SRS Real Estate Partners has completed the approximately $6.5 million sale of Parkway Place Shoppes, a newly developed, fully occupied, five-tenant strip center property located at 1385 St. Johns Parkway in St. Johns, FL. The five tenants have new 10-year, triple net leases in place and include KidStrong, Oola Mala Restaurant, Tsaocaa Tea, Benjamin Moore and Planet Smoothie. The 11,685-square-foot property completed construction last year.
SRS Capital Markets Senior Managing Principal Patrick Nutt, Executive Vice President William Wamble and Associate Daniel Becker represented the seller, a Florida-based private development company. The buyer was a private investor from New York who was in a 1031 exchange. The closing cap rate was 6.4%.
“This property garnered a strong amount of investor interest as the high-quality asset features five e-commerce resistant tenants on long-term leases,” said Wamble. “Parkway Place Shoppes presents the new owner with an ideal, low-management, passive investment in a growing area of Florida, a state with no income tax.”
The property is across from Durbin Creek Crossing, a 70-acre mixed-use development near interstate 95. St. Johns County is the fastest-growing county in the United States, with a population expected to grow by 15.9% between 2020 and 2025.
Year to date, SRS Capital Markets has completed approximately $1 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.