Tampa, Fla. (December 21, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the approximately $5.78 million sale of a newly developed freestanding retail property occupied by 7-Eleven at 12204 Balm Riverview Road in Riverview, FL, a suburb of Tampa.
SRS National Net Lease Group’s Executive Vice President Patrick Nutt and First Vice President Will Wamble, represented the seller, a Tennessee-based developer. They also sourced the buyer, an Austin-based private investor. The closing cap rate was 4.95 percent.
Situated on 1.87 acres of land, the property includes a 3,010-square-foot retail building as well as multiple gas pumping stations. The property was recently completed and has a 15-year corporate-guaranteed triple net lease in place. It is located on one of Riverview’s main intersections and is minutes from downtown Tampa, the third largest city in Florida.
“This property was listed with an out of market brokerage firm for six months. Their listing expired and we were able to deal-match the buyer off-market through our SRS database within one week,” said Nutt. “The buyer was drawn to the site due to its location in a growing market, no state income tax, and the ability to utilize accelerated depreciation for tax purposes.”
“This sale is an example of the accelerating trend of investors looking to reallocate capital to the state of Florida. We get calls on a daily basis from buyers based outside of Florida who are drawn to our net leased inventory in the state,” Wamble added.
The SRS Florida sales team has now sold over $200 million of net leased properties in Florida this year, despite headwinds from the coronavirus, and has a number of C-stores currently for sale or under contract.
SRS’ National Net Lease Group has continued its explosive growth in the past year, and plans to continue expansion of its teams across the country throughout the remainder of 2020. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed more than 330 sales to date in 2020 valued at more than $1.35 billion. Of those transactions SRS’ National Net Lease Group (NNLG) has closed 250 transactions since the COVID-19 crisis began. These transactions alone are valued at more than $1 billion. Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently listed for sale. The National Net Lease Group has more than 50 net lease professionals nationwide, all collaborating on one central platform, with leadership, underwriting, and marketing efforts strategically located in Southern California.
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 25 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 www.srsre.com.
SRS’ National Net Lease Group (NNLG) 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 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. 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 srsnnlg.com.