SRS Real Estate Partners recently closed the sale of a medical office property in Watauga, Texas for $7.44 million. The 8,042-square-foot building is situated on just over one acre and is leased to Total Point Urgent Care.
The transaction had a closing cap rate of 7.25% and features a new 20-year absolute triple net lease with zero landlord responsibilities for the new owner. According to SRS’s Kyle Fant, there has been lower transaction volume in the past year but strong demand from buyers seeking long-term leases with income tax-free markets like Texas.
The seller was an out-of-state investor while the buyer was a private investor from Texas who utilized a 1031 exchange.
Located on Denton Highway next to Watauga Pavilion shopping center (206,000 square feet), this property boasts prime visibility and accessibility in DFW suburbia.
This article originally appeared on Connect Commercial Real Estate.
