SRS Real Estate Partners announced today it has completed the $6.6 million sale of a 40,044-square-foot single-tenant property occupied by Ashley Furniture. Situated on four acres and built in 2007, the property is located at 3321 Lowery Parkway in Fultondale, AL, a suburb of Birmingham.
SRS Capital Markets Executive Managing Principals Matthew Mousavi and Patrick Luther who are based in the firm’s Newport Beach office and SRS Managing Principal and Market Leader Martin Smith who is out of the firm’s Birmingham office represented the seller, a private investor. SRS generated multiple offers from third party investors, however, the tenant ultimately acquired the property exercising its right of refusal.
“This property is in a densely populated area and was leased to one of the nation’s largest furniture store chains,” said Luther. “Our marketing outreach attracted a significant amount of interest from investors across the country, but ultimately we secured the best offer from the occupier,” said Luther.
The property is near a number of single-family home communities and multifamily complexes and is an outparcel to Promenade Fultondale, a community retail center anchored by Target. The asset is also accessible to Interstate 65 and is eight miles from downtown Birmingham.
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.