Newport Beach, Calif. (August 7, 2018) – SRS Real Estate Partners’ National Net Lease Group has completed the acquisition of a newly-constructed, single-tenant property occupied by Target on behalf of a 1031 exchange buyer. The approximately 22,000-square-foot Target also includes a full-service CVS Pharmacy and Starbucks, and is located in the heart of Oak Park, IL, a Chicago submarket.
SRS National Net Lease Group First Vice President Britt Raymond, Managing Principals Matthew Mousavi and Patrick Luther, and Senior Associate Kyle Fant represented the buyer, a private 1031 tax deferred exchange buyer from Manhattan. The seller, a Chicago-based developer, was represented by Ben Wineman and Wes Koontz of Mid-America Real Estate Corporation.
“This transaction represents a shift in passive investor demand from traditional suburban NNN retail to core market assets with reduced footprints and replaceable rent,” said Raymond. “SRS provides a full-service approach to representing 1031 exchange purchasers to help underwrite, identify and transact net lease retail. The buyer utilized this service in an exchange from a New York City multifamily building into its first retail acquisition.”
“SRS’s National Net Lease Group is able to leverage offices within the two largest 1031 exchange markets in the country, New York City and Southern California, to transfer capital to national net lease product at a high volume,” added Mousavi.
Built in 2017 and located at 1129 Lake Street, the property is known as Target at The Emerson and is the ground floor retail condo component of The Emerson, a mixed-use development that includes 271 luxury residential units and a 418-space parking garage. The Target at The Emerson is situated along Lake Street, Maple Avenue, and Westgate Street, is less than one-mile from Interstate 290 and is just 10 miles west of downtown Chicago. The site is one of Target’s new urban small format concepts serving an affluent local population. Target launched its new small-format concept three years ago and now has eight stores open in Chicago with two more slated to open this year, and four slated for 2019.
SRS’s National Net Lease Group has 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.
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.