Newport Beach, Calif. (January 4, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the approximately $14.44 million sale of a 16,285-square-foot (sf) single-tenant retail property occupied by Walgreens located at 3595 Coral Way in Miami, FL. Built in 2001 and situated on 1.66 acres, the transaction was a sale-leaseback where the seller and tenant, Walgreens has signed a new 15-year corporate guaranteed triple-net lease.
SRS NNLG’s Senior Vice Presidents Sean Lutz and Dan Elliot who are out the firm’s Chicago office, and NNLG’s Managing Principals Matthew Mousavi and Patrick Luther represented the buyer, a Nevada-based private investor who was in a 1031 and paid all-cash. The closing cap rate was 4.85%.
“This offering garnered a number of strong offers and ultimately secured a low cap rate and high price point
of close to $900 per square foot,” said Lutz. “The buyer paid all-cash and the transaction closed in just 40
days from when we began marketing to our extensive national investor database.”
This Walgreens store has a drive-thru and is open 24/7. The property is located along Coral Way in a dense
retail corridor and is within 5.4 miles of downtown Miami and has more than 522,000 residents and
381,000 employees within a five-mile radius.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS and currently has more than $2.5 billion in property on the market valued in excess of $2.6 billion.
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 2022, the group completed more than 705 sales across 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.