SRS Real Estate Partners’ National Net Lease Group has completed the $7.35 million acquisition of The Shops at Gregorie Landing located at 2966 Hwy 17 N in Mount Pleasant, SC. Located approximately 11 miles from the Charleston metro area, the newly constructed three-tenant retail property is fully occupied by Panera Bread (with a drive-thru), TD Bank, and Heartland Dental who have all signed long-term, triple net leases.
SRS National Net Lease Group’s Parker Walter, Matthew Mousavi and Patrick Luther represented the buyer, a private investor from the Northeast who was in a 1031 exchange. The seller, a South Carolina-based developer, was represented by Benjy Cooke of Oswald Cooke & Associates.
“We worked exclusively with the buyer on a strategy to trade out of three, older properties that required extensive landlord maintenance/responsibilities into this new construction, low maintenance asset,” said Walter. “This property was a perfect fit as it is well-located within an affluent trade area and is occupied by three, national/strong tenants with long-term leases.”
Completed in 2020, the 11,125-square-foot property is situated on a 1.6-acre land parcel. The property is well-located in a major retail corridor for the area with other nearby tenants including Walmart, CVS Pharmacy, Lowe’s Home Improvement, Taco Bell, and Sonic, among others.
SRS’ National Net Lease Group experienced explosive growth in 2020, and plans to continue expansion of its teams across the country in 2021. Despite the COVID-19 crisis, SRS’ transaction volume was up 26 percent in 2020 year as compared to 2019. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed 534 transactions in 2020 valued at more than $1.9 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.