Detroit, MI (March 3, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $2.46 million sale of two, free-standing retail properties occupied by Starbucks and Subway. The Starbucks asset totals 2,085 square feet and includes a drive-thru while the Subway asset totals 2,000 square feet. Located at 5241 and 5341 S. 9th Street in Kalamazoo, MI, the two buildings were built in 2017 and are situated on a 1.25-acre parcel. Each tenant has eight years remaining on its lease.
SRS National Net Lease Group’s First Vice Presidents Michael Carter and Frank Rogers represented the seller, a Detroit-based private investor who owned the property for 1.5 years. The buyer, a Kalamazoo-based private investor, was also represented by Carter and Rogers. The transaction closed at a 5.58 percent cap rate, one of the lowest ever for a two-tenant asset in the state of Michigan.
“This property offered the buyer a solid investment with two established, national brand name tenants,” said Carter. “We were able to secure a local buyer who understood the market and appreciated the cash-flowing, stable asset.”
The property is located just off the Interstate 94 exit and is surrounded by a number of national tenants including: McDonalds, Wendy’s, Taco Bell, Speed-way, Jimmy John’s, Dunkin Donuts and Arby’s. The population within a five-mile radius exceeds 107,400 residents. Additionally, the property is close to Kalamazoo Valley Community College, four hotels and several sports venues. It is also across from a UPS Distribution Center, PNC Bank Operations Center and Dana Holding Corporation.
SRS’ National Net Lease Group, with 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.