SRS Real Estate Partners’ National Net Lease Group has announced the $3.353 million sale of a single-tenant, 3,386-square-foot property leased to Wendy’s at 15416 N. Pima Road in Scottsdale, AZ.
SRS National Net Lease Group’s Managing Principals Patrick Luther and Matthew Mousavi in cooperation with Chris Stamets and Brian Gausden of Western Retail Advisors, LLC, represented the seller, a Texas-based private investor. The all-cash buyer was from California and was in a 1031 exchange.
“This well-located, quick service restaurant with a long-term lease and no landlord responsibilities was hotly contested and we submitted more than ten solid offers to the seller,” said Luther. “We moved quickly with the selected buyer with a five-day due diligence period and a five-day closing at a cap rate of 4.25 percent.”
Built in 1996 and situated on a .4-acre parcel of land, the property includes a drive-thru. It is on a corporate-guaranteed triple net lease through May 2032. The property is located in the heart of the Scottsdale Airpark Corridor which houses numerous corporate headquarters including GoDaddy, AXOM, JDA Software, CVS Caremark, and Vanguard, among others. It is also an outparcel to Sonora Village, a 285,00-square-foot shopping center and is near a number of other national brand retailers. Within a five-mile radius, the average annual household income is approximately $143,000.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 140 transactions valued at $502 million. Additionally, the group has nearly $800 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.