Fort Lauderdale, FL (December 19, 2023) – SRS Real Estate Partners announced today it has completed the $3.15 million sale of a Mavis Discount Tire property. Located at 162 Sea Island Parkway in Beaufort, SC, the new construction 6,800-square-foot property is situated on just under one-acre of land and opened in summer of 2023.
SRS Capital Markets Executive Vice President & Market Leader, Patrick Nutt, Senior Vice President William Wamble and First Vice President Sabrina Kortlandt, who are based in Fort Lauderdale and New Orleans, represented the seller, a Florida-based developer. The Vermont-based private buyer was in a 1031 exchange. The closing cap rate was 5.38%.
“This high-quality asset features a new 20-year corporate-guaranteed triple net lease which was attractive to the buyer as there are no landlord responsibilities,” said Nutt. “Our SRS team continues to secure solid buyers for our developer clients across the country despite market headwinds.”
The property is located within a larger retail development that includes a Publix, AutoZone, Sherwin Williams, and Wendy’s among other national name brand tenants.
Year-to-date, SRS Capital Markets has completed nearly $2 billion in deal volume comprised of 403 transactions in 43 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3 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.