Newport Beach, CA (November 29, 2018) – SRS Real Estate Partners’ National Net Lease Group has completed the approximately $3.02 million sale of a newly constructed two-tenant retail property fully occupied by Santino’s Pizza & Grinders and Moe’s Southwest Grill in Pace, FL. Located at 4741 U.S. Highway 90, the 5,700-square-foot building is situated on 1.5 acres and is an outparcel to Santa Rosa Commons, a shopping center anchored by Target and Publix Supermarket and featuring other national brands including T.J. Maxx and PetSmart, among others.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther represented the seller, the developer of the property. The buyer was a family partnership represented by NAI Capital. The property traded close to the asking cap rate of 6.50 percent.
“This property offered an investor a rare opportunity to own a new, two-tenant retail property with both tenants on long-term, 10-year leases with rent increases over that term,” said Mousavi. “We emphasized the location being the only multi-tenant outparcel approved within this PUBLIX and Target anchored center. We received multiple offers, ultimately selecting an all cash, private investor.”
The property is located within an area that is seeing a strong amount of retail, commercial and residential growth. Nearby, retailers that have recently opened their doors include Dick’s Sporting Goods, Michael’s, and ULTA. More than 52,000 residents and nearly 14,000 employees are within a five-mile radius of Santa Rose Commons.
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.