SRS’ Investment Properties Group (IPG) exclusively marketed and brokered the sale of a portfolio of four retail assets that consist of 467,358 square-feet and 54.72 acres of land. The portfolio includes three community centers and a single-tenant net lease Home Depot. The properties are located in Florida, South Carolina, Virginia, and Alabama. The sellers, which included New Smyrna ACD, LLC, Martintown ACD, LLC, Kings Fairground ACD, LLC and Northside ACD, LLC, sold the properties on January 31, 2020 to an affiliate of Hackney Real Estate.
New Smyrna Beach Shopping Center is a 101,037 square foot community center, and is anchored by AMC Theatres, Planet Fitness, and Dollar General, which is roughly 64.4% of the total gross leasable area, and is roughly 98% occupied. The center is situated on 10.13 acres of land located at 1405-1551 South Dixie Freeway in the heart New Smyrna Beach, Fla. and just minutes from interstate 95.
The largest center of the portfolio, Martintown Plaza, is located in North Augusta, S.C. The 100% occupied 141,903-square-foot community center has excellent national tenants that make up roughly 92% of the overall tenant roster. The anchor tenants include Belk, Planet Fitness, and Office Depot. The additional national tenants are Advance America Cash, Jersey Mike’s Subs, OneMain Financial, and Jackson Hewitt Tax Service, and include three restaurant outparcels leased to Sonic, Ruby Tuesday, and Taco Bell. The property sits at the intersection of Knox Avenue and Martintown Road with an address of 1115-1139 Knox Avenue.
The last of the three community centers is Kings Fairground, which consist of 120,153 square feet and sits on 14.8 acres of land. Kings Fairground is anchored by Ollie’s Bargain Outlet and Tractor Supply Co with additional national tenants Dollar General, and Lumber Liquidators. It is located at 119 Piney Forest Road in Danville, Va. with a strategic position at the intersection of Riverside Drive, Central Boulevard, and Piney Forest Road with a combined traffic count of 75,800 vehicles per day.
The single-tenant net lease asset is located in the heart of Dothan, Ala. It is ground leased to, and is corporately-guaranteed by, The Home Depot. The Home Depot is situated next to Northside Mall and occupies 104,105 square feet on a total of 10.16 acres of land. The property is located at 3489 Ross Clark Circle on the western quadrant of the intersection of Ross Clark Circle and Montgomery Highway with an outstanding combined traffic count of 73,690 vehicles per day. Ross Clark Circle runs the entire perimeter of the city of Dothan, acting as its primary traffic thoroughfare. Area retailers include Publix, Hobby Lobby, 2nd & Charles, T.J.Maxx, PetSmart, Old Navy, Big Lots, Shoe Carnival and more.
“Despite challenges that included existing assumable debt and the sale of multiple leasehold interests, we secured, hands down, the best buyer for this Portfolio,” said Kyle Stonis, managing principal, of SRS’ Investment Properties Group. “We were ecstatic to be able to work together with both buyer and seller to overcome these hurdles and get this one to the finish line.”
Kyle Stonis, managing principal, and Pierce Mayson, managing principal, of the Investment Properties Group in the SRS Atlanta office, represented the seller in the transaction. The buyer did not have representation in this transaction.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.