Fort Lauderdale, FL (December 14, 2023) – SRS Real Estate Partners announced today it has completed the $6 million portfolio sale of two newly developed Circle K properties located in Madison and Huntsville, AL. Both of the properties have 15-year, corporate guaranteed absolute triple net ground leases in place, whereby the investor purchased fee-simple ownership of the land for each of these transactions.
SRS Capital Markets Executive Vice President & Market Leader, Patrick Nutt and Senior Vice President William Wamble who are based in Fort Lauderdale and Tampa, FL represented the seller, a southeastern U.S.-based developer. The California-based private buyer was in a 1031 exchange.
“These properties are situated in prime retail corridors and were attractive to the 1031 exchange buyer as they offered a name brand tenant with a long-term lease in place,” said Nutt. “Additionally, it provides the investor with a cash-flowing investment with a favorable cap rate, providing a passive income.”
Following is information on each asset:
Huntsville, AL – The 5,200-sf property is located on 2.03 acres at 11010 Highway 231-431 N. It fronts Highway 231 and is strategically located near the intersection of Hwy 231 and the recent expanded and extended Northern Bypass at Bob Wade Lane.
Madison, AL – The 5,200-sf property is situated on 1.92 acres at 8464 Madison Boulevard. It is well-located less than one-mile from Interstate 565 and is surrounded by national tenants including Walmart Supercenter, Walgreens, and Dollar Tree, among others.
Year-to-date, SRS Capital Markets has completed nearly $2 billion in deal volume comprised of 403 transactions in 43 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.