SRS Real Estate Partners announced today it has completed the $3.67 million sale of a newly developed Chipotle property with drive-thru located at 35654 US-27 in Haines City, FL. Situated on 0.69 acres, the 2,493-square-foot property has a 15-year, corporate-guaranteed absolute triple net lease in place.
SRS Capital Markets Senior Managing Principal Patrick Nutt, Executive Vice President William Wamble and Associate Connor Barton, who are based in Florida, represented the seller, a Florida-based private development company. The buyer was a private investor from Spain. The closing cap rate was 4.5%.
“Chipotle-occupied assets are attractive investments for buyers as the restaurant chain has been thriving and continues to grow. The long-term, passive lease structure provides stability and ease of management,” said Barton. “This property secured a number of offers as its new construction, long-term lease and location in high growth Haines City were all key selling points for this Chipotle.”
The property fronts U.S. Highway 27, the primary thoroughfare serving Haines City, and is near other national brand retailers including Wendy’s, AutoZone, and Walmart, among others.
Over the past 12 months, SRS has sold over 50% of the Chipotle-occupied assets in Florida at lower than average cap rates.
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 28 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.