Newport Beach, Calif. (November 29, 2018) – SRS Real Estate Partners’ National Net Lease Group has completed the $2.7 million ground lease sale (land ownership) of a newly developed, freestanding, 4,998-square-foot property occupied by Chick-fil-A. The quick-serve restaurant with a drive-thru signed a 20-year corporate-guaranteed lease with options to extend and opened its doors in April 2018.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther, and First Vice President Dale Robbins represented the seller, Lisciotti Development Corp. The buyer was a local investor based in Texas and was represented by Lincoln Realty Group. The asset sold for approximately $540 per square foot.
“This is an excellent example of how a targeted marketing campaign translates into a strong sale price for our sellers,” said Robbins. “SRS created a tailored outreach to all the buyers of Chick-Fil-A occupied assets within the past two years, with a focus on Texas specifically, in addition to reaching our substantial proprietary database of potential buyers.”
The SRS National Net Lease Group, which is based in Newport Beach, Calif., utilized its extensive database, bespoke marketing strategy, as well as its five established Texas offices in order to maximize collaboration and achieve exceptional results for the seller.
Located at 106 E. University Boulevard, the property is situated on just over two acres of land and is at the busy, highly visible intersection of E. University Boulevard and Andrews Highway. The site is within a retail corridor that includes nearby national retail brands including Walmart Supercenter, Albertsons, Lowe’s, Target, CVS, Planet Fitness, among others. There are more than 124,000 residents and 60,000 employees within a five-mile radius of the property.
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.