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Washington DC & Mid-Atlantic  + DC Metro  + Retail  |  May 28, 2021
David Cohen
By: David Cohen

SRS Real Estate Arranges $11M Sale of Two Petsuites-Occupied Properties

SRS Real Estate Partners’ National Net Lease Group has arranged the sales of two single-tenant, retail properties occupied by Petsuites. The combined sales price was $10.6 million.

The properties, which were built in 2020, are located in Newport News, VA and Lawrenceville, GA. Petsuites, which operates as a pet resort and spa, signed long-term, 20-years leases. The 14,000-square-foot Newport News property sold for $5.5 million and is located at 12533 Warwick Blvd. It is situated on just over two acres of land. The Florida-based private 1031 exchange buyer was represented by Danny Brooker of Monument Retail.

The 14,000-square-foot Lawrenceville property is situated on nearly five acres and sold for $5.1 million. The Minnesota-based buyer who was in a 1031 exchange was represented by Elizabeth Morgan of Pinnacle Real Estate.

SRS National Net Lease Group’s Vice President Britt Raymond and First Vice President Kyle Fant represented the seller, a North Carolina-based developer.

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SRS’ Raymond

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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