SRS Real Estate Partners announced the $4.53 million ground lease (land ownership) sale of a Walmart property located at 1569 Saxon Boulevard in Deltona, FL. Built in 2015 and situated on 4.41 acres, the 41,335-square-foot property is subject to an absolute triple-net lease with 10 years remaining and options to extend.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble represented the seller, a private partnership who is leveraging the sale to diversify its portfolio and is now pursuing a 1031 exchange. The private buyer (who was not in a 1031 exchange) was a repeat SRS client based in Pennsylvania. The asset sold at a 4.64% cap rate.
“The buyer was drawn to the property’s strong real estate fundamentals and completely passive ownership structure. This transaction reflects continued investor demand for high-credit, long-term net lease assets in growing Sunbelt markets,” said Nutt. “The combination of zero landlord responsibilities and Walmart’s brand strength made this a compelling acquisition.”
The property is located within the Deltona Village Development, a 140-acre mixed-use development that will include more than 600 new apartments, 50,000-sf of light industrial/manufacturing, a 25-acre Amazon distribution center expansion, a grocery-anchored retail development, hotel development, and more.
This year, SRS Capital Markets has completed more than $1.2 billion in deal volume comprised of more than 350 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 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.