November 7, 2018 – SRS Real Estate Partners’ National Net Lease Group has completed the $4.7 million sale of a Walgreens with drive-thru retail property in Mesquite, TX. Walgreens has nine years remaining on the its absolute NNN corporate-guaranteed lease with 10 five-year option periods to extend.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther represented the seller of the property, a family office based in Salt Lake City, Utah. The buyer was a California-based 1031 exchange investor. The all-cash deal closed within 35 days of opening of escrow.
Built in 2000, the 15,062-square-foot property is situated on 1.58 acres at 1520 Pioneer Road and includes approximately 78 parking spaces. It is located at the signalized intersection of E. Cartwright Road and Pioneer Road, and sees approximately 31,300 vehicles pass by daily. Two drive-thru lanes provide ease and convenience for customers. Sited within just two miles of Interstate 635, with its 131,800 vehicles daily traffic, the asset is directly across from a Tom Thumb grocery-anchored center, which helps promote crossover shopping, along with other nearby national/credit tenants.
Mesquite is located just 12 miles east of Dallas in north central Texas. With more than 4 million square feet of retail space, more than 6 million square feet of total business space, and two restaurant rows offering more than 30 restaurants and 42 movie screens, Mesquite is recognized as an important retail, restaurant and entertainment destination in the Dallas/Fort Worth region. More than 198,000 residents with an average household income of $64,000 live within its five-mile trade area.
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.