SRS Real Estate Partners announced today it has completed the $8.61 million sale of a Lowe’s Home Improvement property located at 2888 Brice Road in Columbus, Ohio. Situated on 12.8 acres the 125,357-square-foot property has a corporate-guaranteed lease that was recently extended for ten more years.
SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther represented the seller. The buyer was a West Coast-based private investor. The closing cap rate was 6.4%.
“This offering attracted strong buyer interest and we identified an all-cash buyer who we have exclusively represented over the past five years on seven acquisitions. Additionally, this wasn’t a 1031 exchange transaction which is typical for this type of single-tenant asset.” said Luther. “From signing to listing, the deal closed within 90 days.”
The property is adjacent to Brice Park, a 158,000-sf shopping center with big box tenants. It is also located in the center of a primary retail corridor with other nearby brands including Kroger, Big Lots!, Walgreens, and Planet Fitness, among others.
Year to date, SRS Capital Markets has completed approximately $1 billion in deal volume comprised of 240 transactions in 45 states. SRS currently has in excess of 659 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.