Asheville, N.C. (July 20, 2021) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $20.3 million sale of a 388,540-square-foot industrial building located at 12 Gerber Road in Asheville, NC.
SRS NNLG’s First Vice President Jack Cornell and Associate Director Max Finn represented the seller, a North Carolina-based private investor, and the buyer, a Florida-based private investor.
“Our extensive marketing efforts and industrial buyer databases generated a significant amount of interest on this deal which subsequently sold quickly very close to the asking price,” said Cornell. “The buyer was drawn to this fully occupied, stabilized asset in a market with a high barrier to entry and the long-term value-add components and potential.”
Situated on just over 27 acres, the property was built in 1959 as a headquarters for Gerber Baby Food. It was most recently renovated in 2014 and is fully occupied by several tenants including SRS Distribution, GF Linamar, and U-Haul, among others. It is adjacent to Norfolk & Southern Railroad and features an onsite rail spur.
Year-to-date, SRS’ National Net Lease Group (NNLG) has completed more than 345 transactions in excess of $1.1 billion and have in excess of $1.8 billion in property on the market.
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 26 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’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) 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 2020, the group completed more than 550 sales across more than 35 states and has over 50 NNLG professionals nationally. 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.