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SRS Brokers $8M Sale of Multi-Tenant Retail Center in Christiansburg
SRS Real Estate Partners has completed the $8.2-million sale of North Shops at Spradlin Farm, a 17,290-square-foot multi-tenant retail center in Christiansburg, VA.
An SRS team of Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther represented the seller. The 1031-exchange buyer was represented by Tyler Price of Price Richards Commercial.
“Despite rising interest rates, multi-tenant investment opportunities in healthy markets continue to receive strong investor interest,” said Mousavi. “Part of the appeal is the diversification of the income stream via multiple tenants and the ability to experience rental growth more quickly due to shorter term leases and options often having FMV resets, or no options remaining, providing for upside potential for the investor. The yields on anchored and unanchored multi-tenant assets are also higher than investors are able to access with most single-tenant investments.”
The 2000-constructed North Shops at Spradlin Farm is an outparcel to Spradlin Farm Shopping Center, a 441,000-square-foot power center.
- ◦Sale/Acquisition
