ATLANTA (April 20, 2015) – The SRS Southeast Investment Sales team has brokered the sale of a 53,210-square-foot property in Tulsa, Okla. The property, which is currently occupied by Virginia College, is located at 5124 S Peoria Ave.; which is situated at the southeast corner of the intersection of South Peoria Avenue and East Skelly Drive. The seller, OK Tulsa South Peoria, LLC, sold the property to GPROP LLC on March 27, 2015 for $8,845,000.00.
Virginia College, a wholly owned subsidiary of Education Corporation of America, is a private, proprietary institution of higher education committed to offering diplomas, associate’s degrees, bachelor’s degrees, and master’s degrees. Virginia College offers certificates, diplomas, and degrees in the areas of health and medical, information technology, business, office management, and criminal justice. Virginia College is accredited by the Accrediting Council for Independent Colleges and Schools (ACICS).
“This Virginia College transaction is another example of an excellent, but rare, opportunity for a 1031 Exchange buyer to enjoy a great return on his investment while not having to compete for STNL product at today’s extremely aggressive cap rates.” said Kyle Stonis, senior vice president in SRS Real Estate Partners’ Atlanta office. Stonis concluded, “Having sold three of these assets, we have seen 1031 buyers come in and take advantage of Virginia College’s long-term lease and reasonable pricing, in comparison to the low cap rate expectations for dollar stores and drug stores.”
Kyle Stonis and Pierce Mayson in the SRS Atlanta office and Josh Burmeister with JLL represented the seller in the transaction. Chris Anderson with The Grant Group represented the buyer in the transaction.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America 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, investment services and management 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.
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