SRS Real Estate Partners’ National Net Lease Group has completed the $7.2 million acquisition of a portfolio of two single-tenant retail properties occupied by Christian Brothers Automotive, which was also the seller. Upon close of escrow, Christian Brothers signed 15-year, absolute triple-net leases on the assets as part of a sale-leaseback strategy.
SRS’ National Net Lease Group’s First Vice Presidents Frank Rogers and Michael Carter, who lead the firm’s Detroit office, represented the all-cash buyer, a Midwest-based private investor who was in a 1031 exchange.
The property details include:
3985 W. Smith Valley Road in Indianapolis: The property totals 5,264 square feet and is situated on 1.99 acres. The property is within an affluent area with a population of more than 110,000 people within a five-mile radius. Nearby retailers include Walmart, Target, Starbucks, Home Depot and Aldi.
9565 Zachary Lane N. in Maple Grove, Minnesota: The property totals 5,561 square feet and is situated on 1.42 acres. The property is located in an affluent area with a population of more than 171,000 people within a five-mile radius. Nearby retailers include Costco Wholesale, Walmart Supercenter, Sam’s Club, Target, Home Depot and Kohl’s.
“This was a strategic upleg in our buyer client’s 1031 exchange and provides a stable, long-term investment with no landlord responsibility,” said Rogers.
