Newport Beach, CA (June 20, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $1.7 million ground lease sale (land ownership) of a 7,163-square-foot single-tenant property fully occupied by Texas Roadhouse located at 4140 Miller Road in Flint, MI. The absolute corporate-guaranteed triple net lease has approximately 13 years remaining on its initial lease term with options to extend.
SRS’ National Net Lease Group Senior Vice Presidents Dan Elliot and Sean Lutz represented the seller, JSNT Real Estate, LLC from Indianapolis. The buyer was Richmond Properties IV, LLC From Las Vegas. The closing cap rate of 5 percent marked one of the lowest for the local market.
“The Flint market is a recovering area and investors are hesitant because of the uncertainty,” said Lutz. “We worked to aggressively market this high profile restaurant property and were able to achieve strong pricing for this well-located asset. Additionally, this is the third Texas Roadhouse property we have sold on behalf of the seller over the past couple of years.”
Built in 2015 and situated on 2.82 acres of land, the site is along Miller Road which is adjacent to Interstate 69 which sees more than 76,000 vehicles passing daily. It is also just .5 miles from the Genesee Valley Center Mall which has more than 1.27 million square feet of retail space and more than 127 stores. The site is also just one mile from Bishop International Airport.
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has 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 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.
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 2018, the group completed more than 300 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 srsre.com/national-net-lease-group.