NEW YORK CITY (June 7, 2018) – SRS Real Estate Partners’ National Net Lease Group announced the recent sale of the land ownership of a MedExpress Urgent Care in Vero Beach, Fla. The ground lease sold for $1.46 million, reflecting a 5.14 percent cap rate, which is the record lowest cap rate for any MedExpress-leased property across the country according to information available from Costar.
The tenant recently executed a brand new, 10-year corporate-guaranteed ground lease. MedExpress is currently the second largest operator of urgent care centers in the country with over 200 locations. SRS fielded more than ten offers for the property, which was ultimately sold to a South Florida-based 1031 exchange private investor.
"The SRS National Net Lease Group’s ability to generate a diverse buyer pool, with more than ten competing offers from California, New York, and Florida-based investors, was a key component in driving the sale value to a record breaking 5.14 percent cap rate," said Kyle Fant, senior associate of the National Net Lease Group in New York.
"We have seen a substantial increase in demand for net-leased medical property. Institutional investor groups have been targeting this sector for quite some time, and we are now experiencing the traditional private retail buyer follow that trend," said Britt Raymond, first vice president of the National Net Lease Group in New York.
Britt Raymond and Kyle Fant of the National Net Lease Group in the New York office, along with Matthew Mousavi and Patrick Luther, managing principals in the Newport Beach office, represented the seller.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.