Detroit, Mich. (December 16, 2020) – SRS Real Estate Partners’ National Net Lease Group has completed the $7.2 million acquisition of a portfolio of two single-tenant retail properties occupied by Christian Brothers Automotive, who was also the seller. Upon close of escrow, Christian Brothers signed 15-year, absolute triple-net leases on the assets as part of a sale-leaseback strategy.
SRS’ National Net Lease Group’s First Vice Presidents Frank Rogers and Michael Carter, who lead the firm’s Detroit office, represented the all-cash buyer, a Midwest-based private investor who was in a 1031 exchange.
The property details include:
3985 W. Smith Valley Road in Indianapolis, IN: The property totals 5,264 square feet and is situated on 1.99 acres. The property is within an affluent area with a population of more than 110,000 people within a five-mile radius. Nearby retailers include Walmart, Target, Starbucks, Home Depot, and Aldi among others.
9565 Zachary Lane N. in Maple Grove, MN: The property totals 5,561 square feet and is situated on 1.42 acres. The property is located in an affluent area with a population of more than 171,000 people within a five-mile radius. Nearby retailers include Costco Wholesale, Walmart Supercenter, Sam’s Club, Target, Home Depot, and Kohl’s, among others.
“This was a strategic upleg in our buyer client’s 1031 exchange and provides a stable, long-term investment with no landlord responsibility,” said Rogers.
Carter added, “Sale-leasebacks are a way for owner-users to free up additional capital which they can use for investment into their business. Over the years, we have seen this strategy increase in popularity.”
SRS’ National Net Lease Group has continued its explosive growth in the past year, and plans to continue expansion of its teams across the country throughout the remainder of 2020. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed more than 330 sales to date in 2020 valued at more than $1.35 billion. Of those transactions SRS’ National Net Lease Group (NNLG) has closed 250 transactions since the COVID-19 crisis began. These transactions alone are valued at more than $1 billion. Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently listed for sale. The National Net Lease Group has more than 50 net lease professionals nationwide, all collaborating on one central platform, with leadership, underwriting, and marketing efforts strategically located in Southern California.
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 www.srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.