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.

Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented United Hampshire US REIT in the sale of the Lowe’s and Sam’s Club in Kingston, NY for $36,500,000. CBRE also procured the purchaser, an institutional buyer.

Lowe’s and Sam’s Club are situated within the larger Hudson Valley Plaza, a 673,000-square-foot regional power center anchored by complementary retailers such as Walmart and PetSmart. The property is situated at the intersection of Rt. 199/209 and 9W and is within 1.5 miles of the New York State Thruway, providing both local and regional access to the center. 

The center provides stable, high-credit income through net leases with Lowe’s and Sam’s. Both Lowe’s and Sam’s have been tenants since 1996. Lowe’s recently completed a long-term renewal and has 15 years of remaining lease term, while Sam’s Club has exercised multiple options to renew its lease at the center. 

Lowes Foods is putting the finishing touches on a 50,000-square-foot store in Concord. It will be part of Christenbury Village, a 116,000-square-foot retail center at 2415 Herrons Nest Place NW. MPV Properties and Mission Properties are developing the site.

The Concord store is expected to provide a full-service supermarket experience, including Lowes Foods Originals, which allows shoppers to buy made-to-order meals that can be enjoyed in-store or taken home.

Founded in 1954, Lowes Foods has 85 stores in the Carolinas and Georgia, including locations in Huntersville, Harrisburg and Mooresville. It recently reopened its Mt. Airy store following a renovation. Three other stores are under development in Kannapolis, Waxhaw and Indian Land.

Plans at Christenbury Village call for two mixed-used buildings, with 150 apartment units as well as 26,000 square feet of commercial space. An additional 24,000 square feet of medical office and retail buildings are planned along Christenbury Parkway.