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SRS Completes $8M Sale of a Lowe’s in Columbus
SRS Real Estate Partners has completed the $8.61 million sale of a Lowe’s Home Improvement property located at 2888 Brice Road in Columbus, Ohio.
Situated on 12.8 acres, the 125,357-square-foot property has a corporate-guaranteed lease that was recently extended for ten more years. SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther represented the seller. The buyer was a West Coast-based private investor. The closing cap rate was 6.4%.
“This offering attracted strong buyer interest and we identified an all-cash buyer who we have exclusively represented over the past five years on seven acquisitions. Additionally, this wasn’t a 1031 exchange transaction which is typical for this type of single-tenant asset,” said Luther.
The property is adjacent to Brice Park, a 158,000-sf shopping center with big box tenants. It is also located in the center of a primary retail corridor with other nearby brands including Kroger, Big Lots!, Walgreens, and Planet Fitness.
