SRS Real Estate Partners announced today it has completed the $4.5 million sale of a single-tenant property occupied by Chipotle located at 14314 Boggy Creek Road in Lake Nona, FL. Construction was recently completed on the 2,493-square-foot property that is situated on .79 acres. The property has a new, 15-year corporate-guaranteed absolute triple net lease in place.
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble represented the seller, a Florida-based developer and investor. The buyer was a Columbus, Ohio-based investor who was in a 1031 exchange. The closing cap rate was 4.56%.
“New-construction quick-service restaurant assets with long-term corporate lease guarantees continue to attract significant investor demand, particularly in high-growth Florida markets like Lake Nona,” said Nutt. “This property offered investors a combination of zero landlord responsibilities, a premier national tenant, and exceptional demographic growth.”
Under the absolute triple-net lease structure, Chipotle is responsible for all property expenses and maintenance, resulting in no landlord responsibilities throughout the lease term.
The property is strategically located at the intersection of Boggy Creek Road and Nona West Boulevard within a rapidly expanding section of the Lake Nona submarket. It is part of a new 75-acre mixed-use development that will deliver a blend of single-family homes, townhomes, apartments, hotels, and commercial space.
The continued expansion of the Lake Nona and Boggy Creek Corridor underscores the strength of the market and increasing demand for commercial real estate throughout the region. Widely recognized as one of the fastest-growing and best-selling master-planned communities in the country, Lake Nona continues to attract residents, employers, and retailers.
This year, SRS Capital Markets has completed more than $1.6 billion in deal volume comprised of more than 400 transactions across the nation. SRS currently has in excess of 900 properties actively on the market with a market value surpassing $4.3 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is celebrating 40 years of going the extra mile for its clients. A leader in consumer-driven real estate, SRS provides commercial real estate solutions across retail, industrial, and capital markets. Headquartered in Dallas with 29 offices nationwide, the firm measures its success by the achievement of its clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.