SRS Real Estate Partners’ National Net Lease Group recently completed the sale of two freestanding single-tenant retail properties occupied by Panera Bread and Chipotle for $8.125 million. Located as outparcels to Lake Brandon Plaza, a Publix-anchored shopping center at 11201-11255 Causeway Boulevard, Chipotle totals 2,432 square feet and Panera totals 4,022 square feet. Both were constructed in 2023 and have 15-year absolute triple net leases in place.
Executive Vice President Patrick Nutt and Vice President William Wamble represented the seller – a Florida based private investor – while an all cash New York based buyer was sourced who was looking for top tier retail tenants on long term leases due to being part of a large 1031 exchange program. The closing blended cap rate came out at 4.34 percent which pleased both parties involved with the transaction according to Mr Nutt: “We were happy to complete this transaction on behalf of the seller at such a favorable cap rate given today’s market environment.”
