvement, debt reduction, equity growth, and built-in rent escalations. Many acquisitions are driven by 1031 Tax Deferred Exchanges.

Product overview

Central Property Development operates as a real estate investment holding company that specializes in Single-Tenant Net-Leased (STNL) commercial assets. The company maintains a diversified portfolio of quick-service restaurant chains (KFC, Taco Bell, Wendy's, Dairy Queen, Dunkin, Tim Hortons, Qdoba), retail establishments (Dollar General, 7-Eleven), and service businesses (US Cellular, Family Tire and Auto/Mavis). The investment strategy emphasizes long-term holds, 1031 Tax Deferred Exchanges, debt reduction, and steady tenant relationships with rent escalation clauses. The portfolio spans 9 states and 20 municipalities, with assets in Oregon (OH), Ohio, West Virginia, Michigan, Indiana, Kentucky, Illinois, Wisconsin, Arkansas, and North Carolina.

Differentiator

Problem solved

Functional benefit

Products and services

• Single-Tenant Net-Lease (STNL) Investment Portfolio A diversified portfolio of single-tenant net-leased commercial properties leased to creditworthy tenants in quick-service restaurant, retail, convenience, telecommunications, and auto service sectors. Held for long-term investment with focus on income security, debt reduction, equity growth, and inflation-protected rent escalations.

Named customers18 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Spirit Realty Capital: Net-lease REIT historically focused on freestanding retail and QSR tenants (acquired by Realty Income in 2024) — directly comparable in tenant mix and STNL asset selection.
• Four Corners Property Trust: Net-lease REIT (NYSE: FCPT) specializing in restaurants, including QSR brands — directly comparable in tenant type and long-term hold strategy.
• Getty Realty Corp. Net-lease REIT (NYSE: GTY) focused on convenience stores, fuel, and automotive service properties — comparable in tenant categories (7-Eleven-equivalents, auto service) and STNL structure.
• NNN REIT (National Retail Properties): Net-lease REIT (NYSE: NNN) specializing in freestanding retail tenants including QSR and convenience-store operators — directly comparable in target tenants and asset class.
• Essential Properties Realty Trust: Net-lease REIT (NYSE: EPRT) focused on freestanding, service-based and experiential properties leased to middle-market tenants — a smaller-scale, growth-oriented STNL peer.
• Agree Realty Corporation: Net-lease retail REIT (NYSE: ADC) focused on freestanding e-commerce-resistant retail tenants — a close comparable in asset selection philosophy and tenant profile.

Broad incumbents

• Realty Income Corporation: The largest publicly traded net-lease REIT (NYSE: O), focused on freestanding commercial properties leased to investment-grade tenants — the most direct institutional comparable for a STNL strategy.
• W. P. Carey Inc. Diversified net-lease REIT (NYSE: WPC) owning single-tenant industrial, retail, and office assets — closely comparable in lease structure, long-duration holds, and tenant diversification approach.

Emerging players

• STORE Capital: Private net-lease platform focused on sale-leaseback transactions with middle-market tenants — comparable business model emphasizing STNL and tax-deferred reinvestment dynamics.
• Broad Street Realty Partners: Private net-lease investment manager focused on sale-leaseback and STNL retail assets — comparable in private-capital, long-duration STNL investment approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/central-equity-investments-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Central Property Development