Newport Beach, Calif. (August 27, 2018) – SRS Real Estate Partners’ National Net Lease Group has completed the $5.28 million sale of a freestanding 22,000-square-foot newly-constructed, single-tenant property occupied by Crunch Fitness in Lawrenceville, GA, a suburb of Atlanta. The property opened its doors in March 2018 and is absolute triple-net leased to the second largest Crunch Fitness franchisee for the growing brand, and is on a long-term 12.5-year lease term with extension options.
SRS National Net Lease Group Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a local developer, as well as the buyer, a public REIT.
“With over 250 locations in 24 states and five countries, Crunch Fitness has experienced tremendous growth over the last several years, and plans are to continue expansion into new markets,” said Mousavi. “The site in Lawrenceville is a representative example of what the brand is seeking – new construction, and a highly visible and easily accessible free-standing location in a growing market. We received multiple offers, ultimately, selecting an all-cash buyer that was able to close within the seller’s desired time frame.”
Luther added, “This asset offered the buyer a well-located newly developed property leased to a fast-growing fitness brand with scheduled rental increases and no management responsibilities.”
Situated on 3.4 acres of land along State Highway 124 at 1175 to 1185 Scenic Highway South, the property is within a thriving retail corridor that includes Walmart Supercenter, Sam’s Club, Home Depot, Lowe’s, Best Buy, Hobby Lobby, and AMC Theatres, among other national brands. Located in Gwinnett County, Lawrenceville, GA is a suburb of Atlanta, located approximately 30 miles northeast of downtown.
SRS’s National Net Lease Group has completed in excess of 270 sales in 2017; so far this year, the group has more than 240 transactions sold or under contract across over 30 states throughout the country and currently has $1.2 billion is assets currently on listed for sale.
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.