Tampa, FL – SRS Real Estate Partners announced today it has completed the $3.38 million sale of a newly constructed property occupied by Pacific Dental located at 7555 Narcoossee Road in Orlando, FL. The 4,000-square-foot property opened this year and has a corporate-guaranteed 10-year lease in place.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President William Wamble who are based in Florida represented the seller, a Florida-based private development company. The buyer was a private investor from Colorado. The closing cap rate was 5.85%.
“Our team continues to lead in brokerage for single-tenant net leased assets in Florida’s key markets. There is a lack of quality new construction medical properties for sale such as this and we are pleased to have closed this sale to an out-of-state investor seeking a stable cash-flow,” said Wamble. “Florida is a hotbed for investor interest as it continues to grow in population due to an expanding job market, as well as an overall migration of people seeking the benefits of no state income tax.”
The property is an outparcel to Encore at Narcoossee, a 249-unit multifamily development that is under construction, among other thousands of nearby residential developments that are in various stages of development. Additionally, the property is next to Orlando International Airport. Orlando is currently growing at a rate of 1.3% annually and is ranked #4 in the nation for the largest numeric population growth per most recent Census data.
Year to date, SRS Capital Markets has completed approximately $1 billion in deal volume comprised of more than 250 transactions in 45 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3.2 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
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Darcie Giacchetto
The Spaulding Agency
949.278.6224
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