SRS Real Estate Partners’ National Net Lease Group has completed the $4.6 million sale of a single-tenant, freestanding retail property occupied by discount supermarket chain, ALDI. The 18,549-square-foot property is located at 1035 W. 14 Mile Road in Clawson, Michigan, in the Detroit submarket.
SRS’ National Net Lease Group’s Managing Principals Patrick Luther and Matt Mousavi, both based in the firm’s Newport Beach Office, represented the seller, a Texas-based real estate holdings company. The buyer, a Midwest-based private investor who was in a 1031 exchange, was represented by Frank Rogers and Michael Carter, who lead SRS’s Detroit Office as First Vice Presdents.
The closing cap rate was 5 percent, which is one of the industry’s lowest cap rates recorded for a fee simple-owned Aldi.
The property is an anchor tenant in the 130,000-square-foot Clawson Shopping Center, which includes Staples, Rite Aid and Dollar Tree. It is also well-located in a busy retail and residential area and is within a two-mile radius of Woodward Avenue and Interstate 75, which connect downtown Detroit to the northwestern suburbs.