Newport Beach, Calif. (August 5, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $2.4 million ground lease (land ownership) sale of a single-tenant restaurant property occupied by Texas Roadhouse. Located at 1125 Franck Street in Alcoa, TN (Knoxville submarket) the 8,354-square-foot property situated on 2.39 acres is new construction with its grand opening anticipated for early September 2022.
SRS NNLG’s First Vice Presidents Morgan Creech and Sarah Shanks out of the firm’s Louisville, KY office represented the seller, Louisville, KY-based Texas Roadhouse, Inc. The buyer was a private investor from Virginia who was represented by Feldman Ruel Urban Property Advisors. The property closed at a cap rate of 4.71%.
“This transaction was a pre-sale situation and generated a significant amount of investor interest and offers,” said Creech. “The buyer was attracted to a number of benefits including brand new construction with a successful national restaurant tenant, a 15-year ground lease, and zero landlord responsibilities.”
The Texas Roadhouse site is location in a busy retail corridor with a strong base on residential communities surrounding the location. It is also within a 20-minute drive to downtown Knoxville.
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 nearly 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.