Newport Beach, CA (November 14, 2018) – SRS Real Estate Partners’ National Net Lease Group has completed the approximately $1.95 million sale of a single-tenant retail property fully occupied by Cumberland Farms in South Deerfield, MA. The asset is absolute triple-net leased by Cumberland Farms, Inc., the corporation that runs the regional chain of convenience stores across 11 states, which recently signed a 20-year lease with options to extend. The newly developed 4,786-square-foot property is situated on just under two acres of land at 31 Elm Street.
SRS’ National Net Lease Group First Vice President Britt Raymond, Managing Principals Matthew Mousavi and Patrick Luther, and Senior Associate Kyle Fant represented the seller, a locally based developer. The buyer was a private investor with international capital. The property traded at a 4.25 percent cap rate, the lowest on record for a Cumberland Farms-occupied asset.
“We utilized SRS’ extensive database that includes both national and international buyers to generate a high amount of buyer demand which resulted in a transaction at full asking price,” said Raymond. “We received five offers over the first two weeks the asset was on the market and closed escrow within 50 days of listing the property.”
The property is situated at a hard corner intersection of Greenfield Road and Elm Street and is less than two miles from Interstate 91. It is strategically located in the central west area of South Deerfield and is near the Yankee Candle flagship store which sees more than three million visitors per year and is one of the largest tourist attractions in the state. Other surrounding tenants that provide favorable crossover traffic for the retailer include Bershire Brewing Company, Ben & Jerry’s, UPS, True Value, and Wolfie’s Restaurant, among others.
SRS’ National Net Lease Group successfully completed more than 270 sales in 2017; to date in 2018, the group has more than 350 transactions sold or under contract across more than 35 states nationwide, with over $1 billion in assets currently listed for sale.
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.
SRS’ National Net Lease Group 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 2017, the group completed more than 270 sales across more than 30 states. 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 srsre.com/national-net-lease-group.