SRS’ National Net Lease Group Brokers $7.6 Million Sale of Retail Property Occupied by Hobby Lobby and Boot Barn in Charleston, SC

SRS Real Estate Partners’ National Net Lease Group has completed the $7.6 million sale of a two tenant, 65,000-square-foot retail property located at 7800 Rivers Avenue in North Charleston, SC. The fully occupied asset includes national tenants: Hobby Lobby (55,000 sf) and Boot Barn (10,000 sf).

SRS National Net Lease Group’s Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant represented the seller, an active developer in the Southeast. SRS also handled the financing on behalf of the buyer, a New Jersey-based private investor who was in a 1031 exchange.

Built in 1987 and renovated in 2016, the property is situated on 6 acres and is an anchor to a larger shopping center that includes Gander Outdoors, Party City, and Ollie’s Bargain Market, among others. It is also across the street from Northwoods Mall, a super-regional center features more than 130 stores.

“The buyer was attracted to the investment because of the strong combination of credit, yield and quality real estate,” said Raymond. “Additionally, SRS’ debt and equity group was able to secure financing that provided the buyer with a double digit cash-on-cash return.”

The asset is ten minutes from Charleston International Airport and there is a population of approximately 866,000 within a five-mile radius.

Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 673 transactions valued at over $2.5 billion. Additionally, the group has nearly $654 million of assets under LOI or in escrow and $1.5 billion in assets currently listed for sale. In 2020, the NNLG successfully completed more than 490 transactions, across 44 states nationwide.

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’ 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 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.