SRS Real Estate Partners has completed the $8.61 million sale of a Lowe’s Home Improvement property located at 2888 Brice Road in Columbus, Ohio.

Situated on 12.8 acres, the 125,357-square-foot property has a corporate-guaranteed lease that was recently extended for ten more years. SRS Capital Markets Managing Principals Matthew Mousavi and Patrick Luther represented the seller. The buyer was a West Coast-based private investor. The closing cap rate was 6.4%.

“This offering attracted strong buyer interest and we identified an all-cash buyer who we have exclusively represented over the past five years on seven acquisitions. Additionally, this wasn’t a 1031 exchange transaction which is typical for this type of single-tenant asset,” said Luther.

The property is adjacent to Brice Park, a 158,000-sf shopping center with big box tenants. It is also located in the center of a primary retail corridor with other nearby brands including Kroger, Big Lots!, Walgreens, and Planet Fitness.

Columbus, Georgia, the state’s second largest town, is trying to get in on the sports/entertainment building trend. Last month, work began on the renovation of the former Golden Park as part of bringing minor league baseball back to the city. Construction on what will be called Synovus Park is estimated at $50 million. Local officials are estimating that the project could mean upwards of $350 million in private investment in mixed-use development around the park. The park is the future home of the Atlanta Braves’ Double-A affiliate.

Renovation of the existing ballpark, owned by the City of Columbus and leased by Diamond Baseball Holdings, is being led by W.C. Bradley Real Estate and general contractor Brasfield & Gorrie, with a completion date in time for the start of the 2025 season. The upgrades will allow the venue to operate year-round for public and private events with the expansion of seating to 5,000 – 7,000 as well as the addition of new suites, a club level, hospitality amenities and upgrades to player facilities. In addition to serving as the home field for the club, the stadium will host a variety of marquee events.