Fort Lauderdale, FL (August 24, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $21 million sale of a five-property, single-tenant restaurant portfolio occupied by Pollo Tropical. The properties are located in the south Florida cities of Pembroke Pines, Doral, Coral Springs, and Weston. The assets were sold to individual private buyers over the past several months with the final sale occurring last week for the Weston location. All told, the portfolio sold for approximately $21 million. Owned by publicly traded Fiesta Restaurant Group (NASDAQ: FRGI), Pollo Tropical is a Miami, FL-based restaurant chain and franchise specializing in the cuisine of the Caribbean.
SRS National Net Lease Group’s Executive Vice President Patrick Nutt, along with Avison Young Principal Jonathan Hipp, represented the sellers, two institutional real estate investment groups. The individual buyers were all private investors looking to acquire net lease property in South Florida. Each sale occurred on an all-cash basis.
“These assets drew a tremendous amount of interest with more than 30 offers generated,” said Nutt. “Each of these restaurants are high performing locations with the average unit volume being 150 percent of the national average for Pollo Tropical. Additionally, the five locations also all had new 15-year triple net lease extensions providing buyers with a stabilized and passive long-term investment backed by the publicly traded parent company, Fiesta Restaurant Group, Inc.”
The five assets located in south Florida achieved sales prices ranging from $3.46 million to $4.7 million with all but one location commanding a sub-5% cap rate, with overall portfolio achieving a 4.97% cap rate.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 140 transactions valued at $502 million. Additionally, the group has nearly $800 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.
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 25 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 (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 2019, the group completed more than 400 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.