May 6, 2019 – SRS Real Estate Partners’ National Net Lease Group has completed the $2.67 million sale of a single-tenant 3,125-square-foot freestanding property fully occupied by AFC Urgent Care located at 1171 E. Main Street in Torrington, CT. The property is new construction that was completed in early 2019 and features a franchisee-guaranteed 15-year triple-net lease.
SRS’ National Net Lease Group First Vice President Britt Raymond and Senior Associate Kyle Fant represented the seller, a developer based in Connecticut. The 1031 exchange buyer was from Oregon and was represented by Terri Frohnmayer of First Commercial Oregon.
“SRS was able to identify a buyer off-market, several months before the project was complete. Escrow closed the same day AFC opened its doors,” said Raymond. “Additionally, we executed at a record-breaking cap rate for AFC Urgent Care assets, approximately 40 basis points below market.”
The AFC Urgent Care is strategically located on a major retail thoroughfare for the city of Torrington. The asset is across the street from a BJ’s Wholesale. Other nearby national/credit tenants include Walmart, Target, Stop & Shop, Michaels, Lowe’s Home Improvement, Petco, Walgreens, Bed Bath and Beyond, and more, further increasing consumer draw to the trade area and promoting crossover shopping. Additionally, the 5-mile trade area is supported by a population of over 43,200 residents.
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.