Newport Beach, Calif. (September 18, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the off-market $50 million sale of a single-tenant, 190,000-square-foot industrial property occupied by Carvana located at 600 S 94th Ave. in Tolleson, AZ.
SRS National Net Lease Group’s Vice President Travis Fidel represented the buyer, Phoenix-based Fundamental Income. Fidel also represented the seller, Carvana, who will leaseback the property as the tenant on a long-term basis. The facility is used as a reconditioning and photography center for vehicles sold by Carvana.
Fidel noted, “This deal marks our third industrial sale-leaseback with Carvana since late 2019, helping unlock $150 million of capital as the company continues expanding.”
“In addition to our significant single-tenant retail property asset sales across the country totaling over $1 billion year to date, SRS’ National Net Lease Group has completed more than $300 million in single-tenant automotive, office and industrial assets this year,” said Matthew Mousavi, Managing Partner with SRS National Net Lease Group. “Capital is looking for net lease within multiple asset classes as it provides for stable, long-term cash flow with little to no landlord responsibilities.”
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 211 transactions
valued at $872 million and over 300 closings year to date. Additionally, the group has over 150 individual assets under LOI or in escrow and $1.75 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.