Newport Beach, CA (March 5, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the recent closings of $2.8 million and $1.25 million retail centers in Vallejo, CA. The seven-tenant Sonoma Strip Center at 3612-3672 Sonoma Blvd and the four-tenant Automotive Center at 3424 Sonoma Boulevard in Vallejo, CA.
SRS National Net Lease Group’s Senior Associate Jack Cornell represented the seller and buyer on both deals, all private investors local to the San Francisco area.
“The City of Vallejo has seen a great deal of economic development activity and gentrification over the past few years,” said Cornell. “Retail investors are recognizing this and are looking to reap the rewards of growth and appreciation by owning here as the local economy improves and rents continue to rise. Both buyers came out of multifamily 1031 exchanges and were attracted to the higher cap rates and value-add components associated with these local tenant mixes.”
SRS’ National Net Lease Group, has more than $1.5 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide.
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 srsre.com.