SRS Real Estate Partners announced today it has completed the $6.9 million ground lease sale of a 2,775-square-foot newly developed single-tenant property occupied by Fifth Third Bank. Situated on a .64-acre site, the property is located at 615 Oberlin Road in Raleigh, NC.
SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther, who are based in the firm’s Newport Beach office, represented the seller, a private developer. The buyer was a New York-based private investor. The sale closed at a 4.86% cap rate.
“This opportunity presents the new ownership with a new construction asset with a 20-year lease in place,” said Luther. “Fifth Third Bank is an investment grade tenant with more than 1,000 locations and provides the investor with zero landlord responsibilities, giving them a passive, cash-flowing income.”
The property features a drive-thru ATM and is within a dense retail corridor near Shops at Village District, a nearly 600,000-sf shopping center anchored by Fresh Market, Walgreens, and Crunch Fitness, among others.
In 2023, SRS Capital Markets completed approximately $2 billion in deal volume comprised of 495 transactions in 43 states. SRS currently has in excess of 600 properties actively on the market with a market value surpassing $2.85 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.