Salt Lake City, UT (February 9, 2024) – SRS Real Estate Partners announced today it has completed the $5.34 million acquisition of a newly constructed, 10,953-square-foot property that is occupied by PetSuites. Located at 5116 Denali Park Drive in Herriman, UT, the property is situated on approximately 1.2 acres.
SRS Capital Markets First Vice President Susan Harris represented the buyer, a Washington-based private investor who was in a 1031 exchange. The seller was a developer that was represented by JLL.
This new PetSuites site opened in November 2023 and the tenant has a 20-year lease in place. PetSuites operates more than 80 locations nationally with services including daycare, boarding, grooming and training.
“After a competitive bidding process, my buyer client had the strongest offer and the closing process was smooth,” said Harris. “The buyer’s timing was excellent, selling one property that was under a 6% cap rate and picking up 25 basis points on the upleg of this 1031 exchange. Both transactions in the 1031 exchange mirrored the current shift in cap rates and the importance of bringing like-minded parties to the table for a successful close.”
She added: “Ultimately, this acquisition provides the investor with a long-term, passive, and cash-flowing income.”
The asset is located in an affluent and growing suburb of Salt Lake City and is just off Highway 85.
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.