SRS Real Estate Partners’ national net lease group has completed the $20-million sale of a single-tenant retail property fully occupied by Staples on Biscayne Boulevard in Miami, FL.
SRS’s Joseph Simon represented the seller, Crescent Heights. The buyer was a private investor who in a 1031 exchange. The sale closed at a cap rate of 5.1%.
“While Staples has just 1.5 years remaining on its lease and is considered a higher risk tenant, the location on Biscayne Avenue in Miami, is considered prime real estate with favorable zoning,” said Simon. “These fundamentals provided the buyer with a promising long-term outlook and high potential for adding significant value in the near future, therefore a strong price was secured.”
The 20,288-square-foot property is located less than 4.5 miles west of Miami’s South Beach and is in a dense, infill location with high barriers to new development. There are 529,000 residents and 325,000 employees within a five-mile radius.