New York (September 16, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $3.6 million off-market sale of a 6,116-square-foot, single-tenant auto care retail property occupied by Bridgestone located at 13475 N. Litchfield Road in Surprise, AZ. The tenant recently moved into the newly constructed asset and signed a 15-year triple net lease.
SRS National Net Lease Group’s First Vice Presidents Britt Raymond and Kyle Fant out of the New York, NY office, represented the seller, a North Carolina-based developer. SRS National Net Lease Group’s Vice President Jon Florin out of the Fort Lauderdale office represented the buyer, a Florida-based private investor who was in a 1031 exchange. The closing cap rate was 5.08 percent.
“NNLG was able to execute this off-market transaction by redirecting our internal database of 1031 exchange capital to the seller’s development pipeline,” said Raymond. “The buyer signed the contract and waived due diligence contingencies prior to a certificate of occupancy, which is a testimony to the demand for Bridgestone’s credit and the Arizona location.”
Located on a highly visible busy retail corridor with frontage on Litchfield Road and near W. Waddell Road, the property is an outparcel to Surprise Crossing Shopping Center. Surprise is a suburban city with a growing population of 142,000 is located in the northwest Phoenix Metropolitan area. The city is just 45 minutes from downtown Phoenix and the Sky Harbor International Airport.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 211 transactions
valued at $872 million. Additionally, the group has $435 million of assets under LOI or in escrow and
$1.75 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.