Fort Lauderdale, FL (January 3, 2024) – SRS Real Estate Partners announced today it has completed the $7.15 million sale of Alcoa Commons, a new construction, 13,890-square-foot retail center located at 1010 to 1020 Alcoa Market Street in Alcoa, TN. The two-building property is fully leased and includes Orange Theory, Kay Jewelers, Eyeglass World, and the Joint Chiropractic in the multi-tenant building, as well as a free-stranding single-tenant building occupied by First Watch.
SRS Capital Markets Executive Vice President & Market Leader, Patrick Nutt and Senior Vice President William Wamble who are based in Fort Lauderdale and Tampa, FL represented the seller, a Tennessee – based developer. The Chicago-based private buyer was in a 1031 exchange. The closing cap rate was 6.14%.
“We were able to source a buyer for this property off-market through existing brokerage relationships,” said Wamble. “Tennessee continues to be an attractive state for retail investment. Its population has been rapidly expanding as it offers residents no state income tax and a growing employer base.”
Nutt added, “We sourced the out-of-state buyer for Alcoa Commons off-market through our national brokerage relationships. It was a solid deal match and created a favorable situation for both the seller and the buyer.”
The property is situated directly off U.S. Highway 129 and is part of a larger development that is planned to feature more than 16,800 sf of retail space, an apartment complex, and other national retail tenants.
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.