Fort Lauderdale, FL (February 9, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $2.89 million ground lease sale of a single-tenant property occupied by Burger King. Located on .57 acres at 65 Benoist Farms Road in West Palm Beach, FL, the 2,866-square-foot property was developed in 2022 and has a 20-year, absolute triple-net ground lease in place.
SRS NNLG’s Executive Vice President Patrick Nutt and Vice President William Wamble represented the seller, Brightwork Development. The buyer was a South Florida-based private investor.
“We received more than 20 offers on this high-profile property over the course of the marketing period. This overwhelming interest is testimony that there is still a high demand for well-located single-tenant retail properties,” said Nutt.
“With no landlord responsibilities, investors that are looking to secure a passive and stable income are increasingly turning to commercial real estate opportunities such as this type of product.”
The property fronts Southern Boulevard and US-98, a primary thoroughfare serving West Palm Beach which sees more than 84,000 vehicles per day. The property is adjacent to a Wawa, increasing strong crossover synergy with the tenants.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) 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.
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 705 sales across 49 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.