SRS’ National Net Lease Group announces $3.12 million sale of a Maverick
Salt Lake City— SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $3.12 million sale of a 3,024-square-foot gas station/convenience store property occupied by Maverick located at 2680 S. 2000 E in Salt Lake City, UT.
SRS NNLG’s Jack Cornell, Matthew Mousavi, and Patrick Luther represented the seller, a Texas-based private investor, and developer. The buyer was a private independent petroleum marketer based in Utah. The tenant, Maverick, is an independent fuel marketer and has more than 350 locations across 11 western states.
“This site offers a stable income stream with high barrier to entry for competing gas/ c-store users nearby and well-located next to the Salt Lake Country Club in the Sugarhouse, one of Salt Lake’s fastest-growing and most vibrant submarkets,” says Cornell. “The asset was converted from a ground lease to a fee simple interest as well, enabling accelerated depreciation and other tax benefits.”
Built in 1983 and renovated in 2018, the property is situated on a 0.65-acre land parcel and includes an eight-pump gas station and high-volume convenience store.
Year-to-date, SRS’ National Net Lease Group (NNLG) has completed more than 400 transactions valued in excess of $1.3 billion and has in excess of $1.8 billion in property on the market.
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 26 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’ Investment Properties Group (IPG) & 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 2020, the group completed more than 550 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.