SRS’ National Net Lease Group Brokers $8.69 Million Sale of a Single-Tenant Retail Property Occupied by Walgreens in Middletown, NY

SRS’ National Net Lease Group Brokers $8.69 Million Sale of a Single-Tenant Retail Property Occupied by Walgreens in Middletown, NY

Newport Beach, Calif. (April 19, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $8.69 million sale of a 14,564-square-foot single-tenant retail property occupied by Walgreens located at 96 Dolson Avenue in Middletown, NY.

SRS NNLG’s Winston Guest, Matthew Mousavi and Patrick Luther represented the seller, a New York-based private investor. The buyer, also a New York-based private investor was represented by Josh Goldflam of Highcap Group.

Built in 2007 and situated on 1.14 acres, the property is long-term triple net leased to Walgreens with approximately 12 years remaining.

“This asset, which was formerly a Rite Aid property, has a long-term proven track record at this location and is well-positioned along State Highway 17M, one of Middletown’s primary retail thoroughfares. The investment offered the buyer limited landlord responsibilities and the stability of a national, investment-grade tenant on a long-term lease,” said Guest.

Guest added, “Over the last 12 months, SRS has transacted in excess of 70 Walgreens properties which is a testament to the continued demand from buyers seeking long-term, stable, credit net-leased assets. Pharmacies have proven to be a great safe-haven for investors’ money in this current market.”

The property benefits from increased consumer draw to nearby national retail tenants such as ShopRite, McDonald’s, AutoZone, Wendy’s, Dollar Tree, and more. The site is also proximate to SUNY Orange and several apartment communities, providing a strong local consumer base on which to draw from.

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, with nearly 200 properties sold year-to-date in 2022.  

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 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.