Newport Beach, Calif. (December 19, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $2.9 million ground lease (land ownership) sale of a 13,914-square-foot single-tenant retail property occupied by Walgreens on an absolute, triple-net corporate guaranteed lease, in San Bernardino, Calif.
Michael Walseth, a senior vice president with SRS National Net Lease Group, represented the seller a Chicago-based private investor, as well as the buyer, a private investor from Newport Beach. The closing cap rate was 4.32 percent.
“Ground lease opportunities with a strong national tenant in a dense, infill Southern California market are scarce and in high demand from investors seeking a passive investment,” said Walseth.
Built in 2002 and situated on 1.44 acres at 1634 E. Highland Avenue in San Bernardino, the property includes a drive-thru and provides 74 parking spaces. It is located at the signalized highly trafficked intersection of E. Highland Ave. and Del Rosa Ave. N. and is less than two miles from St. Bernadine Medical Center. Additionally, it is within a strong retail corridor with other nearby retailers including Target, Harbor Freight Tools, Stater Bros, and Chase Bank, among others.
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.