SRS Completes Sale Of Chipotle Property In Margate

SRS Real Estate Partners has completed the $4.57 million sale of a newly developed property occupied by Chipotle.

Situated on just under one-acre of land, the 2,462-square-foot building is an outparcel to Lakewood Shopping Center, located at 5671 w. Atlantic Boulevard in Margate.

SRS Capital Markets Executive Vice President & Market Leader Patrick Nutt and Senior Vice President William Wamble who are based in Fort Lauderdale and Tampa, represented the seller, a Florida-based partnership. The buyer, a New York-based private investor, was in a 1031 exchange.

“Net leased properties in Florida continue to outperform overall,” said Wamble. “For Chipotle-occupied assets specifically, closing cap rates are typically 50 basis points lower on average as compared to other states this year.”

The property has a 15-year, corporate-guaranteed triple net lease in place with scheduled rent increases. Lakewood Shopping Center is a major regional shopping destination that is anchored by a Walmart Supercenter and includes Marshalls, Harbor Freight, and Ross, among others.

Year-to-date, SRS Capital Markets has completed nearly $2 billion in deal volume comprised of 403 transactions in 43 states. SRS currently has in excess of 660 properties actively on the market with a market value surpassing $3 billion.