Newport Beach, Calif. (December 4, 2017) – SRS’ National Net Lease Group recently announced the sale of a newly constructed Rite Aid located in Long Beach, Calif. The buyer acquired the property for $13.5 million at asking price, with a 5 percent cap rate. This is the second highest price point on record for a Rite Aid sale in the U.S., with the highest rent and NOI, according to CoStar. The property completed construction earlier this month and was under a long term lease with Rite Aid.
SRS’ National Net Lease Group has sold or is under contract with more than 250 properties year to date for 2017 across the country, making the platform one of the most active investment brokerages in the country. While the investment sales industry is reporting transaction volume to be down by 10%, the NNLG is experiencing a volume increase in excess of 30%, and have been closing transactions at record breaking price points and cap rates across the nation.
“Rite Aid – Long Beach represented a high quality, generational investment opportunity for the buyer, a private family trust from California primarily focused on multi-family apartments. Coupled with new CMBS financing, the buyer was able to secure a highly infill, high profile asset with strong return fundamentals and zero landlord responsibilities. SRS also recently successfully completed the sale of the adjacent Carls Jr at a 3.85 percent cap rate, with a purchase price of $5,000,000, to a separate investor,” said Matthew Mousavi, managing principal for the NNLG. The Carls Jr was also a full price, pre-sale transaction, which represented the lowest cap rate and highest price point for a Carls Jr to have ever sold in the country, per CoStar.
Matthew Mousavi and Patrick Luther, both managing principals of SRS’ National Net Lease Group, along with Garrett Colburn, executive vice president, and Townsand Cropsey, vice president in the Newport Beach office, represented both the buyer and seller in this transaction.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. 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.