SRS Real Estate Partners announced today the $6.96 million sale of an O’Reilly Auto Parts property located at 7590 Starkey Road in Seminole, FL (Tampa MSA). The 28,461-square-foot property is situated on 3.6 acres and has a new 15-year, corporate-guaranteed lease in place.
SRS Capital Markets Executive Vice President & Principal William Wamble and Senior Managing Principal Patrick Nutt who are based in Florida represented the seller, an Ohio-based development and investment company. The buyer was a New Jersey-based private investor who was in a 1031 exchange. The transaction sold at 5.75% cap rate.
“This property underwent a major remodel last year to convert the building into one of O’Reilly’s new ‘hub’ prototypes which acts as a last-mile facility for retail locations in the area,” said Wamble. “The new ownership will enjoy a long-term lease with an internationally recognized brand, as well as minimal landlord responsibilities in a no income tax state that continues to grow in population.”
The property is within a dense retail area with other surrounding national brands including Sam’s Club, Walmart, and Publix, among others. There are also several new residential and office developments underway nearby.
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has in excess of 740 properties actively on the market with a market value surpassing $3.5 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.