SRS Real Estate Partners announced today it has completed the $10.25 million sale of Tradition Retail Center, a 28,820-square-foot multi-tenant retail center located at 10190 to 10218 SW Village Parkway in Port St. Lucie, FL. Situated on 2.9 acres, the two-building property was built in 2020 and is fully occupied by ten tenants including Faith Animal Hospital, Farmers Insurance, Scott’s Golf Carts, and the Little Gym, among others.
SRS Capital Markets Executive Vice President and Managing Principal Patrick Nutt, Senior Vice President William Wamble and Associate Daniel Becker who are based in Fort Lauderdale and Tampa, FL represented the seller, a New York-based investment and development firm. The all-cash buyer was a Florida-based private investor who was in a 1031 exchange. The cap rate was 6.75 percent.
“This property offered the new ownership a healthy, service-oriented lineup that coincides well with the surrounding area’s consumer base,” said Wamble. “The tenants are responsible for taxes, insurance and maintenance of the property, creating an ideal, low management investment for a passive investor in a state with no state income tax.”
The property is situated within Tradition, an under-development master-planned community that will feature 500 acres of residential and 300 acres of park and recreation space. Tradition Retail Center is less than one mile from The Landing at Tradition, a 78-acre, 221,000 community shopping center with national retailers including Target, T.J. Maxx, PetSmart, and Burlington among others. The property is off Interstate 95 and there are more than 112,000 residents and 27,000 employees within a five-mile radius.
Year to date, SRS Capital Markets has completed approximately $731 million in deal volume comprised of 182 transactions in 34 states. SRS currently has in excess of 698 properties actively on the market with a market value surpassing $3.7 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 29 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.