ATLANTA (April 22, 2013) – S & S Enterprises, Inc. has sold a portfolio of 12 Sunoco fuel centers and convenience stores in Central and Southeast Florida for $32 million to entities managed by Cole Real Estate Investments. The portfolio consists of 37,275-square-feet with seven of the 12 locations having been redeveloped and all locations having received 20-year lease extensions. The 12 locations are situated throughout Central and Southeast Florida along the I-95 corridor with one in Lake Worth, two in West Palm Beach, one in Palm Beach Gardens, three on Merritt Island, two in Titusville, one in Cocoa, one in Palm City, and one in Sebastian, Fla.
“It’s one of the best fuel center portfolios that have been on the market in a while,” said Kyle Stonis, senior vice president in the SRS Atlanta office. “The sale was an excellent strategic portfolio play for both buyer and seller.” Dan Lovitz, director of acquisitions for Cole Real Estate Investments added, “This portfolio was attractive to Cole due to the long-term net leases, excellent rent growth, strong credit of the parent company, and quality coastal locations.”
Kyle Stonis, Pierce Mayson and David Holcombe in the SRS Atlanta office and Blake Hunter in the SRS Orlando office represented the seller, S&S Enterprises Inc. in the transaction. Dan Lovitz with Cole Real Estate Investments represented the buyer.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 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, investment services and management 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.
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