Detroit, Mich. (May 11, 2020) – SRS Real Estate Partners’ National Net Lease Group has completed the $4.6 million sale of a single-tenant, freestanding retail property occupied by discount supermarket chain, ALDI. The 18,549-square-foot property is located at 1035 W 14 Mile Road in Clawson, MI (Detroit submarket).
SRS’ National Net Lease Group’s Managing Principals Patrick Luther and Matt Mousavi who are both based in the firm’s Newport Beach Office, represented the seller, a Texas-based real estate holdings company. The buyer, a Midwest-based private investor who was in a 1031 exchange, was represented by Frank Rogers and Michael Carter who lead SRS’s Detroit Office as First Vice Presdents. The closing cap rate was 5 percent which is one of the industry’s lowest cap rates recorded for a fee simple-owned Aldi.
“ALDI recently extended its corporate guaranteed triple net lease by 15 years and is currently renovating the property, which demonstrates its long-term commitment to this location,” said Carter.
Rogers added, “This asset provided the buyer with a low risk and stable cash-flow investment for his portfolio. We are seeing this daily needs type of asset being sought after by investors now more than ever before.”
The property is an anchor tenant in the 130,000-sf Clawson Shopping Center which includes Staples, Rite Aid, and Dollar Tree. It is also well-located in a busy retail and residential area and is within a two-mile radius of Woodward Avenue and Interstate 75 which connect downtown Detroit to the northwestern suburbs.
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.