Newport Beach, CA (August 7, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $3.353 million sale of a single-tenant, 3,386-square-foot property leased to Wendy’s at 15416 N. Pima Road in Scottsdale, Ariz.
SRS National Net Lease Group’s Managing Principals Patrick Luther and Matthew Mousavi in cooperation with Chris Stamets and Brian Gausden of Western Retail Advisors, LLC, represented the seller, a Texas-based private investor. The all-cash buyer was from California and was in a 1031 exchange.
“This well-located, quick service restaurant with a long-term lease and no landlord responsibilities was hotly contested and we submitted more than ten solid offers to the seller,” said Luther. “We moved quickly with the selected buyer with a five-day due diligence period and a five-day closing at a cap rate of 4.25 percent.”
Built in 1996 and situated on a .4-acre parcel of land, the property includes a drive-thru. It is on a corporate-guaranteed triple net lease through May 2032. The property is located in the heart of the Scottsdale Airpark Corridor which houses numerous corporate headquarters including GoDaddy, AXOM, JDA Software, CVS Caremark, and Vanguard, among others. It is also an outparcel to Sonora Village, a 285,00-square-foot shopping center and is near a number of other national brand retailers. Within a five-mile radius, the average annual household income is approximately $143,000.
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.