SRS’ National Net Lease Group Completes $5.85 Million Sale of a Single-Tenant Property Occupied by ChenMed in Submarket of West Palm Beach, FL
Fort Lauderdale, FL (August 5, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the $5.85 million sale of a single-tenant, 13,635-square-foot property occupied by ChenMed, a medical provider focused on the care of senior citizens. Located at 4998 10th Avenue North in Greenacres, FL, the property is a submarket of West Palm Beach. The lease is corporate-guaranteed and has nine years remaining with options to extend.
SRS National Net Lease Group’s Executive Vice President Patrick Nutt and Executive Managing Director Andrew Fallon represented the seller, Charlotte, NC-based The Morgan Companies. The Seminole, FL-based buyer, a private investor who was in a 1031 exchange, was represented by Cornerstone Commercial Realty.
“We listed this property in early spring just as COVID-19 was spiking,” said Nutt. “Because ChenMed is centered around affordable healthcare for seniors, this essential business was attractive to a number of investors. Ultimately, we secured multiple competitive bids and managed a challenging, but successful 30-day closing.”
Situated on 2.87 acres, the property includes a drive-thru and is well-located at a signalized intersection. The property was originally developed in 1999 as a Walgreens and operated as such for approximately 20 years. The Morgan Companies renovated the building specifically for ChenMed, who located there in 2019.
Fallon commented, “This was a great adaptive reuse project that illustrates both the value of high-quality corners, as well as Morgan’s ability find opportunities and enhance assets in an ever-changing retail environment.”
“We’re grateful for the long-term partnership with Patrick and Andrew at SRS,” said Trey Morgan, President of The Morgan Companies. “Repurposing a building for a tenant like ChenMed was a true pleasure. The work that the Chen family is doing in this community is truly phenomenal.”
The property is proximate to several assisted living facilities and is in a densely populated area with more than 334,000 residents within a five-mile radius.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 140 transactions valued at $502 million. Additionally, the group has nearly $800 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.
Darcie Giacchetto
The Spaulding Agency
949.278.6224
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