Tampa, Fla. (November 17, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $2.73 million ground lease sale of a 4,854-square-foot (sf) single-tenant property occupied by Chick-fil-A. With development completed this year and Chick-fil-A opening next month, the property is situated on 1.35 acres at 17693 Harpers Run in Lutz, FL.
SRS NNLG’s Executive Vice President Patrick Nutt and Vice President William Wamble represented the seller, Ferber Development. The buyer was a FL-based private investor. The closing cap rate was 3.39%.
“Chick-fil-A is one of the nation’s most successful quick service restaurants and it wasn’t surprising that we had a significant amount of interest and secured multiple competitive offers, ultimately closing escrow in just 39 days to an all-cash buyer in a 1031 exchange,” said Nutt.
“Despite market volatility, we were pleased to still close this property at a near-record cap rate,” said Wamble. “This was an ideal, passive investment for the buyer with a best-in-class tenant.”
The asset is located as an outparcel to Cypress Ranch, a 164-acre mixed-use development project that includes retail, residential, and office property. There are more than 84,000 residents and 24,000 employees within a five-mile radius of the property.
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. SRS and currently has more than $2.5 billion in property on the market, with more than 630 properties sold year-to-date valued in excess of $2.4 billion.
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.