SRS Completes $2.87 Million Sale of Newly Built Three-Tenant Retail Property in Midtown Phoenix

Three-Tenant Retail

Phoenix, Ariz. – SRS Real Estate Partners’ Investment Properties Group has completed the $2.87 million sale of a newly constructed, three-tenant retail property located at 2535 N. Central Avenue in Phoenix. The tenants include Tru Burger Co., Hungry Howies Flavored Crust Pizza and Milkbomb Ice Cream – all of which are on new, 10-year absolute triple-net leases with options to extend.

SRS’ Investment Properties Group Vice President Sean Thomas and Managing Principal Patrick Luther represented the seller, Scottsdale-based Pennant Development. The buyer, a California-based private investor was represented by Andrew Reeder of CBRE. The transaction closed at a 6.0 percent cap rate.  

The 4,500-square-foot property is situated within the Midtown Phoenix submarket at the signalized intersection of East Virginia Avenue and  N. Central Avenue, which serves as a major thoroughfare leading directly into the heart of downtown Phoenix.

“This new construction multi-tenant retail property was attractive to a large and diverse investor pool as it offered a highly visible, quality product in a densly populated area with full occupancy by trendy and appealing ecommerce-resistant food concepts,” said Thomas.

Mid-Town Phoenix offers a combination of an abundance of residential Historic Districts along with more than 1,800 multi-family units that have been developed since 2016 with another 2,100 units currently in construction stages. The submarket is also home to the Central Arts District and is one of the region’s largest employment centers and is home to several corporate headquarters including U-Haul, Dignity Health, Banner Health Regional, and Century Link, among others.

SRS’ Investment Properties Group and National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.

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

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 2018, the group completed more than 300 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

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