SRS Real Estate Partners announced today it has completed the $11.825 million sale of a newly developed CVS Pharmacy property located at 5447 Onate Lane in Melbourne, Florida. Situated on 1.81 acres, the 14,871-square-foot property opened earlier this year and has a 20-year, corporate-guaranteed absolute triple net lease in place.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President William Wamble, who are based in Florida, represented the seller, a Florida-based development company. The buyer was a private investor from South Florida.
“This property provided the buyer a rare new construction opportunity for a CVS-occupied asset,” said Wamble. “This is an ideal, management-free asset for a passive investor in a high-growth Florida market.”
The property is near a Publix Supermarket, Wawa, and Chick-fil-A, among other major retailers. It is also close to Interstate 95 and is two miles from Borrows West Park, a 115-acre mixed-use development.
Year to date, SRS Capital Markets has completed approximately $1 billion in deal volume comprised of more than 250 transactions in 45 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3.2 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.