September 4, 2019 – SRS Real Estate Partners’ National Net Lease Group announced today the approximately $14.15 million sale of a single-tenant retail property fully occupied by a 24-hour Walmart Supercenter located at 10 Kimberly Lane in Cranberry, PA.
Patrick Luther of SRS National Net Lease Group and Phil Sambazis of Marcus & Millichap, in conjunction with Jeff Christian and Ryan Morita with First Street Brokerage, represented the seller, ACV Cranberry, LLC. Zackary J. Hilgendorf with Quantum Real Estate Advisors, Inc., represented the buyer, Middletown Income Investors Cranberry, LLC from Chicago.
Walmart Supercenter has been on an absolute, corporate guaranteed, triple-net lease since it opened its doors at the location in 1999 and recently signed a 10-year lease extension with options to extend. The property is situated on 17.7 acres at the intersection of U.S. Highway 322 and State Highway 257. The heavily traveled retailed corridor that also includes Home Depot, Dollar Tree, ALDI, McDonalds, and JoAnn’s, among other national retailers.
“With zero landlord responsibilities and a long-term lease with the world’s top retailer, this asset garnered a significant amount of interest from investors across the nation,” said Luther.