SRS Real Estate Partners has completed the $7.44 million sale of an 8,042-square-foot medical office property on just over a 1-acre parcel at 7748 Denton Highway in Watauga, Texas, 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%.
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-square-foot 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.
