DETROIT (June 19, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the off-market, $4.65 million sale of a freestanding, 2,961-square-foot retail property and gas station, fully occupied by 7-Eleven. Located at 6715 Winkler Road in Fort Myers, FL, the property completed construction in late 2019 and has a new, 15-year corporate-guaranteed lease in place with 7-Eleven, Inc.
SRS National Net Lease Group’s First Vice Presidents Frank Rogers and Michael Carter out of the Detroit office represented the seller, a Florida-based merchant developer. SRS National Net Lease Group’s Parker Walter out of the firm’s Newport Beach, CA office represented the buyer, a California-based private investor who was in a 1031 exchange. Additionally, SRS debt and equity specialist, Ben Townsend, handled the financing on behalf of the buyer. The closing cap rate was 4.9 percent and the price per square foot was $1,569.
“Our SRS team handled every component of this off-market transaction for this high quality trophy asset,” said Carter. “Despite the entire transaction process occurring during the pandemic crisis, our collaborative platform was ideal for identifying a California-based 1031 buyer and coordinating lender financing in order to create a smooth process for all parties involved.”
Situated on a 1.06-acre site, the property is in between Highway 867 and Highway 41 and is located at the signalized intersection of Winkler Road and Cypress Lake Road. It is also across the street from Florida Southwestern State College. The well-located asset is on the main thoroughfare through Fort Myers, connecting Cape Coral to the Southwest Florida International (RSW) which is 10 miles to the east. It is also just west of the one the top shopping corridors in the market on Cleveland and Cypress Lake with anchors such as Public, Target, Costco, Home Depot, Fresh Market, Dave and Busters, Williams Sonoma, CVS, Chick-fil-A, etc.
SRS’ National Net Lease Group, with nearly $2 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide. As of mid-June 2020, the firm has completed 185 transactions totaling $616 million (a 44% increase as compared to last year) and has nearly $800 million of assets under LOI or in escrow.
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.