SRS Real Estate Partners announced today the $3.54 million sale of a property occupied by Mavis Tires & Brakes located at 2025 Hoffman Road in Gastonia, NC (Charlotte MSA). Built in 2023, the 6,500-square-foot property is situated on 1.49 acres and has 19 years remaining on its absolute triple net, corporate-guaranteed lease.
SRS Capital Markets Associate Connor Barton and Senior Managing Principal Patrick Nutt represented the seller, a Missouri-based private investor. The 1031 exchange buyer was a California-based private investor who paid all cash.
“We originally assisted our client in the purchase of this asset in April 2024 at a 6.75% cap rate,” said Barton. “Just over one-year later, we completed the sale of the same asset to an all cash 1031 buyer at a 6% cap rate which added more than $400,000 of equity to the seller’s portfolio.”
The property is located on a busy retail corridor and is directly adjacent to Hoffman Village, a Publix-anchored center, further increasing traffic to the trade area. It is also proximate to numerous multifamily communities.
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.