Newport Beach, Calif. (February 4, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the approximately $14.48 million acquisition of a single-tenant retail property fully occupied by Walmart Neighborhood Market located at 1616 Central Avenue in Summerville, S.C.
SRS NNLG’s First Vice President Richard Dorfman represented the 1031 exchange buyer, a private investor from California. The seller, a Florida-based investor/developer was represented by Cushman & Wakefield. The closing cap rate was 4.75%.
“My client had a large 1031 exchange to satisfy, and with this one asset, we were able to successfully complete his requirement,” said Dorfman. “In a market with extreme buyer competition, it’s important to differentiate your offer from the general mix. We were able to do so with all-cash financing on a large price point asset.”
Built in 2016 and situated on 6.89 acres, the property is located at the signalized intersection of Orangeburg Road and Central Avenue and has more than 83,000 residents within a five-mile radius.
In 2021, SRS’ Investment Properties Group and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market.
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 26 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.
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. 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.