NEW YORK (August 11, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $8.82 million ground lease (land ownership) sale of a single-tenant property occupied by Wawa, a successful convenience store and gas station chain, located at 690 Crescent Boulevard in Brooklawn, NJ. The 4,950-square-foot property was built in 2019 and is situated on 1.49 acres land.
SRS NNLG’s Vice Presidents Britt Raymond and Kyle Fant and First Vice President Sabrina Kortlandt who are out of the firm’s New York City office represented the seller, a New York-based hotelier. The buyer, a private investor from California who was in a 1031 exchange, was represented by SRS NNLG’s Senior Associate Winston Guest who is located in the firm’s Newport Beach, CA office. The closing cap rate was 4.05%.
“We successfully closed this sale at 99% of the asking price,” said Raymond. “This is testimony to the demand for quality gas and convenience assets as well as the strength of our synergy as a firm. The California buyer was a 1031 exchange agent represented by Winston Guest in SRS’ Newport Beach office.”
The absolute triple-net ground-leased asset provides the new ownership with zero landlord responsibilities and more than 17 years remaining on the lease with scheduled rental increases and options to extend. The property is in a prime location across the street from ShopRite of Brooklawn which is anchored by ShopRite, Petco, Planet Fitness and Dollar Tree. There is also an abundance of other national brand retailers and restaurants in the busy retail corridor which all provide a strong customer draw for Wawa.
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.