San Antonio NNN 1031 replacement, broker-direct

The deepest single-tenant net lease activity sits along the north Bexar growth corridors: US-281 and Loop 1604 through Stone Oak, where pad sites, pharmacy, QSR, and medical-office net lease cluster. The I-35 Northeast corridor through Schertz, Cibolo, and New Braunfels is the other hot zone, plus Potranco Road and Alamo Ranch on the far west side. Much of the strongest product trades pre-market before it ever reaches public listings.

Tenant credit and remaining lease term drive value more than the headline cap rate. A 15-year corporate-guaranteed pad on US-281 underwrites very differently from a franchisee QSR with five years left near Alamo Ranch. Check rent bumps, renewal options, and whether the corridor traffic supporting that tenant, like the I-35 NEX through Schertz, holds up over your hold period. Passive net lease only stays passive if the tenant performs.

It can be, but single-tenant net lease is thin and competitive here. Sustained in-migration has pushed retail vacancy low across Bexar, Comal, and Guadalupe counties, so credible buyers move fast on Stone Oak and I-35 corridor pads. Working through brokers who already hold pre-market inventory shortens identification. Going in cold against public listings in a 45-day window is where exchanges stall and back-up identifications get burned.

Corridor projects like the I-35 Northeast Expansion and the Stone Oak Mercantile mixed-use node reshape traffic counts and tenant demand, which feeds directly into a net lease tenant's sales and renewal odds. For a 1031 replacement, that future demand matters more than today's snapshot. Underwrite the corridor trajectory, not just the current rent, and confirm the lease term carries through the buildout.

Before any NDA you see the asset type, market, tenant profile, and headline terms: enough to judge tenant credit and approximate remaining lease term against your criteria. The full address, exact rent roll, and financials unlock once both sides sign an NDA through DocuSign, usually within 24 hours. Messaging stays locked until that NDA is complete, so brokers only field NDA-gated, qualified interest.

A human Exchango admin reviews your uploaded 1031 exchange document before any broker can see you, so your status moves from pending to active and the Verified badge has a person behind it, not an automated check. You provide your legal entity, exchange dates, equity to deploy, target tenant preferences, and lender pre-qualification. Buyers use Exchango free; brokers pay the monthly subscription. Closing runs off-platform through your QI and title company.