3.95% cap rate represents record high pricing for a Wendy’s property in Florida
Fort Lauderdale, FL (February 24, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $2.28 million ground lease (land ownership) sale of a newly developed single-tenant retail property fully occupied by Wendy’s located at 7775 Land O Lakes Boulevard in Land O Lakes, FL (Tampa area).
SRS NNLG’s William Wamble and Patrick Nutt represented the seller, RS Roach, LLC. The buyer was a private investor based in Wyoming.
“We were pleased with the result of this transaction for our client. When we began our marketing process for the asset, we received seven offers within the first two weeks of listing the property. This created a competitive bidding environment with qualified buyers which allowed us to achieve an above-asking price,” said Wamble. “The 3.95% cap rate represents record high pricing for a Wendy’s property in Florida.”
Built in 2022 and situated on 1.08 acres, the 2,500-square-foot property has a 15-year corporate-guaranteed tenant lease in place. The property fronts Land O Lakes Boulevard which sees approximately 42,000 vehicles passing daily. It is directly across the street from Connerton, a mixed-use project situated on 1,800 acres which is currently under development.
In 2021, SRS’ Investment Properties Group and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 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.