November 25, 2019 – SRS Real Estate Partners National Net Lease Group has completed the $8.378 million sale of a 62,916-square-foot, single-tenant retail property fully occupied by Academy Sports+Outdoors in Starkville, MS. The tenant recently signed a new, corporate guaranteed, 15-year lease with scheduled rental increases and options to extend.
SRS National Net Lease Group’s Vice President Britt Raymond, First Vice President Kyle Fant, and Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a southeast-based merchant developer, as well as the buyer, an Orange County, CA-based private investor who was in a 1031 exchange.
“This Academy Sports is one of just seven free-standing Academy Sports sold in 2019,” said Fant. “There are currently more than 11 free-standing Academy Sports properties on the market, which created a challenging supply/demand situation. However, our SRS team was able to successfully leverage our national and international database of potential buyers including those seeking a 1031 exchange situation. We created comfort for an out-of-state investor by meeting them at the property and completing a full market tour, allowing the investor to fully understand and appreciate what was previously an unfamiliar market to them.”
Raymond added, “Our SRS teams were able to work together coast-to-coast and successfully sourced and placed an exchange buyer from California seeking an out-of-state asset with little landlord responsibilities.”
Built in 2017, the property is located at 160 Hollywood Boulevard near the signalized intersection of Stark Road and State Highway 12 which sees a total of more than 38,000 vehicles passing on a daily basis. It is also less than five miles west of Mississippi State University and is within a strong retail corridor with retailers that include Walmart, Kroger, Lowe’s, Dollar Tree, and AutoZone, among others.
SRS’ National Net Lease Group has successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1.5 billion in assets currently listed for sale.