SRS Real Estate Partners announced today the $2.72 million ground lease (land ownership) sale of a Circle K property located at 3600 W. Waters Avenue in Tampa, FL. Built in 2022, the 5,476-square-foot property is situated on 2.19 acres and has a corporate-guaranteed long-term lease in place.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble who are based in Florida represented the seller, a national real estate investment and development company. The buyer was a private investor from South Florida who was in a 1031 Exchange. The closing cap rate was 5.25%.
“SRS generated more than ten offers throughout the course of our marketing campaign,” said Wamble. “The corporate-guaranteed lease has options to extend and scheduled rental increases in order to account for inflation. All around, this provides a stable and passive investment for the new ownership.”
The site is located at the intersection of W. Waters Avenue and N. Himes Avenue which sees more than 65,000 vehicles per day. Tampa is the third largest city in Florida and the 51st largest city in the United States, growing 1.25% annually.
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has in excess of 740 properties actively on the market with a market value surpassing $3.5 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.