Newport Beach, CA (February 9, 2021) – SRS Real Estate Partners’ National Net Lease Group has announced the $33 million, off-market sale of a portfolio of ten single-tenant, net-leased retail assets in eight states (TX, OH, IN, MI, TN, FL, GA, AL). Totaling 134,851 square feet, the assets include six CVS Pharmacy stores, one Walgreens, and three Tractor Supply Company stores.
SRS National Net Lease Group’s Senior Vice President Dan Elliot and Managing Principals Patrick Luther and Matthew Mousavi, represented the buyer, private investment group L2 Partners, LLC, as well as the seller, Orion Real Estate Group, a private investment firm.
“This was an all-cash, off-market transaction,” said Elliot. “Both parties worked to expedite the due diligence process and the closing occurred as scheduled. This portfolio represented the rare opportunity to acquire a group of quality, stable net-leased assets offering diversification via location, tenant, and lease term. Ultimately, this deal reinforces the current strength of the single-tenant net-lease market and the demand for retail tenants that have not only survived, but thrived in the current environment.”
SRS’ National Net Lease Group experienced explosive growth in 2020, and plans to continue expansion of its teams across the country in 2021. Despite the COVID-19 crisis, SRS’ transaction volume was up 26 percent in 2020 as compared to 2019. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed 534 transactions in 2020 valued at more than $1.9 billion. Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently listed for sale. The National Net Lease Group has more than 50 net lease professionals nationwide, all collaborating on one central platform, with leadership, underwriting, and marketing efforts strategically located in Southern California.
About Orion Real Estate Group: Orion Real Estate Group provides commercial real estate services to investment clients around the world. Since its founding in 1978, the firm has been involved in more than $4 billion in transactions and holds a portfolio exceeding $800 million. Its headquarters are located at 200 S. Biscayne Blvd, 7th floor, Miami, FL 33131. For more information, visit https://orionmiami.com/ or call (305) 278-8400 or 1-888-255-4502.
About L2 Partners: L2 Partners is a private equity firm that focuses on acquiring primarily grocery and pharmacy as well as medical office, QSR, and value add opportunities. Since its inception in 2014, L2 Partners has acquired over $1.1 billion in commercial real estate. The group has offices in Miami, FL Chicago, IL and Providence, RI. For more information, visit https://www.l2partners.com/ or call 630-247-4079.
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.