About Us
Net Lease Capital is a leading investment and advisory firm in the single tenant net lease arena. The majority of our team has been with the firm for over 10 years.
Net Lease Capital is a leading investment and advisory firm in the single tenant net lease arena. The majority of our team has been with the firm for over 10 years.
My interaction and business relationship with Net Lease Capital has been extremely positive. In addition to the professionalism and quality service offered by the firm, the people are outstanding and are a pleasure to work with at all levels. They are smart, honest and responsive, whether structuring complex issues or solving problems.
Richard Berlinghof, President
Target Rock Partners
Karen works in operations with involvement in financial reporting, investor relations, and asset management. She maintains books and records for all assets owned or managed by Net Lease Capital.
Karen brings twenty years of business finance experience. Raised in Japan, she came to the United States during high school and went on to study operations management at California State Polytechnic University. After graduating, she combined her bilingual and financial skills, in various positions at firms including TRW, Alpine Electronics and Toyota Corporation. Mid-career, she redirected her energy toward philanthropy as a youth minister to high school and college students. She later returned to business, joining AirPro Environmental Solutions, for which she served as Director of Finance.
Karen is a wife of 19 years and a mother of three. She is active as a school room parent, teaching Japanese, and coaching soccer along with her husband.
In 1996, Doug, and Partner, Bruce S. MacDonald, founded Net Lease Capital Advisors, developing tax-strategic applications for net leased properties. Today, Doug structures the firm’s acquisitions, financings and sales.
Doug attended Purdue University, graduating summa cum laude in Engineering in three years. Declining admission to the Harvard Business School, he pursued a passion to work in the ministry. Upon his return to business and finance, he focused on the acquisition and financing of apartment complexes in the Northeast. In 1994, he joined NAI James E. Hanson, Inc., a New York area real estate development firm, where he acquired sale-leaseback portfolios using innovative financing based on the tenants’ credit, in addition to traditional real estate financing.
Doug is the father of four adult daughters and enjoys whisking away family and friends on excursions to wild frontiers, most recently Madagascar and Iceland.
Jesse has worked at Net Lease Capital for three years doing accounting, managing IT, and administering employee retirement accounts.
Raised in Mumbai and then in London, Jesse developed an interest in computer programming which followed him back to the U.S. where he studied computer science engineering at Ohio State. Previous to coming to Net Lease Capital, he worked for twelve years for Costco Wholesale Corporation with responsibilities for inventory, scheduling, budget, and the management of a team of employees in the retail area.
In parallel with his computer science learning, Jesse has honed professional-level photography skills, specializing in concert photography, with work published on several professional music websites, such as SXSW.com. “Every concert is a unique story, with a plot that gets narrated by audience members. I capture that story by training my lens on them.” In his latest artistic evolution, Jesse has made a foray into drone aerial photography – in the woods. “What could possibly go wrong?” Jesse is the father of one son, Jackson.
Jim is responsible for all the financial affairs of the company and its affiliates. Jim supervises the accounting staff, works with auditors to prepare tax returns and ensure compliance, and provides regular reports to lenders, investors and management.
Jim’s career began at Bell Laboratories in North Andover, MA where he worked as a Member of Technical Staff. In 1984, Jim left Bell Labs to enter the ministry, and he and his family served as missionaries in Mumbai, India and London, England from 1986-1993. Eventually, Jim took on an administrative role, ultimately serving as Chairman of the Board for a large international missions organization. Jim joined Net Lease Capital in 2005.
Jim attended Washington University in St. Louis, where he received his Bachelor’s Degree in Mechanical Engineering Summa Cum Laude in 1981. After graduation, he moved to Boston where he attended the Massachusetts Institute of Technology as a Bell Laboratories Fellow, and graduated with his Master’s Degree in 1982.
Jim and his wife, Donna have been married for 35 years and have two sons and one grandson. Their younger son is autistic, and they volunteer with several organizations that provide supports to individuals with disabilities. They are both still involved in missions, and Jim serves as the Treasurer for two missions organizations based in the Boston area.
Chris publicizes Net Lease Capital’s strategic capabilities to familiar and unfamiliar audiences. He creates ads, print material, social media and additional material for branding and presentations. Chris also works to generate speaking engagements for his colleagues and other promotional opportunities for the firm.
Chris came to Net Lease Capital in 1996 out of institutional banking at Mellon, where he served as the Global Custody Department’s liaison to other departments of the bank. There, he published a number of highly visible reports and manuals and served as the chief explainer of regulations for holding equity and currency accounts in 50-odd countries. Previously, Chris worked at New England Medical Center as the Administrative Assistant to the Chairman of its Orthopedics Department.
Outside the office, Chris facilitates workshops in nonviolent conflict resolution for the Alternatives to Violence Project, which works in conflict areas around the world from Rwanda to Indonesia. He also competes in the sport of ultimate frisbee, at the local and national levels. Chris graduated with a B.A. from Harvard University.
Jim has been with the firm since 2003 and is Managing Director of Dispositions for Net Lease Capital. He is focused on 1031 applications for net lease properties, helping clients evaluate these assets as long- term investments. A student of the net lease market, Jim advises buyers, sellers and brokers on the unique facets of this asset class and has developed deep expertise in the zero cash flow sector. Jim’s team is a among the leading groups in the nation selling zero cash flow net lease properties, closing in excess of $2 billion in total sales.
Jim has consistently delivered real estate solutions for his clients through the historic recession and market peaks of the last 15 years, often under tight deadlines. Along with a close-knit team, he has forged longstanding relationships in the commercial real estate and 1031 markets. He receives significant repeat business from clients, advisers, registered representatives, and broker dealers.
Jim has been married since 2001. Coach of his three sons’ baseball and basketball teams, he also enjoys camping and fishing with his family and a good round of golf.
In his 19 years with the firm, Carl has become an authority on the net lease market and on strategic tax applications of net lease property and credit tenant finance. He provides strategic ideas to tax sensitive clients considering property sales, and also helps manage the firm’s own net lease portfolio. He has spoken to audiences including the AICPA, the Net Lease Summit and numerous legal and accounting continuing education seminars about strategies to enhance the after-tax outcomes of property transactions. Carl has developed and refined economic models forecasting the outcomes of transactions with different strategic treatments.
Before coming to Net Lease Capital, Carl played professional soccer, and was named by Sports Illustrated as number 28 on the list of Athletes of the Millennium from Vermont. He then coached soccer at Tufts University and worked in the Christian ministry prior to entering the business world, where he pursued marketing in the sports media and health care fields.
Carl is a widower and the father of three young adults. He is active as an Elder in his church. Carl holds a B.S. in education from the University of Vermont.
The talented Mr. Christensen has been a part of Net Lease Capital in a full time capacity since 2013. After assisting the firm as a Data Entry Technician throughout his high school years, Sam has returned in his adult life to fill various support roles in asset management, debt underwriting, and financial analytics.
Sam attended The University of New Hampshire where he studied Community Service and Leadership and Business Administration, specializing in 501(c)(3) operation. He is continuing his education to earn CCIM accreditation.
A collector of traditional Nordic artifacts, Sam enjoys building his own “Viking” shields. He has studied eastern and western martial arts, enjoying Medieval armored combat and Tai Chi. Also a wilderness survival enthusiast, Sam is working towards a Scout designation through the Tom Brown Junior Tracker School.
Pat joined Net Lease Capital in 2014 as a member of the Acquisitions Group. His role encompasses conducting financial analysis, researching, underwriting and sourcing new investment opportunities.
Pat has been involved in research and analytics since 2010. He began in the U.S. Air Force, working as an intelligence analyst on an MQ-1 Predator crew with top-secret clearance.
Pat majored in Real Estate at American Military University. Married in 2014, he and wife Jesse have two small children, Reuben and Leah. They lead youth groups at their local church, and Pat is also Assistant Director for Christian Outdoor Leadership School, which takes kids ages 11-18 on wilderness adventures in locations ranging from the White Mountains of New Hampshire to the Colorado Rockies.
Bill cultivates the national network of Net Lease Capital’s strategic business relationships, often attending conferences and professional association meetings. He has been with Net Lease Capital since 2002. He serves on the Board of the Real Estate Finance Association of Boston where he co-Chairs the Education Committee. He also sits on the Planning Committee of the “ICSC Idea Exchange” in Boston, and consults with the AICPA on their National Real Estate conference.
Bill is a graduate of the Catholic University Washington D.C., where he majored in architecture. Though he retains an interest in design, his career has primarily been in the world of operations and business development. He worked as a Junior Fund Accountant for Putnam Investors, later transitioning to the Deloitte and Touche Consulting Group, and eventually becoming Controller of that international consulting firm’s 100 person Boston operations.
Bill enjoys playing golf, travel (most recently on a family voyage to England and Scotland.) A life long learner, he reads extensively on business and personal interests. The father of two teenage girls, he has been married for 27 years.
As accounting team member, Jared conducts daily financial operations, including complex payables, booking the proceeds of property and DST sales to various investment entities within the firm, and making monthly distributions to investors. “I always liked puzzles. Now do them at work.”
He attended Hesser College until 2007, then plunging into accounting in the automotive industry in roles that included payroll, accounts receivable and payable, costing, and internal audit. Over the next decade, he grew his accounting skills but struggled against the tide of a negative and critical culture he encountered in his field. “I wanted a change but was hesitant to move on because I couldn’t see past the front door of my office.”
In 2016, Jared gathered himself for a move, trying a hand at property management accounting – for one month – before he was approached by RR Keller Associates, an outsourced accounting agency serving companies in construction, manufacturing and installations. He took the job and found his stride, that was, until an old friend invited him to take a look at Net Lease Capital, where a growing accounting department was hiring.
Jared and wife, Amanda, married in 2011. Along with a long list of do-it-yourself renovations, Jared happily surrenders his remaining hours outside the office to catering to the demands of two, young, mildly high maintenance, emerging beauty queens.
Andra has been with the firm since 2006. She has been involved on the operational side of Net Lease Capital, in the sourcing of property for acquisitions, in business development and document management. Her primary areas of current focus are sourcing NNN deals, developing new business relationships, property management and document management.
She spent her first seventeen professional years in the medical field working as a Radiologic Technologist in hospitals across the country. She transitioned to real estate property management in 1994, working for Property One and then for FMB Properties, before coming to Net Lease Capital in 1996.
The mother of two grown children, Andra volunteers at the local rescue mission which serves dinner to the homeless, and helps in the administration of the Christian Outdoor Leadership School, a non-profit outdoor education program for teens. Andra enjoys renovating homes, time with her children, and domestic and international travel.
Douglas serves as a Managing Director of Net Lease Capital Energy. In this role, he co-leads the Energy Group’s efforts to identify, produce and sell renewable natural gas derived from organic waste.
Douglas has extensive energy experience, working with firms focused on clean energy, environmental commodities, regulatory environments and project finance. Prior to joining Net Lease Capital in 2015, he worked for Alutiiq, an Anchorage based, Alaska Native Corporation, and for IAP Worldwide Services, a Military Contractor, and owned a consulting services firm providing a holistic approach to energy and environmental impacts analysis. He has worked extensively in real estate and energy markets, both physical and financial, in areas including citing, congestion, land control, pricing, regulatory, and environmental and political impact assessment.
Examples of past ventures include his 2012 work with the Kingdom of Saudi Arabia’s Center of Atomic and Renewable Energy, for whom Douglas researched and wrote a proposal chosen to help Saudi Arabia reduce domestic oil consumption through the acceleration of a domestic renewable energy market. The plan included a center of excellence, solar farms, desalinization plants, waste water and integrated micro grid technologies. In 2013, Douglas helped the government of Brazil, working with CAXIA Bank, to develop three levels of high efficiency low income housing in the City of Manaus. The project included roads, energy and waste treatment, and served over 10,000 families. In 2008, in Cote d’Ivoire, Douglas worked with the Office of the Prime Minister, the ex Prime Minister of Niger, and the Mayor of San Pedro on a slum revitalization project which was a public-to-private partnership addressing the needs of over 500,000 persons in need of clean water and reliable energy.
Douglas is a graduate of the University of Mississippi. Married for 19 years, he has three children. Coaching kids’ soccer and lacrosse, he runs an occasional triathlon himself, and “enjoys a salt life,” including fishing, swimming and sailing.
Thor Jacobs is part of the Advisory Group, which specializes in tax and 1031 strategies for real estate investors. He is also the NLCA lead for two of the firm’s external investments.
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A Cincinnati native, Thor started his career in I/T, selling computer hardware for NCR Corporation. He moved into I/T professional services with Convergys, where he served in a variety of business development roles, including as International Marketing Manager for Latin America. In addition to extensive travel to Latin America and Europe, Thor has lived in Iraq, the United Arab Emirates and Lebanon.
He received his BSBA from the Ohio State University in Economics and an MBA from the Linder School of the University of Cincinnati. He later earned an MA from The American University of Beirut in International Relations; his thesis, The Curse of Oil explores the deleterious effects that petroleum extraction has had on the Arab states’ economic, social and political development.
Betrothed to Ingrid since 2004, Thor has a son, Shareef, and daughter, Alessandra, both active in school and sport. Thor enjoys hiking and playing tennis with his children as well as golf and bowling. His spare time is spent working as a board member for the non-profit, The CYSTEM, which helps inner city boys develop life skills through the vehicle of sports.
Toby joined Net Lease Capital in 2014 and works as a member of the legal team. His responsibilities include assisting with the firm’s due diligence and with acquisitions, closings and financings. He also helps manage the firm’s real estate portfolio, including drafting and negotiating documents and management agreements.
With a B.A. in Political Science at Boston College, Toby went on to get his law degree there as well, and became a member of the Massachusetts Bar in 2012. Before joining Net Lease Capital, he worked as an associate for a small law firm in the Boston area.
Toby has been married to his high school sweetheart, Bridget, since 2007. They have two young daughters. Toby spends the bulk of his free time with his family, and he and Bridget also volunteer with their church’s children’s ministry. In quieter moments, Toby is an avid sports fan and also enjoys hiking and reading.
Bruce cofounded the firm with his partner Douglas F. Blough in 1996. He is active in overseeing and coordinating the various business units within the firm. Under his leadership, Net Lease Capital has closed over $9 billion in net lease transactions, and has earned recognition for its expertise in strategic net lease investment and capital gains tax solutions using net lease property. Bruce has four times been named Honorary Net Lease Executive of the Year by Commercial Investment Real Estate Magazine. He was featured on a panel of “Legends and Leaders in Net Lease” at the Net Lease Summit in 2007, and he frequently speaks about the net lease industry to professional audiences.
Bruce has spent the last 29 years in the real estate investment field. Along with his partner Doug Blough, he worked for New Jersey real estate firm, NAI James E. Hanson, Inc. with a focus on the acquisition and financing of credit tenant properties, prior to starting Net Lease Capital Advisors, in 1996. There, they applied the expertise they had developed as net lease investors to tax solutions for property owners and to principal investments.
An avid outdoorsman, Bruce has been involved in a number of mountaineering expeditions, including five trips to the Alaska Range. He founded an outdoor leadership school for youth, which takes kids age 11-16 on wilderness adventures in locations from the White Mountains of New Hampshire to the Rockies. Bruce has been married to his wife, Beth, for over thirty years and is the father of one young man, Brinton.
Jim joined Net Lease Capital in 2003. He provides strategic analysis and tax planning insight for property owners and their tax advisors. He consults with some of the firm’s most sophisticated clients, analyzing the tax consequences of contemplated transactions and helping to make strategic choices actionable. He designs transactions to maximize returns while honoring investor-specific objectives, and assuring compliance with the Tax Code, with treasury regulations, and with tax court rulings.
Jim has a 27-year background in financial services and corporate finance, with a focus in investment operations and business process improvement. He began his career at State Street Bank & Trust, where he came to supervise accounting services for international equity, debt, and swap portfolios, and to direct international trade settlement for institutional equity portfolios. He transitioned to Fidelity Investments, where built and managed a team of 30 to support diverse global investment products offered to institutional investors. From 1995 to 2002, Jim served as Director of Finance and Administration, and then as COO, of an international non-profit organization.
Jim and his wife of 35 years have four adult children and three grandchildren. Jim is a church leader and volunteers actively in the community, currently supporting the Boston Securities Analysts Society’s financial literacy initiative, which aims to educate the public in personal finance and investment. Jim studied English at Duke University and later earned an MBA degree from Boston University with a concentration in International Finance.
Jon works as a member of the finance & accounting team and is involved in the day-to-day operations of the company. He is responsible for managing the firm’s investor relationships, strategic cash planning, and maintaining the books for financial reporting.
Raised in New Hampshire, he attended the University of Florida where he received a Master’s Degree in Accounting in 2013. Before coming to Net Lease Capital, he worked as an Audit Associate at PricewaterhouseCoopers’ Boston office, focusing primarily on companies managing mutual funds and hedge funds. During that time, he also earned his license as a Certified Public Accountant in Massachusetts.
Outside of the office, Jon enjoys playing several sports and cheering for the New England professional teams. He and his wife, Nikki, have been married since 2013. They have two young daughters, Ellie and Kylie, and are loving the adventures and sweet moments of parenthood. Jon also serves on the board of his church and he and Nikki are active in the church’s “young marrieds” ministry.
Forrest joined the Acquisitions Group in 2018. He conducts financial analysis, sourcing, and underwriting of real estate acquisitions and dispositions. He had interned at the firm since 2015, assisting in real estate modeling and analysis.
Forrest earned his Bachelor’s degree in finance in 2018 from Lipscomb University in Nashville, Tennessee, with a minor in pure mathematics. There, he participated with a group of students in the management of a $500 million equity fund for the Tennessee Valley Authority.
Married in 2018, Forrest and wife Morgan enjoy keeping active together, travelling, and attending concerts. Early on, Forrest taught himself to play the guitar and write songs. In 2017, he released a singer-songwriter style record which he wrote and recorded in Nashville, Tennessee.
Steve joined the firm in 2003 and has worked on all facets of the Net Lease Capital’s real estate investment activities. His primary responsibilities include underwriting, structuring, negotiating and closing acquisitions, financings and sales. Steve is also actively involved with our asset management team in executing refinancings, and in day-to-day portfolio management.
Steve is one of the most experienced attorneys in the net lease industry. He graduated from Cornell Law School, and, early in his career, was drawn to corporate finance. He represented lessees and equity investors in ship, airplane and other leveraged lease equipment financings, while an attorney at the Milbank, Tweed, Hadley & McCloy law firm. This led to his employment with the pioneering sale leaseback syndicator, Integrated Resources, where he transitioned to originating and closing net lease real estate acquisitions. After a large net lease real estate portfolio was spun-off, Steve managed this portfolio for the publicly-traded, NYSE-listed firm, American Real Estate Partners. His responsibilities included negotiating leases, debt restructurings and re-financings. Immediately prior to joining Net Lease Capital, Steve worked for U.S. Realty Advisors, a registered investment advisor, buying net leased properties for public pension funds and other institutional clients.
About two decades ago, Steve took up bicycling. Avid, he still meets his peloton each morning at a local firehouse for a ride before work. “Having a red bike is really your best chance to be a kid again.” Married for over 40 years, Steve has two adult children and a grandson living in New York City.
Since 2014, Dean has focused on 1031 strategies using net lease properties. He helps clients to evaluate net lease assets for tax and investment purposes with a primary focus on the zero cash flow sector.
Dean comes from a sales background. Prior to coming to Net Lease Capital, he worked for a retail e-commerce business specialized in sports equipment, where he was personally involved in all aspects of the day-to-day operations, including buying, building and maintaining relationships with vendors and sales reps, price negotiations, logistics, managing inventory and customer service.
Previously, he was a sales rep for a national industrial materials supply company, and before that, he worked for a Fortune 500 company managing 200 direct buying accounts and supervising 15 telemarketers conducting market research.
Married for 19 years, and father of five, Dean reports: “I used to enjoy fishing and golf, but, now I pretty much help little people with showers, give big people driving lessons, supervise homework, read children’s literature, and attend more kid sporting events in one year than most people do in a lifetime.”
Mark oversees $750 million of Net Lease Capital’s $3 billion pool of assets under management. His focus is on investment grade credit, long-term, net lease properties nearing lease rollover. He works with tenants – in their notification periods and lease extensions, with lenders – in loan payoffs, defeasance, and refinance, and, in some cases, repositioning assets in the marketplace.
Along with his wife Johnna, Mark moved to New Hampshire in 2016 from the Midwest, where, for twenty-five years, he was Managing Partner of Ross & Kuhlman, an Indianapolis law firm. As part of his general practice, Mark set up a number of corporations, partnerships and LLCs. In his real estate practice, Mark litigated landlord-tenant disputes, executed the purchase and sale of commercial real estate assets, and wrote legal opinions in commercial real estate law. He also was a lecturer for the National Business Institute instructing attorneys in the area of Estate Administration.
Mark earned a Bachelor degree from the Indiana University Kelly School of Business, majoring in business analysis and marketing, and later earning a Doctor of Jurisprudence degree.
Prior to joining Net Lease Capital Advisors, Mark knew Co-Founder Bruce MacDonald as climbing partner. The duo climbed Mt. McKinley in 1997, and have shared numerous summits across North America and the Alaska Range. Mark is also a three-time state champion in the sport of disc golf.
In 2004, Mark married Johnna, a Massachusetts girl, yogi, and world class musician. They have a son, a daughter and four grandchildren.
Michael is part of the 1031 securities sales team at Net Lease Capital Advisors, focusing on broker dealer relations and new transaction securitization.
Michael worked in the capital markets for 25 years. He built out and headed up the equity sales and trading platforms for ING Barings, ABN AMRO and Morgan Joseph investment firms. For 12 years prior, he worked as a trader at Goldman Sachs, also cultivating an institutional client base and developing a front-end trading system there.
In the last three years before he joined Net Lease Capital, Michael worked raising money for the Children’s Aid Society of New York’s Carrera Adolescent Program as that organization’s Head of Development. The organization works with urban teenagers, providing social and educational supports to instill healthy life habits, reduce teen pregnancy, and participants’ academic careers.
Michael coaches the soccer teams of his three kids, and, along with his family, works actively for Family Promise of Bergen County, a program that assists working families with children who are temporarily homeless.
