August 22, 2019 – SRS Real Estate Partners’ National Net Lease Group has completed the $5.5 million sale of a single-tenant 4,350-square-foot freestanding property fully occupied by 7-Eleven located at 7305 State Road 70 E. in Bradenton, FL. The property recently underwent a complete renovation for a new 7-Eleven location and features a 15-year triple-net lease with options to extend.
SRS’ National Net Lease Group Executive Vice President Patrick Nutt and First Vice President William Wamble represented the seller, a Florida-based developer of retail properties. The buyer was affiliated with Bayrock Investment Company out of Charlotte, NC.
“Newly developed, single-tenant assets with long-term absolute triple-net leases in Florida are in high demand from investors for a plethora of reasons, but the tax advantages of accelerated depreciation from acquiring a C-Store with gas pumps make it all the more appealing.,” said Nutt. “We identified an ideal out-of-state buyer seeking to grow his portfolio here.”
Situated on 1.4 acres, the property is well located at the highly trafficked intersection of 73rd Lane E. and E. State Road 70. It is located at the only main entrance of Creekwood Crossing, a 417,000-square-foot power center with tenants including Lowe’s Home Improvement, Big Lots, Dollar Tree, Chick-Fil-A and Starbucks, 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.