Tampa, FL (July 11, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $2.745 million sale of a single-tenant 7,225-square-foot freestanding property fully occupied by O’Reilly Auto Parts located at 6398 9th Street N in St. Petersburg, FL. The property features a 20-year triple-net lease with new construction completed in April 2019.
SRS’ National Net Lease Group Executive Vice President Patrick Nutt represented the seller, a Tampa-based developer, as well as the 1031 exchange buyer, a Michigan-based private investor. The closing cap rate was 5.38 percent.
The O’Reilly Auto Parts property is situated at the northwest corner of 9th St N and 62nd Ave N and is an outparcel to a Winn-Dixie-anchored shopping center, that also includes McDonald’s, Checkers Drive-In, KFC,
Bank of America, Dunkin’ Donuts, Big Lots and Firestone. O’Reilly Auto Parts is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United
States.
“This asset offered the buyer all the things investors seek in a single-tenant retail property – ideal location, brand name tenant on a triple-net lease, minimal landlord responsibilities and new construction,” said Nutt.
He added, “St. Petersburg attracts investors and capital for a number of reasons. This area is densely populated with a strong job market. Additionally, its surrounding beaches and proximity to some of the world’s top theme parks draw more than 15 million visitors per year.”
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.