SRS Real Estate Partners completed the $7.44 million sale of an 8,042-square-foot medical office property situated on just over a one-acre parcel in Watauga, a DFW suburb. Total Point Urgent Care is the tenant in the building.
The closing cap rate was 7.25%. The property has a new, 20-year absolute triple net lease in place, providing the new ownership with zero landlord responsibilities. SRS’s Kyle 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.”
The seller was an out-of-state investor. The buyer was a private investor from Texas who was in a 1031 exchange.
The building fronts Denton Highway and is next to Watauga Pavilion, a 206,000-square foot shopping center.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.