Newport Beach, CA (June 5, 2020) – SRS Real Estate Partners’ National Net Lease Group has completed the $9.55 million sale of Shops at El Camino Real, an 8,014-square-foot retail center located at 1200 El Camino Real in Belmont, CA (San Francisco Bay Area/San Mateo County). The property is fully occupied by six tenants including Peet’s Coffee & Tea, Detox Kitchen & Juice Bar, Menchie’s Yogurt, SuperCuts, Toto’s Pizzeria, and AT&T. The sale equated to a 4.6 percent cap rate and approximately $1,200 per square foot.
SRS National Net Lease Group’s Chris Tramontano, John Redfield and Bruce H. Frazer, who are all Senior Vice Presidents, represented the seller, a Northern California-based private investor. The buyer, a private investor from Northern California, was represented by The Gilmartin Group.
“This property went into escrow during the pandemic and several tenants reached out for rent abatement/deferment,” said Tramontano. “We worked closely with the seller, tenants, and buyer to navigate the unique challenges we faced, and successfully moved forward on the transaction.”
“Ultimately, our SRS team was able to identify a strong buyer who understood the immediate and long-term value of this quality asset,” added Redfield. “Despite near-term retail obstacles during the crisis, we secured a low cap rate and a strong price per square foot from a buyer who could foresee the long-term strength of the site.”
Built in 1999 and situated on .32 acres, the two-building property is an outparcel to a Safeway-anchored retail center promoting strong crossover customer traffic. Shops at El Camino is well-located at the signalized intersection of El Camino Real and Oneill Avenue and is less than one-half mile from U.S. Highway 101. There are more than 144,000 residents and 113,000 employees within a three-mile radius of the property.
SRS’ National Net Lease Group with approximately $2.7 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide. Since March 2020, the firm has completed more than $287 million in sales on a national basis.
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 25 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.
SRS’ 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 2019, the group completed more than 400 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.