Newport Beach, Calif. (February 12, 2018) – SRS Real Estate Partners’ National Net Lease Group announced the recent sale of a Hobby Lobby in Turlock, Calif. for $9.57 million. The newly constructed 55,000-square-foot building is located at 3701 Countryside Drive, and is adjacent to Monte Vista Crossing, an area with the largest concentration of retail development in Turlock. Hobby Lobby opened in September of 2017 and signed a 15-year, corporate guaranteed lease.
“SRS’ NNLG was able to procure multiple offers from a wide range of buyers, both private and institutional. Ultimately, the marketing process yielded a Northern California-based partnership who paid cash for the property and closed at 96% of the asking price and a historically low 5.75 percent cap rate for a single-tenant net lease Hobby Lobby nationally,” said Matthew Mousavi, managing principal for the NNLG. “The ideal location of the property surrounded by over 1 million square feet of retail, as well as excellent fundamentals in terms of rent and price per foot, made this property an extremely attractive opportunity. Additionally, Hobby Lobby is one of the few growing big box retailers in the market today.”
Matthew Mousavi and Patrick Luther, both managing principals of SRS’ NNLG, represented the seller in this transaction. The buyer was represented by Capital Pacific.
About SRS Real Estate Partners
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.