SRS Real Estate Partners Closes $6.55 Million Ground Lease Portfolio Sale of Dutch Bros and Fifth Third Bank in Lutz, Florida
LUTZ, Fla. — SRS Real Estate Partners has completed the $6.55 million ground lease portfolio sale of two newly developed single-tenant retail properties in Lutz, Florida, the firm announced May 19. The transaction involved adjacent Dutch Bros and Fifth Third Bancorp locations along FL-54, acquired by a Tampa-based buyer executing a 1031 exchange.
Deal Structure and Brokerage
SRS Capital Markets Senior Managing Principal Patrick Nutt and Executive Vice President & Principal William Wamble represented the seller, described as an Atlanta-based development and investment group.
"The buyer was attracted to the long-term ground leases with solid tenancy, quality new construction, and zero landlord responsibilities on these cash-flowing properties," Wamble said. "Lutz is also a fast-growing city near the Tampa area that continues to attract retail, residents and capital investment."
Property Details: Two Newly Built Retail Assets
Both properties were built in 2025 and are located on FL-54 in Lutz, Florida.
The Dutch Bros location at 18640 FL-54 sits on 0.84 acres and comprises 950 square feet. The property carries approximately 15 years remaining on a corporate-guaranteed absolute NNN lease. The Fifth Third Bank branch at 18710 FL-54 is situated on 0.92 acres with a 1,900-square-foot building and approximately 20 years remaining on a corporate-guaranteed absolute NNN lease.
Combined, the two sites total 1.76 acres and 2,850 square feet of improvements. At the stated portfolio price of $6.55 million, the transaction implies a price of approximately $2,819 per square foot across the combined building area, based on figures provided in the announcement.
Location and Surrounding Development
The two properties sit within a retail corridor that includes national tenants such as McDonald's, Outback Steakhouse, Walgreens, and Cava. The assets are located approximately 1.5 miles from Cypress Ranch, a 164-acre mixed-use development currently under construction. They are also adjacent to Long Lake, a mixed-use center featuring 350 multifamily units and retail space.
SRS Capital Markets Activity
SRS Real Estate Partners reported that its capital markets division completed more than $3.5 billion in transaction volume across 950 deals in the prior year. The firm currently has in excess of 845 properties actively on the market with an aggregate market value surpassing $3.7 billion.
Founded in 1986 and headquartered in Dallas, SRS Real Estate Partners operates 29 offices nationwide and provides commercial real estate services across retail, industrial, and capital markets segments.
Sources
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