BRADENTON, FL—SRS Real Estate Partners’ Net Lease Group reports it has brokered the sale of a single-tenant recently renovated 7-Eleven retail store located at 7305 State Road 70 E. in Bradenton, FL.
The $5.5-million sale for the 4,350-square-foot freestanding property features a 15-year triple-net lease with options to extend. The property was acquired by an affiliate of Bayrock Investment Co. of Charlotte, NC. SRS’ National Net Lease Group EVP Patrick Nutt and first VP William Wamble represented the seller, a Florida-based developer of retail properties. The property was recently renovated for the new 7-Eleven location.
“Newly developed, single-tenant assets with long-term absolute triple-net leases in Florida are in high demand from investors for a plethora of reasons, but the tax advantages of accelerated depreciation from acquiring a C-Store with gas pumps make it all the more appealing.,” says SRS National’s Nutt. “We identified an ideal out-of-state buyer seeking to grow his portfolio here.”
Situated on 1.4 acres, the property is located at the highly trafficked intersection of 73rd Lane E. and E. State Road 70. It is located at the only main entrance of Creekwood Crossing, a 417,000-square-foot power center with tenants including Lowe’s Home Improvement, Big Lots, Dollar Tree, Chick-Fil-A and Starbucks, among others.
Earlier this month, Dallas-based SRS reported that it completed the $4.28-million sale South Street Shops, an 18,096-square-foot, value-add, two-tenant retail property located at 10745 South St. in Cerritos, CA.
SRS’ Investment Properties Group VP Ara H. Rostamian and managing principal Patrick Luther and Eric Mandell of Apex Properties represented the seller, a Los Angeles-based private investor. The buyer was a Southern California-based private investor represented by Sperry CGA Beverly Hills. The property sold for nearly $237-per-square-foot.
In late July, in its last announced deal in Florida, SRS brokered the record-breaking $11.8-million sale of Viera Colonnade Shops, a neighborhood center located in Viera, FL, 35 miles east of Orlando. Built in 2017 and 2018, the three-building shopping center is situated on 3.44 acres at 2328, 2338 and 2348 Citadel Way and totals 27,051 square feet. According to CoStar records, at $436-per-square-foot, the property set a sales record for the highest price per square foot ever paid for a strip center sold in excess of $10 million in the state of Florida (excluding Miami-Dade County.)
SRS’ Investment Properties Group managing principals Patrick Luther and Matthew Mousavi represented the seller, a developer based in Florida. The buyer, a private partnership comprised of domestic and foreign investors, was self-represented. The property closed at a 6.85% cap rate.
The asset is fully occupied by 14 tenants including UPS, Jersey Mike’s, Great Clips, Mattress One, and Blaze Pizza. All tenants recently signed brand new 10-year triple-net leases with options to extend, demonstrating their commitment to the center and the thriving area.