Newport Beach, CA (July 24, 2019) – SRS Real Estate Partners’ Investment Properties Group has completed the record-breaking $11.8 million sale of Viera Colonnade Shops, a neighborhood center located in Viera, FL, a city 35 miles east of Orlando. Built in 2017 and 2018, the three-building shopping center is situated on 3.44 acres at 2328, 2338 and 2348 Citadel Way and totals 27,051 square feet. According to CoStar records, at $436 per square foot, the property set a sales record for the highest price per square foot ever paid for a strip center sold in excess of $10 million in the state of Florida (excluding Miami-Dade County.)
SRS’ Investment Properties Group Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a developer based in Florida. The buyer, a private partnership comprised of domestic and foreign investors, was self-represented. The property closed at a 6.85 percent cap rate.
The asset is fully occupied by 14 tenants including UPS, Jersey Mike’s, Great Clips, Mattress One, and Blaze Pizza. All tenants recently signed brand new 10-year triple-net leases with options to extend, demonstrating their commitment to the center and the thriving area.
Viera Colonnade Shops is well located at the intersection of Citadel Way and Lake Andrew Drive in the community of Viera – one of the fastest growing regions in the state of Florida with more than 20,000 acres of master-planned communities.
“This is one of multiple phases that we have sold within the Viera master-planned community. In total, we have transacted over $40 million in retail property in this immediate corridor, this latest phase being one of the larger shop offerings comprised of three freestanding buildings leased to a variety of food, lifestyle and necessity based tenants,” said Mousavi.
Luther added, “With this asset being within a master-planned community with high barriers to entry, and located in a high growth submarket in the Orlando MSA, SRS had a strong response from investors. We received multiple competing offers from buyers located across the nation, ultimately selecting a non-1031, Florida-based partnership funded in part by foreign investors. The buyer was attracted to the project’s fundamentals along with the property being newly constructed.”
The site is within an affluent trade area and major retail corridor. It is across from The Avenue Viera, a 525,000-square-foot open power center featuring World Market, Bed Bath & Beyond, Michaels, and more.
SRS’ Investment Properties Group and National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1.5 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.