Curated News
By: NewsRamp Editorial Staff
September 09, 2025
SRS Closes $20.75M Target Ground Lease Sale on Long Island
TLDR
- SRS Real Estate Partners secured a $20.75 million sale of a prime Target property, offering investors a top-tier credit tenant with 14 years remaining on a corporate-guaranteed lease.
- The 145,000-square-foot Target property on 12.14 acres was sold via ground lease with absolute triple net terms and corporate guarantee for the remaining 14-year lease period.
- This transaction supports stable retail operations in an affluent community, maintaining local employment and consumer access while reinforcing property investment in growing markets.
- This was the only free-standing Target sale nationally in three years, located near Fire Island tourism with top 10% brand performance and high barriers to entry.
Impact - Why it Matters
This transaction signals continued investor confidence in prime retail real estate despite economic uncertainties, particularly for properties with strong corporate tenants like Target. For commercial real estate professionals and investors, it demonstrates the enduring value of single-tenant net lease properties in strategic locations, especially those with long-term corporate guarantees. The deal's significance extends beyond the immediate parties as it sets benchmark pricing for similar properties and reinforces the attractiveness of retail investments in high-barrier, affluent markets. For the local economy, such transactions ensure stable property ownership and continued retail presence, supporting job retention and community commercial vitality.
Summary
SRS Real Estate Partners has successfully closed a landmark $20.75 million ground lease transaction involving a prime 145,000-square-foot Target property located at 5750 Sunrise Highway in Sayville, New York. This single-tenant asset, built in 2014 on 12.14 acres, features approximately 14 years remaining on Target's absolute triple net lease with corporate guarantee, making it an exceptionally secure investment. The deal represents the only free-standing Target sale nationally in the past three years, highlighting its rarity and significance in the commercial real estate market.
The transaction was expertly handled by Calvin Short of SRS Capital Markets and Jeff Christian of First Street, Inc., representing the California-based private investor seller who had owned the property for over two decades. The buyer, another California-based private owner transitioning from multifamily investments, was represented by Tyler Leeson and Peter Deltondo at Marcus & Millichap. Remarkably, this Target location ranks in the top 10% nationally for the brand according to Placer.ai data, demonstrating its exceptional performance and reinforcing the continued strong demand for top-tier credit tenants in the single-tenant net leased sector.
The property's strategic location in an affluent Long Island submarket with high barriers to new development adds to its investment appeal. Situated directly across from The Shops at SunVet mall—anchored by Whole Foods and Sephora—and proximate to Sunrise Highway and major retailers including Costco and Home Depot, the location benefits from tremendous foot traffic. Sayville's position as a gateway to Fire Island, which attracts millions of annual visitors, further enhances the property's long-term value proposition. This transaction contributes to SRS Capital Markets' impressive $1.5 billion in deal volume this year, underscoring their dominant position in the commercial real estate landscape.
Source Statement
This curated news summary relied on content disributed by citybiz. Read the original source here, SRS Closes $20.75M Target Ground Lease Sale on Long Island
