SRS Real Estate Partners announced today it has completed the $5.6 million sale of a newly developed two-tenant property located at 1560 and 1570 Rock Springs Road in Apopka, Fla. Situated on 2.25 acres, the 6,774-square-foot property opened earlier this year and is fully occupied by Starbucks (with drive-thru) and Heartland Dental. Each tenant has a 10-year, corporate guaranteed lease in place.
SRS Capital Markets Senior Managing Principal Patrick Nutt, Executive Vice President William Wamble, and Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a national real estate investment and development company. The buyer was a private investor from Southwest Florida. The closing cap rate was 5.88%.
“We have seen consistent demand from the buyer pool for newly developed multi-tenant retail properties despite some market headwinds,” said Wamble. “This buyer appreciated the strong tenant lineup, property visibility on a major corridor, and the synergy with neighboring retailers such as the Publix-anchored Wekiva Plaza.”
Year to date, SRS Capital Markets has completed approximately $1 billion in deal volume comprised of more than 250 transactions in 45 states. SRS currently has in excess of 660 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.