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.