SRS Real Estate Partners announced today it has closed the $20.75 million ground lease (land ownership) sale of a 145,000-square-foot single-tenant property occupied by Target located at 5750 Sunrise Highway in Sayville, NY (a Long Island submarket). Built in 2014 and situated on 12.14 acres, there are approximately 14 years remaining on Target’s absolute triple net, corporate-guaranteed lease.

Calvin Short of SRS Capital Markets and Jeff Christian of First Street, Inc., represented the seller, a California-based private investor who had owned the asset for more than 20 years. The buyer was a California-based private owner who sold out of multifamily investments and was represented by Tyler Leeson and Peter Deltondo at Marcus & Millichap.

“This transaction marks the only free-standing Target sale in the past three years nationally,” said Short. “Our team secured multiple offers – the majority from New York buyers – however, we ultimately selected the strongest offer from a California buyer.”

He added that this Target ranked in the top 10% nationally for the brand (per Placer.ai) and the sale terms support the continued demand for top-tier credit in the single-tenant net leased space.

The property is situated in an affluent, dense trade area with high barriers to entry for new development. It is directly across from The Shops at SunVet mall, a Whole Foods and Sephora-anchored redevelopment, and is proximate to Sunrise Highway and major national retail brands including Costco, Home Depot, and Home Goods among others. Sayville serves as a gateway to Fire Island, a major tourism magnet attracting millions of visitors annually.

This year, SRS Capital Markets has completed more than $1.5 billion in deal volume comprised of more than 350 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion.

About SRS Real Estate Partners

Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.

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