Honolulu, HI (April 27, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $4.7 million leased fee sale of a single-tenant retail property occupied by Zippy’s, an iconic Hawaii-based fast casual restaurant chain serving American, Japanese, Chinese, and Hawaiian fusion food. The property is located at 806 Kamehameha Highway in Pearl City, HI (Honolulu MSA).
SRS NNLG’s Vice Presidents Nicholas Paulic and AJ Cordero represented the Hawaii-based seller. The buyer was a Hawaii-based private investor. The closing cap rate was 3.43%.
Built in 1995, the 14,693-square-foot property is situated on .51 acres. The tenant had more than 20 years remaining on its corporate-guaranteed ground lease.
“Our SRS Honolulu team had a significant amount of interest from buyers within the first week of taking this rare opportunity to market,” said Paulic. “We generated multiple offers and identified a well-qualified buyer that closed the transaction quickly. This deal demonstrates that well-located net leased assets with good real estate fundamentals continue to strong see investor demand in today’s market.”
The Zippy’s asset is within a dense retail corridor with other nearby retailers including Walmart, CVS, H-Mart, Safeway, Sam’s Club, and Home Depot, among others. It also features excellent visibility located on the signalized intersection with significant street frontage along Kamehameha Highway the main retail thoroughfare in Pearl City.
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 705 sales across 49 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.