Tampa, FL (December 13, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $2.88 million sale of a 7,225-square-foot single-tenant retail property occupied by O’Reilly Auto Parts. Situated on a .81-acre site at 1335 St. Johns Parkway in Jacksonville, FL, the property completed construction earlier this year and the tenant, who signed a corporate-guaranteed 15-year lease, opened its doors in August 2022.
SRS NNLG’s Executive Vice President Patrick Nutt and Vice President William Wamble represented the seller, Corner Lot Development Group. The buyer was a Florida-based private investor who was in a 1031 exchange and paid all-cash for the asset. The closing cap rate was 5%.
“We enjoyed selling this property on behalf of the developer and achieved a favorable result despite current economic headwinds,” said Wamble.
The property is situated across the street from Durbin Creek Crossing, a 70-acre mixed-use project. There are also hundreds of new residential units being developed near O’Reilly, which creates a favorable, growing customer base for the retailer.
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 684 properties sold year-to-date valued in excess of $2.6 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.