Newport Beach, Calif. (January 19, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $20 million sale of a single-tenant retail property fully occupied by Staples located at 2121 Biscayne Boulevard in Miami, FL.
SRS NNLG’s Joseph Simon who is in the firm’s Troy, Mich. office represented the seller, Crescent Heights, a real estate development firm with offices in New York and Miami. The buyer was a Texas-based private investor who was in a 1031 exchange. The sale closed at a cap rate of 5.1%.
Built in 2008 and situated on just under one-acre of land, the 20,288-square-foot (sf) property can be redeveloped with zoning that allows for up to 500,000 sf.
“While Staples has just 1.5 years remaining on its lease and is considered a higher risk tenant, the location on Biscayne Avenue in Miami, is considered prime real estate with favorable zoning,” said Simon. “These fundamentals provided the buyer with a promising long-term outlook and high potential for adding significant value in the near future, therefore a strong price was secured.”
The property is located less than 4.5 miles west of Miami’s South Beach and is in a dense, infill location with high barriers to new development. It is between Interstates 95, 195 and 395 and is near dozens of retailers including Target, Ross Dress for Less, Publix, Marshalls, Walgreens and Starbucks, among others. There are more than 529,000 residents and 325,000 employees withing a five-mile radius of the property.
In 2021, SRS’ Investment Properties Group and National Net Lease Group (NNLG) completed more than $3 billion in deal volume comprised of 830 transactions in 40 states, and currently has more than $2 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.