New York, NY (May 20, 2021) – SRS Real Estate Partners’ National Net Lease Group has completed the sales of two single-tenant, Petsuites-occupied properties with a total value of approximately $10.62 million. Located in Newport News, VA and Lawrenceville, GA, both properties were built in 2020. Petsuites, which operates as a pet resort and spa, signed long-term, 20-years leases.
SRS National Net Lease Group’s Vice President Britt Raymond and First Vice President Kyle Fant represented the single seller, a North Carolina-based developer.
“The pet care industry has been experiencing substantial growth and is currently valued at a historical high of $232 billion, which is a 6.1 percent annual growth from 2020 at $216 billion,” said Raymond. “Savvy investors are seeking commercial real estate opportunities within this sector as the pet industry is anticipated to continue to expand well into the future.”
Following are details on each asset:
- Located at 12533 Warwick Boulevard in Newport News, VA, the 14,000-square-foot property is situated on just over two acres of land and sold for $5.515 million. The Florida-based private 1031 exchange buyer was represented by Danny Brooker of Monument Retail. The property is well located on a retail and commuter thoroughfare and is proximate to other national retailers including Harris Teeter, Food Lion and Chick-fil-A, among others.
- Located at 2525 Sugarloaf Parkway in Lawrenceville, VA, the 14,000-sf property is situated on 4.67 acres and sold for $5.1 million. The Minnesota-based buyer who was in a 1031 exchange was represented by Elizabeth Morgan of Pinnacle Real Estate. The asset is located on a main roadway and features a large monument sign.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed nearly 600 transactions valued at over $2 billion. Additionally, the group has nearly $540 million of assets under LOI or in escrow and $1.5 billion in assets currently listed for sale. In 2020, the NNLG successfully completed more than 490 transactions, across 44 states nationwide.
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 25 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 2019, the group completed more than 400 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.