West Palm Beach, FL (November 24, 2021) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $2.89 million off-market sale of a single-tenant medical office property fully occupied by Heartland Dental. The 3,533-square-foot property is located at 8961 Okeechobee Boulevard in West Palm Beach, FL.
SRS NNLG’s Executive Vice President Patrick Nutt and First Vice President William Wamble who are out of the firm’s South Florida office represented the seller, a Florida-based private investor. SRS NNLG’s First Vice President Richard Dorfman who is out of the firm’s New York City office represented the buyer, a Massachusetts-based private investor. The closing cap rate was 5.5% which is a record low for a Heartland Dental-occupied property.
Built in 2000, the property is currently being renovated by Heartland Dental who recently signed a 10-year lease for the property. The asset was acquired by the new ownership during the renovation process and prior to the rent commencement date.
“Heartland Dental is in the process of renovating the former Truist Bank property with plans to open for business in the first quarter of 2022,” said Wamble. “We were able to sell this property off-market sourcing the deal internally via collaborative efforts between our South Florida and New York City offices.”
Year-to-date, SRS’ Investment Properties Group and National Net Lease Group (NNLG) has completed more than 600 transactions valued in excess of $2 billion and has in excess of $2 billion in property on the market.
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 26 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’ Investment Properties Group (IPG) & 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 2020, the group completed more than 550 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.
The Spaulding Agency
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