SRS Real Estate Partners’ National Net Lease Group has closed the $10.3 million disposition of a 41,921-square-foot retail property in Tuscaloosa, Ala. Senior Vice Presidents Dan Elliot and Sean Lutz represented the seller, a private investor. The buyer acquired the asset as part of a 1031 exchange.
Located just south of Interstate 20 at 4201 Hargrove Road E., the asset is 5 miles from The University of Alabama and DCH Regional Medical Center. The property is within a 5-mile radius of more than 87,000 residents. The single-story building was completed in 2015 on a 7.2-acre site and is fully leased to Walmart Neighborhood Market, which also has an on-site gas station with 12 pumps. According to Lutz, the tenant’s lease has 10 years remaining.
At the end of June, a different SRS team arranged the $9.2 million sale of part of a nearly 34,000-square-foot shopping center outside Phoenix to another 1031 exchange buyer. The deal closed at a cap rate of 6.75.