SRS Real Estate Partners has completed the $23.8 million portfolio sale of three ground-leased (single-tenant) properties in Homestead, FL. The real estate properties are under construction and have been pre-leased by Target, Raising Cane’s and Murphy Oil; the long-term leases require no landlord responsibilities.
Patrick Nutt and William Wamble of SRS represented the seller, Homestead Pavilion LLC. The buyer was Wells Acquisition LLC. The portfolio closed at a 3.97% blended cap rate.
“We sold this three-property portfolio to a repeat private buyer client setting a national cap rate record for the Target ground lease and Florida cap rate records for the Raising Cane’s and Murphy Oil assets,” said Nutt.
The three properties are situated on 8.59 acres, and total square footage is 78,436. They are outparcels to Homestead Pavilion, a 450,000-square-foot shopping center that includes Kohl’s, Ross, Bed Bath and Beyond, and T.J. Maxx.