Washington D.C. (July 8, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $3.925 million ground lease (land ownership) sale of single-tenant property occupied by Sheetz at 1731 Roanoke Road in Daleville, VA. The absolute triple-net leased property is corporately guaranteed by Sheetz, a convenience store chain with approximately 600 store locations throughout Pennsylvania, West Virginia, Virginia, Maryland, Ohio and North Carolina.
SRS National Net Lease Group’s Executive Managing Director Andrew Fallon represented the developer-seller, North Carolina-based The Morgan Companies. The buyer was a Virginia-based group completing a 1031 exchange, and was represented by Wilkinson Real Estate Group.
“This opportunity fell out of escrow in late March due to the first buyer’s concern over the uncertainty of the COVID crisis, however, I was able to quickly identify another buyer who was attracted to the essential nature of convenience retail and the quality of the Sheetz operations,” said Fallon. “After finding a backup buyer almost immediately, it was a smooth transaction going from contract to closing in 60 days.
Fallon continued, “The buyer knew the area and liked that the well-located asset was newly constructed, had no landlord responsibilities, and had a 15-year lease in place. These are all key fundamentals net lease buyers look for in an investment, especially in this unique environment.”
Built in 2019, the property is situated on 2.59 acres at a signalized intersection of Roanoke Road/U.S. Highway 220 and includes a 24-hour convenience store that features made-to-order food with a drive-thru, car wash, espresso bar, and indoor and outdoor seating. It is located off of Interstate 81, and a half-mile from Daleville Town Center, a newly constructed mixed-use center with retail, restaurants, commercial and residential components.
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.