San Diego, CA (March 8, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $6.13 million acquisition of 13,426-square-foot (sf) single-tenant retail property occupied by CVS Pharmacy located at 1933 Heritage Trace Pkwy in Ft. Worth, TX.
SRS NNLG’s Matt McNeill who is out of the firm’s San Diego office, represented the buyer, a California-based private investor. The seller was represented by Thomas Company.
Built in 2020 and situated on 2.29 acres, the property is leased to CVS on an absolute triple net lease which has just over 23 years remaining.
“The buyer was a repeat client and paid all-cash for this asset,” said McNeill. “The high-quality property is well-located in a densely populated and growing Texas market and it will provide the new ownership long-term cash flow and no landlord responsibilities.”
The population within a three-mile radius of the property is just over 108,000 with an average household income of more than $110,000.
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 760 sales across 48 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.