Newport Beach, Calif. (July 16, 2018) – SRS Real Estate Partners’ National Net Lease Group announced today that managing principal, Matthew Mousavi, and senior vice president, Michael Walseth, represented the seller in the sale of an auto-related triple net investment in the city of Orange, Calif. The purchase price was $2,813,000, equating to a 4.46 percent cap rate. The lease had approximately 5.5 years remaining at the close of escrow.
The seller, a Los Angeles based private investor, was represented by Walseth and Mousavi. The buyer, a San Francisco based private investor was represented by Eric Chin of Coldwell Banker Residential Brokerage.
Originally built in 1969 on .29 acres, the 3,380-square-foot property is located just east of the prime intersection of East Katella Avenue and North Tustin Street in Orange, Calif.
According to Walseth, “This auto-related asset was well received by the market due to the tenant’s long operating history and strong location within the very densely populated trade area of Tuskatella. The site out positions most tire stores in the trade area with strong visibility to East Katella and quick and convenient access to the 55.”
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SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 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.