Tampa, Fla. (May 18, 2020) – SRS Real Estate Partners’ National Net Lease Group is pleased to announce the $2.46 million acquisition of a newly constructed, freestanding, single-tenant retail property located at 9601 E. Martin Luther King Jr. Blvd. in Tampa, FL. The property is occupied by Starbucks which opened its doors in early 2020 at this location.
SRS National Net Lease Group’s Richard Dorfman represented the buyer, a private investor from New Jersey who was in a 1031 exchange. The seller, a Florida-based developer, was represented by Patrick Wagor of Atlantic Investments. The closing cap rate was 5.08 percent.
The 3,080-square-foot property is situated on 1.3 acres and has a drive-thru. It is located in a dense, infill area within Sabal Park, the largest mixed-use business park on Florida’s west coast.
“This property has a corporate guaranteed, 10-year triple net lease with Starbucks Corporation,” said Dorfman. “My client was attracted to the strong location, quality of the new construction, high profile brand name tenant and no landlord responsibilities.”
SRS’ National Net Lease Group, with more than $1.5 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 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’ 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.