Fort Lauderdale, FL (February 5, 2024) – SRS Real Estate Partners announced today it has completed the $1.45 million sale of a 7,322-square-foot single-tenant property occupied by Maaco Collision Repair & Auto Painting. Built in 2003, the property is situated on .68 acres at 3984 Tyrone Boulevard N in St. Petersburg, FL.
SRS Capital Markets Senior Associate Jaime Salazar, EVP and Market Leader Patrick Nutt, and Senior Vice President William Wamble represented the seller, a Florida-based private investor. The buyer was a California-based private investor. The closing cap rate was 6.62%.
“Through our exclusive marketing campaign, we generated multiple offers and closed all cash at 94% of list price with a 1031 exchange buyer out of California,” said Salazar. “This was a win-win scenario, as the seller was able to maximize his net proceeds, and the buyer now owns a trophy location in the main corridor to St. Pete Beach with a tenant that is paying below market rents.”
Maaco fronts Tyrone Boulevard and is in a dense trade area supported by dozens of nearby retailers including Target, Publix, Walmart Supercenter, and Total Wine, among others. St. Petersburg is the fifth largest city in Florida and continues to experience population expansion.
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 more than 25 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.