Newport Beach, Calif. (November 21, 2019) – SRS Real Estate Partners National Net Lease Group has completed the $8.378 million sale of a 62,916-square-foot, single-tenant retail property fully occupied by Academy Sports+Outdoors in Starkville, MS. The tenant recently signed a new, corporate guaranteed, 15-year lease with scheduled rental increases and options to extend.
SRS National Net Lease Group’s Vice President Britt Raymond, First Vice President Kyle Fant, and Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a southeast-based merchant developer, as well as the buyer, an Orange County, CA-based private investor who was in a 1031 exchange.
“This Academy Sports is one of just seven free-standing Academy Sports sold in 2019,” said Fant. “There are currently more than 11 free-standing Academy Sports properties on the market, which created a challenging supply/demand situation. However, our SRS team was able to successfully leverage our national and international database of potential buyers including those seeking a 1031 exchange situation. We created comfort for an out-of-state investor by meeting them at the property and completing a full market tour, allowing the investor to fully understand and appreciate what was previously an unfamiliar market to them.”
Raymond added, “Our SRS teams were able to work together coast-to-coast and successfully sourced and placed an exchange buyer from California seeking an out-of-state asset with little landlord responsibilities.”
Built in 2017, the property is located at 160 Hollywood Boulevard near the signalized intersection of Stark Road and State Highway 12 which sees a total of more than 38,000 vehicles passing on a daily basis. It is also less than five miles west of Mississippi State University and is within a strong retail corridor with retailers that include Walmart, Kroger, Lowe’s, Dollar Tree, and AutoZone, among others.
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.