Detroit, Mich. (December 3, 2019) – SRS Real Estate Partners National Net Lease Group out of Detroit has completed the $30 million sale of Jefferson Town Center West, a newly developed, 184,663-square-foot, regional shopping center located at 4251 Town Center Boulevard in Jeffersonville, IN. The center, which is 100 percent leased, will be completed by the end of 2019.
SRS National Net Lease Group First Vice Presidents Michael Carter and Frank Rogers represented the seller, a local Louisville-based developer who is developing the entire project. Carter and Rogers also represented the buyer, a private Newport Beach, CA-based investor who was in a 1031 exchange.
The center, sited in an extremely dense, high-traffic retail corridor with nearby national tenants, features a strong tenant line-up of highly successful retailers including include Hobby Lobby, Burlington, TJ Maxx, HomeGoods, Petco, Five Below, and ULTA Beauty, among others.
“This prime property, situated in a thriving area with high consumer draw, represented an outstanding investment opportunity for the buyer,” said Carter. “All of the tenants of Jeffersonville Town Center West recently executed brand new 10-year-plus leases that feature rental increases, for continuing stability and a hedge against inflation. Additionally, this transaction shows the ability of the SRS’ national reach, given our team from Detroit procured a high net worth individual from California and deal-matched this opportunity in Indiana.”
Located directly across the Ohio River to the north of Louisville, Kentucky, Jefferson has a population of approximately 48,000, and offers excellent shopping and dining opportunities. The city is home to historically significant areas, such as the mid-to-late 19th century Jeffersonville Historic District, Central Business District, and the downtown riverfront. The Louisville International Airport is nearby.
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.