SRS Real Estate Partners announced today it has completed the $4.64 million sale of a single-tenant property occupied by Mor Furniture located at 1720 W. Olive Avenue in Merced, Calif. Built in 2005 and situated on 2.15 acres, the 21,710-square-foot property has a corporate-guaranteed triple-net lease in place with approximately eight years remaining.
SRS Capital Markets Senior Vice President Alexander Moore and Nick Frechou of Retail California represented the seller, Wood Investments Companies, a Southern California-based investment group. The buyer was a private investor from Beverly Hills, Calif.
“This transaction presented investors with the opportunity to acquire a well-located, institutionally maintained retail asset backed by a corporate-guaranteed triple-net lease,” said Moore. “The property’s location within a strong retail corridor, combined with Merced’s continued population growth and expanding employment base, made it especially attractive.”
The Mor Furniture asset is within a Lowe’s-anchored retail center that also includes Big 5, Dollar Tree, Ashley Furniture, Panda Express, and Del Taco, among others. It is also situated within a busy retail corridor with dozens of other national retail and dining options.
The property is in Merced, a high-growth area with a population that has increased by 44% since 2000. There are more than 117,000 residents and more than 34,000 employees within a five-mile radius of the property.
Last year, SRS Capital Markets completed more than $3.5 billion in deal volume comprised of 950 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 celebrating 40 years of going the extra mile for its clients. A leader in consumer-driven real estate, SRS provides commercial real estate solutions across retail, industrial, and capital markets. Headquartered in Dallas with 29 offices nationwide, the firm measures its success by the achievement of its clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
About Wood Investments Companies
Wood Investments Companies, Inc., is a privately held, family-run real estate investment and management firm that acquires, owns, operates, and develops commercial retail shopping centers, with a focus on value-add redevelopment and investments in the Western United States. The company and its affiliates have over 60 years of combined experience and success in the retail real estate industry.