SRS Real Estate Partners’ National Net Lease Group has completed the $11.7 million sale of The Collective Sedona, a 52,518-square-foot shopping center located at 7000 AZ-179 in Sedona, AZ. The trophy property was 84 percent occupied upon closing and features a unique and colorful architectural design across six buildings.
SRS’ National Net Lease Group Vice President Sean Thomas, who based in the firm’s Phoenix office, represented the seller, an Arizona-based private investor. The buyer, a California-based private investor was represented by Jim Ashcraft of Ashcraft Investment Company, Inc. The closing cap rate was 7.3 percent.
“This highly visible, turnkey asset provides an upside to the new ownership by leasing up the vacant space,” said Thomas. “Additionally, The Collective at Sedona is well-located in an affluent, high barrier to entry market with more than three million annual visitors.”
Thomas added that the property has been a strong performer over the years and provides a hedge against ecommerce competition with a total of eight restaurant tenants as well other daily needs retailers.
Built in 2000 and 2003, The Collective Sedona is situated on 6.16 acres. It is 84 percent occupied by a number of tenants including Hilton Resorts, AmTrust Bank, Bay Equity Home Loans, Cucina Rustica and Snap Fitness. The property is adjacent to the Hilton Sedona Resort & Spa and is near the Sedona Golf Resort directly to the south.
SRS’ National Net Lease Group, with approximately $2.7 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide. Since March 2020, the firm has completed more than $287 million in sales on a national basis.
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 www.srsre.com.
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 2019, the group completed more than 400 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 srsnnlg.com.