Atlanta, Ga. (October 6, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $2.775 million ground lease (land ownership) acquisition of a single-tenant property occupied by Chick-fil-A at 2980 Golf Court in Delafield, WI.
SRS National Net Lease Group’s First Vice President Sheree Strome and Senior Associate Michael Berk represented the buyer, a private investor from Virginia who was in a 1031 exchange. The seller was a Georgia-based developer who was represented by Jon Thoresen with Founders 3 Real Estate. The closing cap rate was 3.96 percent.
The 5,012-square-foot Chick-fil-A restaurant is new construction and opened its doors in February 2020. The property is well-located off the new roundabout on Golf Road and features double-ordering lanes merging into a single payment lane. It is off the 94 freeway and is within a busy retail corridor.
“This transaction was an upleg in a 1031 exchange for our buyer client,” said Berk. “We advised the buyer on trading out of a McDonald’s property in Georgia with only six years remaining on the lease and into this newly built Chick-fil-A asset which has a 20-year ground lease. Ultimately, it created better long-term stability for the investor and no landlord responsibilities.”
SRS’ National Net Lease Group has continued its explosive growth in the past year, and plans to continue expansion of their teams across the country throughout the remainder of 2020. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed more than 300 sales to date in 2020. Of those transactions SRS’ National Net Lease Group (NNLG) has closed 220 transactions since the COVID-19 crisis began. These transactions alone are valued at more than $926 million. Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently 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 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.