Newport Beach, Calif. (March 20, 2020) – SRS Real Estate Partners’ National Net Lease Group has completed the sale of a single-tenant, freestanding retail property occupied by Chuck E. Cheese located at 541 West State Road 436 in Altamonte Springs, FL.
Michael Walseth, a Senior Vice President with SRS’ National Net Lease Group, represented the seller, Irving, TX-based CEC Entertainment, Inc., the parent company of the tenant, who will leaseback the location with a newly signed 20-year lease. Walseth also represented the buyer, a Florida-based private investor.
“This is the first of five sale-leaseback transactions we are executing on behalf of CEC Entertainment Inc.,” said Walseth. “The other four properties are either in escrow or have letters of intent.”
Walseth added, “The combination of this national name brand restaurant/entertainment tenant with a newly signed long-term lease, provides investors with a stable, internet-proof investment with no landlord responsibilities.”
The property is well-located on State Highway 436 which averages 50,000 vehicles passing by daily. The site is also less than one mile from Interstate 4, a major north/south thoroughfare for central Florida and is near several shopping centers including Altamonte Mall (1.2 million sf) and West Town Center (383,000 sf), and is near a number of national credit tenants including Walmart Supercenter, Costco, Lowe’s Home Improvement, and Target, among others. There are more than 230,000 residents within a five-mile radius.
SRS’ National Net Lease Group, with more than $1.5 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide.
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 2019, the group completed more than 400 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.