San Francisco, CA (November 13, 2023) – SRS Real Estate Partners announced today it has completed the $6.25 million sale of a free-standing, 14,550-square-foot (sf) single-tenant property occupied by Walgreens. Built in 2013 and situated on two acres, the property is located at 1645 Cranium Drive in Rock Hill, SC.
SRS Capital Markets First Vice President Susan Harris represented the seller, a Washington-based private investor. The 1031 exchange buyer, a North Carolina-based private investor, was represented by Andrew Margulies with Marcus & Millichap.
“The seller’s timing was excellent on this transaction,” said Harris. “We closed at under a 6% cap rate and will benefit from the shift in market conditions when we execute the upleg of the seller’s 1031 exchange which will increase their overall cash flow.”
Harris noted the buyer liked that 15 years was remaining on Walgreens’ corporate-guaranteed lease, providing a long-term, passive income with zero landlord responsibilities.
The highly visible, well-located asset is within a dense retail corridor and is adjacent to Wedgewood Square, a Publix-anchored shopping center. Nearby national brands include Walmart Supercenter, Food Lion, ACE Hardware, Big Lots!, and Home Depot, among others. It is also near Piedmont Medical Center, a full-service hospital, and State Highways 561 and 161.
Year-to-date, SRS Capital Markets has completed nearly $2 billion in deal volume comprised of 403 transactions in 43 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3 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.