New York, N.Y. (July 6, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the sale of single-tenant, 60,835-square-foot (sf) property occupied by Vowell’s Marketplace, a regional wholesale grocery store chain with approximately 12 locations throughout Mississippi and Alabama. Built in 1992, the property is situated on 6.33 acres at 118 MS-12 in Starkville, MS.
SRS National Net Lease Group’s Britt Raymond, Kyle Fant, Matthew Mousavi, Patrick Luther and Martin Smith represented the seller, a New York-based private investor. The buyer was a private investor from Starkville.
“The tenant has approximately two years left on its corporate-guaranteed lease with options to extend,” said Raymond. “The local buyer liked that the tenant is an essential business as well as its ideal location in a densely populated retail corridor just one-mile from Mississippi State University (MSU) which has more than 22,000 enrolled students.”
Fant added, “Our SRS team partnered with Martin Smith, Managing Principal of SRS’s Birmingham office, whose knowledge of the local area was helpful in informing potential buyers about the asset. Martin was able to demonstrate through his market expertise and focused data that the property is poised to have long-term success through continuing its current use or possible redevelopment in the future.”
On a national level, SRS continues to experience success by utilizing local partnerships with both leasing and sales experts to capitalize on boots on the ground market knowledge and connections in order to best serve the clients’ interest.
Vowell’s Market Place is situated in a highly visible location along Highway 12 in the heart of a dense retail corridor serving the area with national credit tenants including Walmart Supercenter, Lowe’s Home Improvement, Kroger, and Tractor Supply Co., among others. It is also the closest wholesale grocer to MSU and is just three miles northeast of George M. Bryan airport.
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.