Fort Lauderdale, Fla. (October 24, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $3.225 million ground lease (land ownership) sale of a single-tenant retail property occupied by Fifth Third Bank. Built in 2007 and situated on 1.07 acres, the 3,500-square-foot property is located at 6550 Cortez Road W. in Bradenton, FL
SRS NNLG’s Executive Vice President and Market Leader Patrick Nutt and Vice President William Wamble represented the seller, a California-based private investor. The buyer was Massachusetts-based Dorchester Avenue Holding LLC. The closing cap rate was 4.09%.
“We are pleased with the results of this transaction especially as we are experiencing market volatility spurred by rapidly rising interest rates,” said Nutt. “In times of uncertainty, single-tenant net-leased properties provide a stable investment vehicle especially those with investment-grade tenants like Fifth Third Bank.”
Fifth Third Bank has more than 13 years remaining on its corporate-guaranteed lease and provides the new ownership with zero landlord responsibilities. The property is well-located in an active retail corridor with other brands including Walmart Supercenter, Big Lots, Hobby Lobby and ALDI, among others.
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states. SRS and currently has more than $2.5 billion in property on the market, with more than 590 properties sold year-to-date valued in excess of $2.3 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit 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 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage 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.