SNL Sells Murphy Express in Florida at Competitive CAP Rate
Leveraging Extensive Network and Market Insight, Kyle Varni Facilitates a Successful Sale with a 1031 Buyer
July 1, 2024 — Secure Net Lease facilitated the smooth closing of a Murphy Express gas station located in Mary Esther, FL. The deal, completed at the beginning of July, highlights SNL’s broad network and reach on both a national and local level.
SNL’s Kyle Varni successfully brokered the deal with a private investor from Fort Lauderdale, FL who was motivated by a 1031 exchange, having recently sold a warehouse in the Miami, FL MSA. The broker, based in Florida as well, facilitated the all-cash transaction, which was driven by the seller’s motivation as a merchant developer.
“We recently closed a transaction involving a buyer who came from an industrial property exchange in the Miami, Florida area. This was their first Net Lease transaction, facilitated smoothly with the help of a family member who acted as their broker. They secured the deal at a very competitive cap rate for Murphy Express in the current market” Varni said.
The 2,824 square-foot gas station is a brand new construction site sitting on almost an acre of land. The city has close proximity to popular tourist destinations, being located on the Gulf Coast. It sits in between Pensacola and Panama City, and is located only 9 miles from Destin and 2 miles from Fort Walton Beach. Okaloosa County receives around 7.5 million tourists every year, making this an attractive area for investments.
“Initially, the buyer was interested in another Murphy Express property we had listed in Texas. However, we were able to direct them to this property in Florida, which was closer to home for them. The entire process was relatively smooth with no major hiccups or challenges. By leveraging our multiple Murphy Express listings, we attracted the right local buyer and successfully closed the deal.”
Murphy USA (NYSE: MUSA) is a leading retailer of gasoline and convenience merchandise, operating more than 1,720 locations in 27 states under the brands Murphy USA and Murphy Express. The brands provide quality fuels at the best value to approximately 2 million customers a day.
This transaction underscores Secure Net Lease’s ability to leverage its extensive network and expertise to attract the right local buyers, facilitating successful real estate investments.
About Secure Net Lease
Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.
