Newport Beach, Calif. (April 11, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $8.23 million sale of North Shops at Spradlin Farm, a 17,290-square-foot multi-tenant retail center located at 10-100 Spradlin Farm Drive in Christiansburg, VA.
SRS NNLG’s Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther represented the seller, a North Carolina-based shopping center fund. The buyer, a California-based investor who was in a 1031 exchange, was represented by Tyler Price of Price Richards Commercial.
Built in 2000, the property is situated on 2.02 acres and is fully occupied by several tenants including Mattress Firm, AT&T, Supercuts and MedExpress.
“We received multiple offers and were able to execute a sale with an ideal buyer profile within six months of launching marketing,” said Raymond. “The success of this sale is indicative of how demand for shopping center product has bounced back from the low velocity at the height of the pandemic.”
“Despite rising interest rates, multi-tenant investment opportunities in healthy markets continue to receive strong investor interest,” said Mousavi. “Part of the appeal is the diversification of the income stream via multiple tenants, and, the ability to experience rental growth more quickly due to shorter term leases and options often having FMV resets, or no options remaining, providing for upside potential for the investor. The yields on anchored and unanchored multi-tenant assets are also higher than investors are able to access with most single-tenant investments, thus providing for a higher cash on cash returns.”
North Shops at Spradlin Farm is situated at the major intersection of N. Franklin Street and Spradlin Farm Drive NW and is an outparcel to Spradlin Farm Shopping Center, a 441,000-sf power center anchored by Target, Home Depot, Big Lots, and TJ Maxx.
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 200 properties sold year-to-date in 2022.
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 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.