Fort Lauderdale, FL (April 24, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $8.125 million portfolio sale of two freestanding single-tenant retail properties. The properties are occupied by Panera Bread and Chipotle and are outparcels to Lake Brandon Plaza, a 200,000-sf Publix-anchored shopping center located at 11201-11255 Causeway Boulevard in Brandon, FL.
SRS NNLG’s Executive Vice President Patrick Nutt and Vice President William Wamble represented the seller, a Florida-based private investor. The buyer was a New York-based private investor. The closing blended cap rate was 4.34%.
“We were happy to complete this transaction on behalf of the seller at a favorable cap rate in today’s environment, said Nutt. “We sourced an all-cash New York-based buyer who was in a large 1031 exchange and was looking for top-tier retail tenants on long-term leases.”
Chipotle totals 2,432 sf and Panera totals 4.022 sf. Both properties were completed in 2023 and have new 15-year, absolute triple net leases in place.
“Located within a dense retail corridor with directly off Interstate 75, these newly constructed properties provide the new ownership with zero landlord responsibilities and highly recognizable tenants. Additionally, being that they are restaurants, they are resistant to ecommerce competition,” said Wamble.
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.