SRS Real Estate Partners closed the sale of three retail properties in the greater Dallas market.
Located in the cities of Midlothian and Waxahachie, Texas, the properties were fully occupied. Two assets were multi-tenant and one was a single-tenant restaurant property.
SRS Capital Markets Vice President Michael Kaplan and Senior Managing Principals Matthew Mousavi and Patrick Luther represented the seller for both properties, a Texas-based private family office.
Following is information on each asset:
Shops on Main is located at 661 Aspen Parkway in Midlothian. Built in 2023, the 10,238-square-foot property is situated on 1.76 acres and is fully occupied by five food and service-based tenants including Boba Tea and Coco Nail Bar. All the tenants operate under triple net leases, providing stable cash flow and minimal landlord responsibilities. The buyer was a Dallas-based private investor who was in a 1031 exchange.
North Grove Center I&II in Waxahachie includes 2801 N. Highway 77, a 15,641-sf multi-tenant retail and office property situated on 2.34 acres that is fully occupied by 11 tenants, and 2001 Enterprise, a 4,500-sf single-tenant property situated on 2.44 acres occupied by Fish City Grill. The two properties sold in an off-market portfolio transaction to a Texas-based private family office.
