Newport Beach, CA (September 25, 2023) – SRS Real Estate Partners announced today it has completed the $14.65 million sale of a 55,000-square-foot single-tenant retail property occupied by Kohl’s. The property was sold prior to completion of construction and is located at 25735 Nelson Way in Katy, TX (Houston suburb).
SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther represented the seller, an institutional development company, as well as the private out-of-state buyer who was in a 1031 exchange. SRS also advised the buyer on securing the loan provided by a regional credit union. The closing cap rate was 6.73%.
“This asset closed escrow prior to certificate of occupancy and the tenant opening for business,” said Luther. “The buyer was attracted to the quality of the new construction real estate and 12-year absolute triple net lease in place with Kohl’s.”
“SRS received a considerable amount of interest in this big box asset as it provided a passive income with limited landlord responsibilities in an income tax-free state,” added Mousavi.
Situated on a 5.18-acre parcel, the store which will open soon, is 30 minutes from downtown Houston and is supported by more than 243,000 residents and 56,000 daytime employees within a five-mile radius. It is located off Interstate 10, State Highway 99 and U.S. Highway 90 and is within walking distance to Katy Mills, a 1,655,000-sf super-regional mall.
In 2022, SRS Capital Markets completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.