Newport Beach, Calif. (September 14, 2018) – SRS Real Estate Partners’ National Net Lease Group has completed the sales of two newly developed Zaxby’s Chicken Fingers restaurant properties totaling $6.94 million in the central Florida cities of Sanford and New Port Richey.
SRS’ National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther represented the same seller on both properties, a national merchant developer. The properties both featured long-term 20-year leases with options to extend and scheduled primary term rent increases. The tenants are Georgia and Florida-based franchisees for Zaxby’s operating a total of nine and eight stores respectively.
“SRS’ National Net Lease Group led an aggressive national marketing strategy for these properties which garnered strong investor interest and secured multiple offers, eventually selecting separate 1031 exchange investors who closed without price adjustment,” said Luther. “These assets checked all the boxes for single-tenant net lease investors as they featured new construction in busy retail corridors, a well-known high-growth tenant with more than 800 locations and counting, and zero landlord responsibilities.”
Following is information on each property:
Sanford, FL – Located at 3815 S. Orlando Drive, the property sold for approximately $3.89 million to a private investor from Ohio seeking to reinvest in an income tax free state, with a preference for Florida. The property includes a drive-thru and totals 4,200 square feet of space on 1.32 acres of land. Construction was completed in 2017 and Zaxby’s recently signed a 20-year absolute triple-net lease. The property is located directly adjacent to a corner Walgreens and is within a major retail corridor with other national credit tenants that include Lowe’s, Walmart, Aldi, and Harbor Freight Tools, among others.
New Port Richey, FL – Located at 11300 Ridge Road, the property sold for $3.05 million to a private Florida-based investor. The property includes a drive-thru, totals 3,652 square feet and is situated on 1.4 acres of land. Construction was completed in 2018 and Zaxby’s recently signed a 20-year absolute triple-net lease. The well-located property is within Village Oaks Shopping Center that is anchored by Publix Super Market. Ridge Road is a major retail thoroughfare that includes other national credit tenants including Publix, McDonald’s Burger King, 7-11, CVS, and Patriot Bank, and CVS Pharmacy, among others.
SRS’ 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 and currently has $1.2 billion is assets currently on 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.