ATLANTA (May 9, 2019) – SRS’ Investment Properties Group (IPG) exclusively marketed and brokered the sale of an investment property ground leased by Publix Super Market located on Wilmington Island at 155 Johnny Mercer Blvd in Savannah, Ga. The retail property consists of 43,783 square feet and is situated on 5.23 acres of land. Publix Super Markets, the fourth largest grocer in the nation, has occupied the space since 1993. The property is located along Johnny Mercer Blvd, at the southwest corner of the intersection of Johnny Mercer Blvd and Wilmington Island Rd, which has a combined traffic count of 27,560 VPD. Johnny Mercer Blvd runs east and west, connecting with US-80, which runs between Downtown Savannah and Tybee Island. The subject Publix is located in a high profile position directly in front of a marina with access to the Wilmington River and the Intracoastal Waterway, and adjacent to Turners Cove Townhomes. The seller, Sasser Family Enterprises, L.P., sold the property on April 3, 2019 to Publix Super Markets, Inc.
“This was a great opportunity for both Publix and the seller,” said Kyle Stonis, managing principal, of SRS’ Investment Properties Group. “Publix was able to take fee simple ownership of a very successful, ground leased store at an attractive relative price point, which resulted in a highly competitive cap rate for the seller.”
Kyle Stonis, managing principal, Pierce Mayson, principal, and Giles Stevens, vice president, of the Investment Properties Group in the SRS Atlanta office represented the seller in the transaction. The buyer was self-represented 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 20 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 srsre.com.