Fort Lauderdale, Fla. (September 18, 2023) – SRS Real Estate Partners announced today it has completed the approximately $4.6 million sale of a 3,937-square-foot property occupied by Panera Bread. The new construction property was completed in 2023 and is situated on 1.53 acres at 9725 Applecross Road in Jacksonville, FL.
SRS Capital Markets Executive Vice President & Market Leader Patrick Nutt and Senior Vice President William Wamble represented the seller, a national real estate development company. The buyer was a South Florida-based private investor who was fulfilling a 1031 exchange.
The property opened its doors for business in August and has a 15-year corporate-guaranteed absolute triple net lease in place with scheduled rental increases every five years. There are zero landlord expense responsibilities.
“This opportunity offered the new ownership a passive cash-flowing asset in a prime local retail corridor within Oakleaf Town Center,” said Nutt. “New construction single-tenant assets with strong national tenants continue to have investor interest, especially quick-service restaurants as they have proven to be ecommerce resistant.’
Jacksonville is growing at a rate of 1.31% annually and there are more than 114,000 residents and 12,000 employees within a five-mile radius of the Panera store.
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.