SRS Real Estate Partners announced today it has completed the $5.04 million sale of a new construction retail property located at 6598 N. U.S. Highway 41 Bldg. B in Apollo Beach, FL. The 7,000-square-foot freestanding building is fully occupied by two tenants on long-term leases including GoodVets and First Watch.
SRS Capital Markets Executive Vice President & Market Leader Patrick Nutt, Senior Vice President William Wamble and Associate Daniel Becker who are based in Fort Lauderdale and Tampa, FL represented the seller, a Florida-based investment and development group. The buyer was a South Florida-based private investor who was in a 1031 exchange. The property sold at a 6.25% cap rate.
“This newly developed property garnered significant investor interest and received six offers,” said Wamble. “We closed with an all-cash buyer looking to satisfy a large 1031 exchange who was drawn to the 10-year, corporate signed leases and the significant population growth surrounding the asset.”
Situated on 1.91 acres, the property is within an affluent location with an expanding population and is surrounded by national tenants including Dunkin’, Bank of America, Anytime Fitness and CVS.
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 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.