Fort Lauderdale, FL (October 9, 2023) – SRS Real Estate Partners announced today it has completed the $1.925 million sale of a 9,100-square-foot (sf) single-tenant retail property occupied by Dollar General. Built in 2016, the asset is situated on 1.45 acres at 2851 N. Main Street in Mansfield, TX (Dallas-Fort Worth MSA).
SRS Capital Markets Jaime Salazer, Patrick Nutt and William Wamble represented the seller, a private investor from Colorado, as well as the buyer, an Arlington, TX-based private investor. The closing cap rate was 5.76%.
“Due to a diligent and strategic marketing campaign, our team generated multiple offers for this property that ultimately sold for 98% of list price,” said Salazar, a Senior Associate with SRS. “The seller offered favorable financing terms with an interest rate of approximately 4%. This was a winning situation as the seller achieved a higher than market price for the property and the buyer obtained a great asset with an interest rate that is far below market.”
Nutt added, “Dollar stores provide a high yield, strong credit option for our investors that are trying to complete their 1031 exchange or deploy capital.”
The property has more than eight years remaining on its absolute, corporate guaranteed triple net lease and provides the new owner with zero landlord responsibilities. It is located at a signalized intersection near U.S. Highway 287, a major Texas route and provide excellent visibility and access in a growing area with more than 165,000 residents and 47,800 employees within a five-mile radius.
The SRS team led by Patrick Nutt has closed in excess of $218 million this year with $378 million listed or under contract within the Sunbelt markets.
In 2022, SRS Capital Markets completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 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.