March 6, 2019 – SRS Real Estate Partners’ National Net Lease Group has completed the $3.24 million sale of a fully occupied newly renovated grocery store-anchored retail property located on 3.11 acres at 1300 U.S.-101 in Reedsport, OR. The 27,011-square-foot property has two tenants which include McKay’s Market and Dollar Tree who recently signed new 10-year triple-net leases.
SRS’ National Net Lease Group Managing Principals Patrick Luther and Matthew Mousavi and Senior Vice President Ron Dowhaniuk represented the seller, an Oregon-based developer. The buyer was an Oregon-based private family trust, (not in a 1031 exchange) and was self-represented. The property sold at a cap rate of 7.27 percent. SRS was also responsible for the leasing of the asset on behalf of the ownership.
“This newly renovated property features corporate-guaranteed long term leases and is within a larger shopping center which includes Ace Hardware and First Community Bank, creating even more crossover traffic for the center,” said Mousavi. “Additionally, this property has had strong historical occupancy with McKay’s Market – previously called Price ‘n Pride – operating at this location for nearly 40 years.”
Mousavi added, “SRS’ Portland office was able to secure Dollar Tree at this center, its first store in the market, which made the deal possible.”
The property is located at the signalized intersection of Oregon Coast Highway/U.S. Highway 101 and 13th Street and provides highway frontage and multiple access points. It is also within the main commercial corridor of Reedsport with other nearby retailers including NAPA Auto Parts, 7-Eleven, Subway, McDonald’s, and others.
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.