SRS Real Estate Partners announced today it has completed the $3.82 million ground lease sale of a new construction Circle K property located at 26072 Highway 181, in Daphne, AL. Situated on a 2-acre site, the 5,200-square-foot property recently opened and has a 15-year, corporate-guaranteed lease in place.
SRS Capital Markets Executive Vice President & Market Leader Patrick Nutt and Senior Vice President William Wamble who are based in Fort Lauderdale and Tampa, FL represented the seller, a Southeast U.S.-based development group. The buyer was a local private investor. The property sold at a 5.5% cap rate.
“Passive net lease properties remain popular amongst investors, but while supply has made selecting the ‘perfect’ property a bit more difficult, this sale exemplifies a growing trend of picking a property in a market that is known to the investor,” said Wamble. “The buyer of this property already owns other land positions in the Daphne submarket of Mobile and remains bullish on the growth throughout Baldwin County and South Alabama.”
Situated at a signalized intersection at State Highway 181 and Daphne Road, the Circle K benefits from nearby on/off ramp access to Interstate 10 and is within a dense retail corridor.
In 2023, SRS Capital Markets completed approximately $2 billion in deal volume comprised of 495 transactions in 43 states. SRS currently has in excess of 600 properties actively on the market with a market value surpassing $2.85 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.