Fort Lauderdale. FL (October 14, 2019) – SRS Real Estate Partners National Net Lease Group has completed the $2.8 million sale of Brooksville Plaza, an 11,782-square-foot multi-tenant retail center located at 13370 Cortez Boulevard in Brooksville, FL.
SRS National Net Lease Group’s First Vice President William Wamble, Executive Vice President Patrick Nutt, and Associate Connor Barton represented the seller, a Florida-based investment firm. Dream Builders Realty represented the buyer, a Florida-based investor. The closing cap rate was 6.75 percent.
Built in 2005, the property is situated on 1.12 acres, and is 85 percent occupied by five tenants, including Amscot, Polished Nail Bar, GameStop, H&R Block, and Cricket Wireless. The property is at the entrance to a Sam’s Club and Walmart Supercenter. Amscot recently extended its lease for five additional years and there is future upside through rental rate increases.
“We’ve seen an increased demand for these small, unanchored retail strips recently. We were under contract 10 days after putting it on the market and closed within two months,” said Wamble. “The Brooksville market has seen a lot of new retail development lately and investors have taken notice.”
He adds, “This is our sixth closing on Cortez Boulevard in the past 12 months and we have another listed for sale.”
Strategically located with frontage along Cortez Boulevard, a major thoroughfare, Brooksville Plaza is less than 2 miles from Suncoast Parkway, which links directly to Tampa.
SRS’ National Net Lease Group has successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1.5 billion in assets currently listed for sale.
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 25 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.