Dallas, TX (January 23, 2024) – SRS Real Estate Partners announced today it has completed the $7.44 million sale of an 8,042-square-foot medical office property situated on just over a one-acre parcel at 7748 Denton Highway in Watauga, TX, a suburb of Dallas-Fort Worth.
SRS Capital Markets Managing Directors & Market Leaders Britt Raymond and Kyle Fant represented the seller, a Kansas-based developer. The buyer was a private investor from Texas who was in a 1031 exchange. The closing cap rate was 7.25%.
“Our team has had success in selling multiple Total Point Urgent Care and emergency room locations across Texas,” said Raymond. “We attribute that to the demand for net lease assets in the medical sector as preference for convenient access elevates with patients.”
Fant added, “Despite lower transaction volume this past year, buyer demand for long-term, absolute triple net leases in income tax-free markets like Texas is exceptionally strong. Total Point, along with the developer, have done an excellent job rolling out new Emergency Rooms and Urgent Care facilities throughout Texas, fueling the company’s growth plans.”
The property has a new, 20-year absolute triple net lease in place and provides the new ownership with zero landlord responsibilities. It fronts Denton Highway and is next to Watauga Pavilion, a 206,000-sf shopping center.
In 2023, SRS Capital Markets completed approximately $2 billion in deal volume comprised of 495 transactions in 43 states. SRS currently has in excess of 600 properties actively on the market with a market value surpassing $2.85 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
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