SRS Real Estate Partners announced today it has completed the $14.32 million ground lease (land ownership) acquisition of a newly developed Lowe’s Home Improvement property located at 2317 Gunn Highway in Odessa, FL, a suburb of Tampa. Completed this year, the 137,554-square-foot property is situated on just under 12 acres. The property has a corporate-guaranteed 20-year absolute net ground lease in place.
SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther represented the buyer, a California-based private trust who paid all cash. The seller was a private developer who was represented by Patrick Wagor of Atlantic Capital Partners.
“This transaction is part of a $30 million portfolio assemblage that SRS managed on behalf of our private investor client,” said Mousavi. “This asset provides passive, long-term income with a top home improvement brand within a high-growth Tampa submarket.”
The Lowe’s property is surrounded by national retailers including Publix, 7-Eleven, The Learning Experience and future new retail development, encouraging strong tenant synergy and crossover customer traffic.
Year to date, SRS Capital Markets has completed approximately $1.5 billion in deal volume comprised of more than 250 transactions in 45 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3.2 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.