Fort Lauderdale, FL (July 3, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $2.495 million ground lease sale (land ownership) of a single-tenant 6,384-square-foot freestanding property fully occupied by Longhorn Steakhouse located at 2400 N. Monroe Street in Tallahassee, FL.
SRS’ National Net Lease Group Executive Vice President Patrick Nutt represented the seller, a New York-based investment group. The buyer, a Florida-based private investor was represented by Alan Lipsky of Marcus & Millichap. The closing cap rate was 5 percent.
“SRS secured a strong buyer and a below-market cap rate for a Longhorn Steakhouse-occupied asset,” said Nutt. “The seller acquired the ground lease recently and was able to add value by extending the tenant’s corporate-guaranteed lease by 14 years as testimony to the location and the restaurant’s strong sales numbers. Overall, this asset offered great real estate fundamentals on over one-acre of land at highly visible intersection.”
Built in 1992, the property is located just one-mile south of Interstate 10 and offers more than 170,000 residents and 149,000 employees in the trade area. Additionally, it is directly across the street from The Centre of Tallahassee, a semi-enclosed mall with more than 747,000 square feet of retail space with tenants including AMC Theatres, Belk and Ross. Additionally, the site is 2.5 miles from Florida State University which has more than 42,000 students in attendance.
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 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 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 srsnnlg.com.