Fort Lauderdale, FL (December 13, 2023) – SRS Real Estate Partners announced today it has completed the $4.57 million sale of a newly developed property occupied by Chipotle. Situated on just under one-acre of land, the 2,462-square-foot building is an outparcel to Lakewood Shopping Center and is located at 5671 w. Atlantic Boulevard in Margate, FL.
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 Florida-based partnership. The buyer, a New York-based private investor, was in a 1031 exchange.
“Net leased properties in Florida continue to outperform overall,” said Wamble. “For Chipotle-occupied assets specifically, closing cap rates are typically 50 basis points lower on average as compared to other states this year.”
The property has a 15-year, corporate-guaranteed triple net lease in place with scheduled rent increases. Lakewood Shopping Center is a major regional shopping destination that is anchored by a Walmart Supercenter and includes Marshalls, Harbor Freight, and Ross, among others.
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.