SRS Real Estate Partners closed the $5.66 million sale of a newly renovated First Watch restaurant property at 5353 Belt Line Road in Addison, Texas, in the Dallas market.
Situated on 1.1 acres, the 5,672-square-foot single-tenant property has a new, 12-year, corporate-guaranteed lease in place.
SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther represented the seller, Dallas-based 90Ten, a real estate private equity firm. The buyer was a New Mexico-based private investor who was in a 1031 exchange. The closing cap rate was 5.5% and price per square foot was $998.
The property is adjacent to a 58,000-sf Whole Foods Market and is within a dense retail corridor with nearby retailers including Walmart Supercenter, Kroger, Tom Thumb, Trader Joe’s, Target, Raising Cane’s, Chick-Fil-A, and Chipotle. The highly visible property also benefits from being near the on/off ramps to North Dallas Tollway.
First Watch is an American restaurant chain based in Bradenton, FL. The chain has more than 584 locations in 31 states.
