Log in

SRS’ National Net Lease Group completes $9.2 million sale of Wigwam Creek Shopping Center in Litchfield Park

Posted 7/7/20

SRS Real Estate Partners’ National Net Lease Group has announced the $9.2 million sale of a large portion of Wigwam Creek Shopping Center at 13000 and 12958 W. Indian School Road in Litchfield …

You must be a member to read this story.

Join our family of readers for as little as $5 per month and support local, unbiased journalism.


Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here

Otherwise, follow the link below to join.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

SRS’ National Net Lease Group completes $9.2 million sale of Wigwam Creek Shopping Center in Litchfield Park

Posted

SRS Real Estate Partners’ National Net Lease Group has announced the $9.2 million sale of a large portion of Wigwam Creek Shopping Center at 13000 and 12958 W. Indian School Road in Litchfield Park.

The center is 100 percent occupied by 17 tenants, including Anytime Fitness, Baskin Robbins, Subway, Fantastic Sams and Leslie’s Poolmart. The center also includes Albertsons, McDonald’s, BBVA Bank, Circle K and KFC, which were not a part of the transaction, SRS stated in a release.

SRS National Net Lease Group’s John Redfield and local leasing experts Ed Beeh and Alan Houston, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the seller, a Colorado-based family office.

The buyer, a California-based private investor in a 1031 exchange, was represented by Ninos Lazar of Investar Real Estate Specialists. The transaction closed at a 6.75 cap rate, the release stated.

“SRS helped negotiate a unique deal structure that was favorable for both the buyer and seller without adjusting the purchase price due to the macro-economic uncertainty of the COVID-19 crisis. We also worked through the challenging debt environment with the lender to ensure the deal was not derailed from the financing side,” Mr. Redfield stated. “Ultimately, the buyer was able to focus on the fundamental attributes of the asset that attracted them pre-crisis and has secured a strong long-term investment.”

Built in 2002, Wigwam Creek Shopping Center is situated on 4.89 acres on the northeast corner of Indian School and Dysart roads, and totals 33,792 square feet. The intersection sees more than 46,000 vehicles per day, the release stated. 

The shopping center also is surrounded by seven schools with more than 50,000 students all within a one-mile radius of the property, the release stated.

SRS’ National Net Lease Group, with nearly $2 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide. As of mid-June 2020, the firm had completed 185 transactions totaling $616 million, a 44% increase as compared to last year, and has nearly $800 million of assets under LOI or in escrow, the release stated.

SRS Real Estate Partners, headquartered in Dallas with more than 25 offices worldwide, is the largest real estate company in North America exclusively dedicated to retail services, the release stated.