Fort Lauderdale, Fla. (August 25, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $46.7 million off-market sale of a single-tenant medical facility occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit. Located at 13960 Plantation Road adjacent to the 356-bed Gulf Coast Medical Center in Fort Myers, FL, the state-of-the-art 57,650-square-foot rehabilitation facility includes 75 private-beds.
SRS NNLG’s Executive Vice President Patrick Nutt and Vice President William Wamble who are based in the firm’s Fort Lauderdale and Tampa offices represented the seller, Plantation Medical Center SNU LLC. The buyer, a private 1031 exchange investor based in New York, was represented by Jason Maier with Stan Johnson Company. The closing cap rate was 4.74%.
Year-to-date, this closing marks the largest for a medical or office property in Lee County.
“This off-market transaction was a direct result of leveraging SRS’ relationships within the brokerage community and successfully deal-matching buyer needs,” said Nutt. “We identified an ideal private high net worth exchange buyer for this asset and were pleased to achieve favorable results in a challenging environment due to rising interest rates and macro-economic headwinds.”
Built in 2018 and situated on 4.23 acres, the property is fully leased to Lee Memorial Health System and has 16 years remaining on its lease with options to extend. The asset is within a dense trade area with more than 136,000 residents and 93,000 employees within five miles.
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, and currently has more than $2 billion in property on the market, with more than 465 properties sold year-to-date in 2022.
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.