Detroit, Mich. (February 24, 2021) – SRS Real Estate Partners’ National Net Lease Group has announced the $2.35 million sale of a 23,500-square-foot single-tenant retail property. Located at 3225 30th Avenue S. in Grand Forks, ND, the property has a triple-net, corporate guaranteed lease in place with OfficeMax.
SRS National Net Lease Group’s Joseph Simon represented the seller, a private investor from Madison, WI, as well as the buyer, an Oregon-based private investor, who was in a 1031 exchange.
Built in 1998, the property is situated on 2.53 acres. It is situated just south of University of North Dakota and is across from Columbia Mall. Major national tenants in the immediate area include Walmart Supercenter, Target, Best Buy, Kohl’s, Sam’s Club, and Lowe’s, among others.
“SRS was able to deal match this property with an out-of-state buyer who was seeking a higher yield investment to trade into,” said Simon. “Although there are just four years remaining on the OfficeMax lease, this asset provides a promising long-term outlook. Should the tenant vacate at the end of its lease term, it offers a high profile, attractive retail location in an area with a population of more than 69,000 residents and more than 51,000 employees within a five-mile radius.”
SRS’ National Net Lease Group experienced explosive growth in 2020, and plans to continue expansion of its teams across the country in 2021. Despite the COVID-19 crisis, SRS’ transaction volume was up 26 percent in 2020 year as compared to 2019. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed 534 transactions in 2020 valued at more than $1.9 billion.
Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently listed for sale. The National Net Lease Group has more than 50 net lease professionals nationwide, all collaborating on one central platform, with leadership, underwriting, and marketing efforts strategically located in Southern California.
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.