Newport Beach, CA (February 26, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $3.225 million off-market sale of a single-tenant 17,633-square-foot freestanding property fully occupied by Bank of America in San Antonio, TX. Built in 1980, the property is located on 1.06 acres at 5201 Broadway Street. The asset is corporate guaranteed by Bank of America who recently extended its triple-net lease term by seven years.
SRS’ National Net Lease Group Managing Principals Patrick Luther and Matthew Mousavi and Senior Associate Chris Edwards represented the seller, an LLC controlled by New York-based The Feil Organization in cooperation with the seller’s in-house representation, Randall Briskin. The buyer was a private investor. The closing cap rate was 6.4 percent.
“SRS was able to deal-match this asset with a buyer via our exclusive investor database in this off-market transaction,” said Edwards. “This Bank of America branch is the 5th highest in the county for deposits and is in an ideal, highly visible location in a busy retail corridor an a dense surrounding population.”
The property is within an extremely affluent community of Alamo Heights which has an average annual household income of $190,000. Situated along Broadway Street and near the intersection of State Highway 368, the property is nearby a number of national retailers including Walmart, Target, Petco, Ross, and McDonalds, among others.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America 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, and investment 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.
SRS’ National Net Lease Group is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2017, the group completed more than 270 sales across more than 30 states. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.