SRS Real Estate Partners has successfully closed the sale of a Lowe’s Home Improvement property in Columbus, Ohio for $8.61 million. The property, located at 2888 Brice Road and situated on 12.8 acres, spans over 125,357 square feet and features a corporate-guaranteed lease that has been recently extended for an additional ten years.
The seller was represented by SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther while the buyer was a private investor based on the West Coast. The transaction closed with a cap rate of 6.4%.
Luther commented on the successful sale saying that it generated significant interest from potential buyers and ultimately attracted an all-cash buyer who had previously worked with SRS on seven other acquisitions in the past five years.
He also noted that this particular transaction did not involve any tax-deferred exchanges (commonly known as “1031 exchanges”) which are typically seen in single-tenant asset sales like this one.
The Lowe’s property is conveniently located next to Brice Park shopping center which boasts big box tenants occupying over 158,000 square feet of space. It is also situated within a primary retail corridor surrounded by popular brands such as Kroger, Big Lots!, Walgreens, and Planet Fitness.
