Newport Beach, Calif. (September 4, 2019) – SRS Real Estate Partners’ National Net Lease Group announced today the approximately $14.15 million sale of a single-tenant retail property fully occupied by a 24-hour Walmart Supercenter located at 10 Kimberly Lane in Cranberry, PA.
Patrick Luther of SRS National Net Lease Group and Phil Sambazis of Marcus & Millichap, in conjunction with Jeff Christian and Ryan Morita with First Street Brokerage, represented the seller, ACV Cranberry, LLC. Zackary J. Hilgendorf with Quantum Real Estate Advisors, Inc., represented the buyer, Middletown Income Investors Cranberry, LLC from Chicago.
Walmart Supercenter has been on an absolute, corporate guaranteed, triple-net lease since it opened its doors at the location in 1999 and recently signed a 10-year lease extension with options to extend. The property is situated on 17.7 acres at the intersection of U.S. Highway 322 and State Highway 257. The heavily traveled retailed corridor that also includes Home Depot, Dollar Tree, ALDI, McDonalds, and JoAnn’s, among other national retailers.
“With zero landlord responsibilities and a long-term lease with the world’s top retailer, this asset garnered a significant amount of interest from investors across the nation,” said Luther.
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 20 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 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 2018, the group completed more than 300 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 srsre.com/national-net-lease-group.