Fort Lauderdale, Fla. (January 18, 2023) – SRS Real Estate Partners announced today it has completed the $1.775 million sale of Parma Shoppes, an 8,000-square-foot multi-tenant retail center located at 7406 Broadview Road in Parma, OH. Built in 2005 and situated on 1.68 acres, the center is 80% leased and includes Buffalo Wild Wings, Verizon, Domino’s, and Bank of America.
SRS NNLG’s Executive Vice President Patrick Nutt and Vice President William Wamble represented the seller, RPS Capital. The buyer was a California-based private investor. The closing cap rate was 6.89%
“We generated eight offers within the first few weeks of marketing the property,” Wamble said. “We leveraged SRS’ national platform to identify a California-based investor who has the opportunity to add value through lease-up of the available space and bringing rents to market rates as they expire.”
Parma Shoppes is shadow-anchored by Giant Eagle, providing strong crossover shopping traffic. The center fronts Broadview Road, which is a major retail corridor for the local area.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS and currently has more than $2.5 billion in property on the market valued in excess of $2.6 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.
SRS’ Investment Properties Group (IPG) & 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 2022, the group completed more than 705 sales across 49 states and has over 160 brokerage 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.