CHICAGO (July 24, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $10.25 million sale of single-tenant, 41,921-square-foot (sf) property occupied by Walmart Neighborhood Market located at 4201 Hargrove Road East in Tuscaloosa, Ala.
SRS National Net Lease Group’s Senior Vice Presidents Dan Elliot and Sean Lutz who are out of the firm’s Chicago office, represented the seller, a private investor from the Chicago area. The Miami-based buyer was in a 1031 exchange, trading out of a retail center in Hawaii.
“Walmart-occupied retail assets are highly sought after by a wide range of investors. We marketed this opportunity as a well-located trophy property with a corporate-guaranteed lease with 10 years remaining,” said Lutz. “This was an ideal situation for the buyer who was seeking no landlord responsibilities, an asset occupied by an essential tenant, and a long-term hold.”
Built in 2015, the property is situated on 7.16 acres of land and include a gas station with 12 fuel pumps. The asset is located at a signalized intersection of Hargrove Road E. and Skyland Blvd. E. It is one mile southwest of Interstate 20. The asset is five miles southeast of University of Alabama and there are more than 87,000 residents and 41,500 employees within a five-mile radius of the asset.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 140 transactions valued at $502 million. Additionally, the group has nearly $800 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 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’ 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.