Fort Lauderdale, Fla. (August 8, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $23.75 million portfolio sale of three ground-leased (land ownership) single-tenant properties located within Homestead Pavilion at 2901 NE 9th Street in Homestead, FL. The properties are under construction and have been pre-leased by Target, Raising Cane’s and Murphy Oil. The long-term leases require no landlord responsibilities.
SRS NNLG’s Executive Vice President Patrick Nutt and Vice President William Wamble represented the seller, Homestead Pavilion LLC. The buyer was Wells Acquisition LLC. The portfolio closed at a 3.97% blended cap rate.
The three properties are situated on 8.59 acres and total square footage is 78,436. Target will open late 2022, Raising Cane’s will open this August and Murphy Oil will open in fall 2022.
“We were pleased with the execution of this deal and were able to achieve record pricing for our seller,” said Nutt. “We sold this three-property portfolio to a repeat private buyer client setting a national cap rate record for the Target ground lease and Florida cap rate records for the Raising Cane’s and Murphy Oil assets. All three of these tenants will be great additions to this submarket once construction is completed.”
The properties are outparcels to Homestead Pavilion, a 450,000-sf shopping center that is one of the most dominant centers in South Florida with tenants that include Kohl’s, Ross, Bed Bath and Beyond, and T.J. Maxx, among others. The center is directly off Florida’s Ronald Reagan Turnpike and
In 2021, SRS’ Investment Properties Group (IPG) 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, with more than 465 properties sold year-to-date in 2022.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and 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 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage 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.