Fort Lauderdale, FL (February 8, 2024) – SRS Real Estate Partners announced today it has completed the approximately $7.74 million sale of a new construction single-tenant property occupied by Crunch Fitness. The property is located at 14150 W. Colonial Drive in Winter Park, FL, a suburb of Orlando.
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 Florida-based investment and development group. The buyer was a Central Florida-based private investor who was in a 1031 exchange. The property sold at a 7.03% cap rate.
“This high quality, new construction asset features a 15-year absolute triple net lease with zero landlord responsibilities,” said Wamble. “We sourced multiple offers from investors around the country and identified a local 1031 exchange buyer who understood the intrinsic value of the growing Winter Park market. Our team has transacted on 11 gym properties since the beginning of 2023 worth over $110 million in consideration.”
The 29,987-square-foot property is situated on 3.65 acres and is within a dense retail corridor just north of the Florida Turnpike. The asset is part of a larger, 500,000-sf retail development that includes VyStar, Firestone, Goodwill, and Dairy Queen, among others.
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.