SRS Real Estate Partners announced today the $14.15 million portfolio sale of three single-tenant retail properties in Jefferson, IN. The properties are all outparcels to Jefferson Town Center, a major community center anchored by Hobby Lobby, Burlington, Petco, and TJ Maxx, that is also currently undergoing major new development. The three sold properties include Academy Sports+Outdoors, Chipotle, and 7 Brew Coffee.
SRS Capital Markets Vice Presidents Michael Carter and Frank Rogers represented the seller, a local Indiana-based developer, as well as the single buyer, a California-based private investor.
“We are fortunate to have played a significant role in the sales of several of the assets within Jeffersonville Town Center. The buyer’s strategy was to acquire a controlling portion of the entire development, which has now been realized. Between the buyer, seller, and lender, this transaction was a success for all parties involved,” said Carter.
“The Jeffersonville market has continued to show growth and promise of future expansion. With tenants expanding east across Veterans Parkway, the synergy of the corridor that surrounds the pads has been a safe haven for the buyer’s capital,” added Rogers.
Following are details on each sold property:
- Academy Sports+Outdoors is located at 1600 Veterans Parkway and is situated on 5.22 acres. Built in 2022, the 63,281-square-foot (sf) property has more than 13 years remaining on its corporate-guaranteed absolute triple net lease.
- Chipotle has a drive-thru and is located at 1620 Veterans Parkway. Built in 2023 and situated on .78 acres, the 2,325-sf property has a new 15-year corporate-guaranteed absolute triple net lease in place.
- 7 Brew Coffee is a drive-thru format and is located at 1626 Veterans Parkway. Built in 2023, the property totals 510 sf and is situated on .51 acres. It has a new, 10-year ground lease in place.
The properties are within a dense retail trade area. with surrounding retailers include Menards, Walmart Supercenter, Target, Lowe’s and PetSmart, among others, creating a strong crossover customer base.
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has in excess of 740 properties actively on the market with a market value surpassing $3.5 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.