SRS Real Estate Partners NNLG Completes $24 Million Sale to Buchanan Street Partners of Flex/Showroom Retail Center

Newport Beach, CA (March 15, 2021) – Buchanan Street Partners has completed the $24 million acquisition of E405 Euclid Shops, a 91,517-square-foot flex/showroom retail center located at 18225 to 18349 Euclid Street in Fountain Valley, CA (north Orange County). Situated on 4.9 acres, the highly-visible center includes tenants: Sherwin-Williams, Guitar Center, and Cort Furniture, among others.

SRS National Net Lease Group’s Managing Principals Matthew Mousavi and Patrick Luther, and Executive Vice President Rich Walter, represented the buyer, Newport Beach-based Buchanan Street Partners as well as the seller and original developer, a Southern California-based family trust. 

The property is located in Fountain Valley and has more than 670,000 residents and 350,000 employees within a five-mile radius. The center offers easy access to the 405 freeway and features a 70-foot pylon sign directly visible from the freeway.

Buchanan Street was attracted to E405’s strong infill location and excellent visibility along the 405 freeway.

“E405 is irreplaceable real estate that rarely comes to market,” said Matt Haugen, vice president, Buchanan Street Partners. “These buildings provide us with multiple investment strategies due to the product type, location and visibility.”

“E405 was a significant, multi-tenant retail center sale and is one of the few transactions of its type in Orange County since the onset of the pandemic,” said Mousavi. “We received significant buyer interest on this property.” Mousavi added, “Buchanan Street presented a solid offer. Additionally, the company has a strategic business plan for the asset that will add value over the coming months and years.”

In July 2020, Mousavi and Luther executed the $9.182 million sale of VCA Animal Hospital which is adjacent to E405 Euclid Shops and was the first phase of a break-up strategy SRS executed. The 23,800-square-foot property is at 18300 Euclid Street closed at a cap rate 4.75 percent.

About Buchanan Street Partners

Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. Having invested in over $6.9 billion worth of real estate assets in its 20+ year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation.

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

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 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