Detroit, Mich. (January 14, 2021) – SRS Real Estate Partners’ National Net Lease Group has announced the approximately $5.8 million sale of a newly renovated freestanding retail property occupied by 7-Eleven at 4704 Golden Gate Parkway in Naples, FL.
SRS National Net Lease Group’s First Vice Presidents Michael Carter and Frank Rogers out of the Detroit office represented the seller, a Florida-based merchant developer. The buyer, a private investor in a 1031 exchange was represented by Brad Thessing, Roger Massell and Chris Twist of Thessing Commercial Properties. The closing cap rate was a record low 4.65 percent for a NN+ retrofit 7-Eleven east of the Mississippi.
“This property was formerly a convenience store and underwent a major retrofit to meet the requirements of 7-Eleven which opened its doors in late 2020,” said Carter. “This was an attractive opportunity for the buyer as this asset provides a new, 15-year corporate-guaranteed lease with options to extend and minimal landlord responsibilities.”
The property includes a 3,500-square-foot store and 16 gas pumps. The property is well-located in a densely populated area and is proximate to a number of retail and restaurants including Dollar Tree, Winn-Dixie, Dairy Queen Grill & Chill, among others.
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’ 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.