Newport Beach, Calif. (September 19, 2018) – SRS Real Estate Partners’ National Net Lease Group in conjunction with SRS’ Florida tenant and landlord representation team has completed the $8.1 million sale of a vacant, freestanding, 38,000-square-foot retail building in Jupiter, Fla. The property was formerly occupied by Sports Authority and will be redeveloped by the buyer, Home Depot U.S.A. for use as an expansion and redevelopment of the Home Depot store currently on the site.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther, Executive Vice President John Artope of SRS’ Orlando office and Senior Vice President Michael Weiss of SRS’ South Florida office represented the seller, Indiantown Road, LLC. Home Depot was represented by Corporate Property Dispositions and The Rotella Group, Inc.
“This transaction is a perfect case study as to SRS’ capability to add value for our owner, developer and investor clients by approaching capital market activities and disposition efforts in conjunction with a tenant-focused regional approach,” said Luther. “In this case, SRS was originally tasked with re-tenanting the property for the out of state investor/developer to then sell it as an occupied net leased investment. But, after further analysis, best pricing and terms came from the sale to an owner-user sourced by our tenant/landlord representation team in Florida.”
Located at 1560 W. Indiantown Road, the property, a former Sports Authority had only been vacant for a brief period before SRS was able to generate interest from multiple tenants and users, indicating demand for big box and junior box space in South Florida. The property benefits from neighboring tenants such as Walgreens, PetSmart, Winn Dixie and Pep Boys. The asset is within a densely populated area with more than 67,000 people within a three-mile radius and more than 46,000 vehicles passing the site on a daily basis.
SRS’ National Net Lease Group completed in excess of 270 sales in 2017; so far this year, the group has more than 240 transactions sold or under contract across over 30 states throughout the country and currently has $1.2 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 throughout SRS’ more than 20 offices 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, with increasing volume year over year. From proactive sales to targeted acquisitions and tailored debt and equity solutions, combined with the real time tenant intelligence and local market presence via the firm’s offices, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors nationwide. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS national network allow SRS’ National Net Lease Group to deliver the best results for our clients. For more information, please visit srsre.com/national-net-lease-group.