SRS Real Estate Partners announced it has completed the $8 million sale of Legacy Shoppes, a newly developed multi-tenant property located at 942 Heritage Pass in Davenport, FL. The property is fully occupied by three tenants including Another Broken Egg, Orlando Health and Encore Nails. All the tenants have new, 10-year triple net leases in place.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President William Wamble who are based in Florida represented the seller, a Florida-based private development company. The buyer was a private investor from Florida. The closing cap rate was 5.86%.
Situated on 3.44 acres, the 10,744-square-foot property was completed in 2024 and its three tenants recently opened their doors for business.
“This transaction represents a 2024 cap rate record for stabilized, new construction multi-tenant retail in Central Florida” said Wamble. “We identified a strong, non-1031 exchange buyer who was drawn to the quickly growing submarket and saw long-term stability with this asset.”
The property is part of a larger development that will feature Carrabba’s and Outback Steakhouse restaurants and is directly off Interstate 4. It is also an outparcel to the newly constructed Legacy Union Square Apartments. Legacy Shoppes is ideally situated just 12 miles from Walt Disney World Resort and is near a number of other vacation resorts.
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 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.