S&S sells Sunoco portfolio for $32 million to Cole Real Estate
Dallas -- S&S Enterprises said it has sold a portfolio of 12 Sunoco fuel centers and convenience stores in central and southeast Florida for $32 million to entities managed by Cole Real Estate Investments.
The portfolio consists of 37,275 sq. ft., with seven of the 12 locations having been redeveloped and all locations having received 20-year lease extensions.
The 12 locations are situated along the I-95 corridor with one in Lake Worth, two in West Palm Beach, one in Palm Beach Gardens, three on Merritt Island, two in Titusville, one in Cocoa, one in Palm City, and one in Sebastian, Fla.
“It’s one of the best fuel center portfolios that have been on the market in a while,” said Kyle Stonis, senior VP in the SRS Atlanta office SRS represented S&S in the sale.
“The sale was an excellent strategic portfolio play for both buyer and seller.” Dan Lovitz, director of acquisitions for Cole Real Estate Investments added, “This portfolio was attractive to Cole due to the long-term net leases, excellent rent growth, strong credit of the parent company, and quality coastal locations.”