SRS Real Estate Partners announced today it has completed the $3.45 million sale of a newly developed Chipotle property located at 4916 East Silver Springs Boulevard in Ocala, FL.
SRS Capital Markets Executive Vice President and Managing Principal Patrick Nutt and Executive Vice President William Wamble who are based in Florida represented the seller, a national real estate investment and development company. The buyer was an international investor from Spain who was in a 1031 exchange. The closing cap rate was 4.47%.
Situated on just over one acre, the 2,490-square-foot building was completed in 2023 and Chipotle opened for business early last year. The property has a new 15-year absolute triple-net corporate-guaranteed lease in place with scheduled rent increases and options to extend the term.
“We were happy to find an international buyer who was attracted to the passive lease structure of this investment combined with Chipotle’s outstanding credit profile,” said Wamble. “We generated multiple offers while marketing the asset and closed at a cap rate roughly 50 basis points better than national averages.”
The property is well-located adjacent to a Walmart Supercenter, is positioned in front of ALDI and surrounded by other big box retailers including Lowe’s and Ross.
Year to date, SRS Capital Markets has completed approximately $991 million in deal volume comprised of 235 transactions in 45 states. SRS currently has in excess of 659 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.