Newport Beach, Calif. (March 25, 2020) – SRS Real Estate Partners’ National Net Lease Group has completed the sale of a single-tenant, freestanding retail property occupied by Walgreens at 2614 Lavon Drive in Garland, TX (near Dallas). Walgreens has been operating at this location since 1997 and recently signed a new, 15-year, triple-net lease extension that is corporate guaranteed.
Michael Walseth, a Senior Vice President with SRS’ National Net Lease Group, represented the seller, a Chicago-based developer/investor. The buyer was a California-based investor who was in a 1031 exchange and was represented by Paul Danker of Kidder Mathews.
“Nationally recognized pharmacy brands are highly sought after by capital as they present a cash-flowing, stabilized retail investment with no landlord responsibilities,” said Walseth. “This particular location is within a densely populated and growing suburb of Dallas that has approximately 286,000 residents and 80,000 employees within a five-mile radius.”
Situated on 1.61 acres and totaling 13,841 square feet, the property is located at the intersection of Crist Road and Lavon Drive. Lavon Drive is a primary north/south retail thoroughfare serving Garland and featuring a number of national retailers including The Home Depot, Hobby Lobby, Best Buy, Petco, and Kohl’s, among others. The property is also 1.5 miles south of Firewheel Town Center totaling more than one million square feet.
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.