SRS’ National Net Lease Group Brokers $5.98 Million Sale of a Retail Property Occupied by Kohl’s and Crunch Fitness in Midland, TX
SRS Real Estate Partners’ National Net Lease Group announced it has completed the $5.98 million sale of a two-tenant retail property located at 3200 N Loop 250 W in Midland, TX. The fully occupied asset includes national credit retailers, Kohl’s and Crunch Fitness who are on long-term triple net leases.
SRS NNLG’s Vice Presidents Britt Raymond and Kyle Fant represented the seller, a Texas-based developer. The buyer, a California-based private investor, was represented by Jake Bordelon of Marcus & Millichap. The closing cap rate was 6.6%.
Built in 2005, the 94,579-square-foot property is situated on 8.4 acres. The asset is within a 250,000-sf shopping center that includes Ashley HomeStore, Cracker Barrel, Sherwin Williams, and Jack in the Box.
In 2021, SRS’ Investment Properties Group and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market.
- ◦Sale/Acquisition