Fort Lauderdale, FL (April 25, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $1.39 million ground lease sale of a single-tenant retail property occupied by AutoZone. The 7,400-square-foot property is situated on a .52-acre site at 162 Sea Island Parkway in Beaufort, SC.
SRS NNLG’s Executive Vice President Patrick Nutt and Vice President William Wamble represented the seller, Tidewater Development. The buyer was a South Carolina-based private investor. The closing cap rate was 4.75%.
“SRS was the second brokerage company hired to attempt to sell this property,” said Nutt. “We ended up receiving nine offers throughout our marketing process despite the current headwinds facing commercial real estate. Ultimately, the property sold to a private buyer who acquired the asset at full asking price.”
Built in 2022, the property has a more than 14 years remaining on its corporate-guaranteed ground lease which requires zero landlord responsibilities from the new ownership.
The property is located at the intersection of Lady’s Island Drive and Sea Island Parkway and is part of a larger development that includes Publix, Mavis, Sherwin Williams, and Wendy’s, among others.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.9 billion in deal volume comprised of 760 transactions in 48 states. SRS currently has in excess of 445 properties actively on the market with a market value surpassing $2.2 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 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.
SRS’ Investment Properties Group (IPG) & 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 2022, the group completed more than 760 sales across 48 states and has over 160 brokerage 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.