ATLANTA (March 22, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the record-breaking $1.593 million sale of an 11,000-square-foot single-tenant retail property occupied by CVS with drive-thru located at 9718 N. Kings Highway in Myrtle Beach, SC. At a closing cap rate of 3.35%, the transaction broke a national sales record for the lowest cap rate ever for a CVS-occupied asset (per CoStar records).
SRS NNLG’s First Vice President Sheree Strome, CCIM and First Vice President Michael Berk represented the seller, a private investor out of New York City. The buyer, a Myrtle Beach-based private investor, was represented by Keystone Commercial Realty.
“This well-located Myrtle Beach asset had 12 years remaining on its corporate-guaranteed lease and provides the new ownership with a cash-flowing property and zero landlord responsibilities,” said Strome.
Berk added, “We secured a number of offers on this asset with a bidding war that drove the final sale price more than $40,000 above the asking price. This is testimony not only to the strength of the local market but also to single-tenant assets with well-recognized long-term tenancy.”
The property is located less than two miles from Tanger Outlets, a 405,000-sf outlet mall and is near a number of other national retailers including Walmart, Bass Pro Shops, and Ross Dress for Less, among others. The asset is also proximate to a number of hotels and resorts.
In 2021, SRS’ Investment Properties Group and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market.
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 26 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’ Investment Properties Group (IPG) & 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 2020, the group completed more than 550 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.