DWG Capital Partners

What DWG Capital Partners does

DWG Capital Partners is a private commercial real estate investment firm founded in 2015 by institutional real estate veteran Judd Dunning, headquartered in Fort Worth, Texas, with a secondary office in Los Angeles, California. The firm specializes in industrial sale-leaseback structured capital investments, primarily executing 15-20 year triple-net (NNN) leases with operating companies across the United States, with disclosed transactions spanning 38 states and cumulative closed volume exceeding $2 billion. Its strategy targets "Main Street" private American industrial businesses rather than Wall Street S&P-rated credits, and it applies institutional cost segregation tax strategies (90% allocation, ±26% first-year tax shield) to all acquisitions.

The firm manages the $125M Great American Industrial Fund, a private equity vehicle for accredited investors, and extends into direct operating-company investments through the affiliated American Industrial Machining Partners Investment Platform. DWG's technology stack centers on a proprietary gated investor portal (dwgcapitalpartners.invportal.com) with eSign integration and ACH-based earnings distribution, enabling fully digital deal execution. The GTM motion combines direct relationship sales to business owners and PE-backed operators seeking sale-leaseback capital with a separate accredited-investor acquisition funnel driven by nationwide Industrious Dinner Events, LinkedIn and Facebook content, and gated portal access.

Revenue is generated through two primary streams: recurring management fees and carried interest on the Great American Industrial Fund (with reported fund-level performance of 20.4% net IRR, 2.05x equity multiple, and 8.2% average cash yield), and episodic origination and transaction fees on each sale-leaseback execution. Credit underwriting is augmented by a partnership with Risk Advisory Partners, staffed by alumni of publicly traded net-lease REITs (STORE Capital, VEREIT, STAG) and alternative credit managers (Angelo Gordon), giving a 1-10 person team institutional-grade analytical capacity.

Name

DWG Capital Partners

Legal name

DWG Capital Partners, Inc.

Website

https://dwgcapitalpartners.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

DWG Capital Partners is a private commercial real estate investment firm founded in 2015 that originates industrial sale-leaseback investments across the United States, serving accredited investors and family offices through its $125M Great American Industrial Fund.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment Management

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (52394)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro industry

PRIMARYFSANACAH

Real Estate / PropTech Growth Equity

Financial & Insurance/Private Equity & Venture Capital/Growth Equity Firms

Keywords

• Industrial sale-leaseback
• Commercial real estate investing
• NNN industrial fund
• Private equity real estate
• Accredited investor opportunities

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Fund Management - Management Fees and Carried Interest: DWG Capital Partners operates as a private equity real estate fund manager. The firm raises capital from accredited investors into the Great American Industrial Fund and charges management fees on deployed capital plus carried interest on returns above preferred return thresholds. Performance metrics show 20.4% NET IRR, 2.05x equity multiple, and 8.2% average cash yield.
2. Sale-Leaseback Transaction Fees: The firm earns origination fees and transaction fees on each sale-leaseback deal executed. Sources industrial assets through off-market deals and M&A-related sales, structuring NNN leases with tenants and providing capital to operating companies in exchange for real estate-backed income streams.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

DWG Capital Partners is a private commercial real estate investment firm that originates, acquires, and manages industrial sale-leaseback structured capital investments on behalf of accredited investors and family offices. The firm pools investor capital into dedicated vehicles such as the $125M Great American Industrial Fund, targeting 15-20 year triple net (NNN) industrial sale-leaseback assets acquired below replacement cost, with institutional yield-enhancing tax strategies such as 90% cost segregation allocation.

Product overview

DWG Capital Partners operates as a private commercial real estate investment firm offering a diversified portfolio of industrial real estate investment products. The core offering consists of NNN (Triple Net) industrial sale-leaseback investments targeting 15-20 year terms, complemented by existing industrial value-add opportunities. The firm manages The Great American Industrial Fund, a $125 million private equity vehicle, and provides investors access through a proprietary digital Investor Portal platform. The American Industrial Machining Partners Investment Platform extends the offerings into private equity business investments alongside the real estate focus.

Differentiator

Problem solved

Functional benefit

Products and services

• NNN Industrial Sale-Leaseback Investments

Quantifiable outcome

• 20.4% NET IRR
• +6 more outcomes

Named customers18 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and supporting.

• Dorado HoldingscoreStrategic or Co-development PartnerCo-investment partner with DWG Capital on multifamily acquisitions. Jointly purchased 106-unit Cloverdale Estates and 96-unit Greenbriar Apartments in Montgomery, Alabama. Co-GP structure on value-add multifamily investments.
• Risk Advisory PartnerscoreImplementation/ SI/ Consulting PartnerManaging Partner & Co-founder Risk Advisory Partners provides credit risk analysis for all major credit decisions, evaluating business tenancy risk and real estate risk across the entire portfolio. Supported by former senior analysts from STORE Capital, VEREIT, Angelo Gordon, and STAG REIT.
• Kelley | Clarke, PCsupportingImplementation/ SI/ Consulting PartnerDWG Counsel providing legal services for commercial real estate transactions including commercial loan closings, equity capital raises, and joint ventures. Co-founded by Dugan P. Kelley, former Super Lawyer Rising Star (2008-2016).
• American Industrial Machining Partners Investment PlatformsupportingStrategic or Co-development PartnerAffiliated investment platform for select operating company business investments in the inefficient small-cap industrial sector. Targets high IRR through strategic acquisitions and operational improvements, complementary to sale-leaseback strategy.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• STORE Capital: STORE Capital was the largest U.S. single-tenant net-lease sale-leaseback specialist before its 2022 take-private; directly comparable in business model, NNN industrial focus, and middle-market operating-company tenant base.
• STAG Industrial: STAG is a publicly traded REIT focused on single-tenant industrial properties across the U.S.; closest publicly traded comparable in asset class, lease structure (NNN), and tenant credit orientation.
• Gladstone Commercial: Public REIT focused on industrial, office, and retail net-lease assets to middle-market tenants; closely comparable tenant profile and sale-leaseback orientation to DWG.

Broad incumbents

• W. P. Carey: Large diversified net-lease REIT with industrial exposure; competes for institutional sale-leaseback mandates but operates at a far broader, multi-sector scale than DWG's focused industrial thesis.
• Realty Income: The largest publicly traded net-lease REIT; overlaps with DWG's NNN industrial thesis but serves primarily investment-grade credit tenants at scale rather than middle-market operators.
• EPR Properties: Public net-lease REIT with experience in single-tenant industrial and specialty assets; comparable in NNN lease structure but with very different tenant-industry mix.
• National Retail Properties: Net-lease REIT focused on single-tenant retail and industrial; adjacent comparable for NNN underwriting framework applied to single-tenant assets similar to DWG's portfolio.

Emerging players

• Main Street Capital: Middle-market private equity and debt provider; comparable in targeting 'Main Street' lower-middle-market businesses, though its capital solutions are debt/equity rather than real estate sale-leaseback.
• RealtyMogul: Online real estate investment platform serving accredited investors; comparable in gating access through a private investor portal and offering curated commercial real estate funds.
• CrowdStreet: Digital marketplace for private commercial real estate offerings to accredited investors; similar distribution model — gated portal, sponsored funds, and accredited-investor-only access.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/DWGCapitalGroup
• LinkedInlinkedin.com/company/dwg-capital-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

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 DWG Capital Partners