SRS Real Estate Partners closes $2.35 million of retail property in North Dakota

SRS Real Estate Partners’ National Net Lease Group has closed the $2.35 million sale of a 23,500-square-foot single-tenant retail property. Located at 3225 30th Avenue S. in Grand Forks, North Dakota, the property has a triple-net, corporate guaranteed lease in place with OfficeMax.

SRS National Net Lease Group’s Joseph Simon represented the seller, a private investor from Madison, Wisconsin, as well as the buyer, an Oregon-based private investor who was in a 1031 exchange.

Built in 1998, the property is situated on 2.53 acres. It is situated just south of University of North Dakota and is across from Columbia Mall. Major national tenants in the immediate area include Walmart Supercenter, Target, Best Buy, Kohl’s, Sam’s Club, and Lowe’s.

SRS’ National Net Lease Group experienced explosive growth in 2020, and plans to continue expansion of its teams across the country in 2021. Despite the COVID-19 crisis, SRS’ transaction volume was up 26 percent in 2020 as compared to 2019. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed 534 transactions in 2020 valued at more than $1.9 billion.

Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently listed for sale. The National Net Lease Group has more than 50 net lease professionals nationwide, all collaborating on one central platform, with leadership, underwriting, and marketing efforts strategically located in Southern California.