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Florida & Gulf Coast  + South Florida  + Retail  | 
Wells Acquisition, LLC has purchased a portfolio of three ground-leased properties in Homestead, FL for $23.8 million.

Wells Acquisition Pays $24M for Three Ground-Leased Properties in Homestead

SRS Real Estate Partners has completed the $23.8 million portfolio sale of three ground-leased (single-tenant) properties in Homestead, FL. The real estate properties are under construction and have been pre-leased by Target, Raising Cane’s and Murphy Oil; the long-term leases require no landlord responsibilities.

Patrick Nutt and William Wamble of SRS represented the seller, Homestead Pavilion LLC. The buyer was Wells Acquisition LLC. The portfolio closed at a 3.97% blended cap rate.

“We sold this three-property portfolio to a repeat private buyer client setting a national cap rate record for the Target ground lease and Florida cap rate records for the Raising Cane’s and Murphy Oil assets,” said Nutt.

The three properties are situated on 8.59 acres, and total square footage is 78,436. They are outparcels to Homestead Pavilion, a 450,000-square-foot shopping center that includes Kohl’s, Ross, Bed Bath and Beyond, and T.J. Maxx.

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SRS Real Estate Partners' Nutt

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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