Fort Lauderdale, FL (November 29, 2023) – SRS Real Estate Partners announced today it has completed the $3.143 million sale of a newly developed retail property occupied by Starbucks located at 1217 Finley Avenue in Davenport, FL, a suburb of Orlando.
SRS Capital Markets Executive Vice President & Market Leader, Patrick Nutt, Senior Vice President William Wamble, and Associate Robert Dillard who are based in Fort Lauderdale and Tampa, FL represented the seller, a Florida-based developer. The Florida-based buyer was in a 1031 exchange. The closing cap rate was 5.25%.
Situated on just under one-acre of land, the 2,500-square-foot property was completed in October 2023 and has a 10-year, corporate-guaranteed lease in place.
“Our SRS team has recently closed on dozens of new construction, single-tenant net leased investments in Florida and we have multiple other Starbucks properties for sale,” said Nutt. “Florida continues to experience outpaced population growth and therefore demand for retail. As tenants seek to be a part of that growth, investors consider key Florida markets and their adjacent areas such as Davenport, to provide compelling investment opportunities.”
The property is ideally situated 15 miles from Walt Disney World Resort with more than 58 million annual visitors.
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.