August 27, 2019 – SRS Real Estate Partners’ Investment Properties Group has completed the approximately $3.7 million sale of a three-tenant, 8,650-square-foot property fully occupied by Mattress One, First Watch, and Tijuana Flats at 12320 to 12332 Cortez Blvd. in Brooksville, FL.
SRS’ National Investment Properties Executive Vice President Patrick Nutt and Connor Barton represented the seller, a Florida-based retail developer. The buyer, a Florida-based multi-tenant retail property investor, was represented by Saunders Ralston Dantzler Real Estate – SVN.
“The buyer purchased the asset with debt, acquiring a 10-year loan amortized over 25 years,” said Barton. “With rates dropping in recent months, buyers have been increasingly seeking out these neighborhood multi-tenant centers.”
Built in 2017, the property is situated on nearly 1.5 acres. It is located within a larger retail center and is surrounded by a densely populated area with more than 80,000 people within a five-mile radius.
This sale marks the final parcel of a larger development led by SRS’ Patrick Nutt on behalf of the seller. The other three single-tenant properties include a Chase Bank, Longhorn Steakhouse, and Cheddar’s.
SRS’ Investment Properties Group and 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.