New York, N.Y. (March 9, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $5.98 million sale of a two-tenant retail property located at 3200 N Loop 250 W in Midland, TX. The fully occupied asset includes national credit retailers, Kohl’s and Crunch Fitness who are on long-term triple net leases.
SRS NNLG’s Vice Presidents Britt Raymond and Kyle Fant represented the seller, a Texas-based developer. The buyer, a California-based private investor, was represented by Jake Bordelon of Marcus & Millichap. The closing cap rate was 6.6%.
Built in 2005, the 94,579-square-foot property is situated on 8.4 acres. The asset is within a 250,000-sf shopping center that includes Ashley HomeStore, Cracker Barrel, Sherwin Williams, and Jack in the Box.
“We were the second broker to be hired on a challenging assignment and were successful in leveraging investor interest to push final pricing to just $100,000 under the asking price,” said Fant. “This came very close to the pre-pandemic value. The fitness sector is back.”
Raymond added, “I attribute the success of this transaction to our team’s ability to strategically market to both institutional and local investors,” said Raymond. “This is especially important given that fitness was an unsalable sector during the pandemic.”
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.