New York, NY (July 25, 2023) – SRS Real Estate Partners announced today it has completed the $6 million sale of a 5,000-square-foot medical property occupied by Total Point Urgent Care. The property is situated on .8 acres and is located at 3443 West Wheatland Road in Dallas, TX.
SRS Managing Director Britt Raymond and Senior Vice President Kyle Fant represented the seller, a Kansas-based professional investor. The buyer was a Florida-based private investor who was in a 1031 exchange. The closing cap rate was 6.6%.
“This Total Point Urgent Care asset was an ideal investment vehicle for the passive 1031 exchange buyer,” said Raymond. “It offers a 20-year, absolute triple-net lease in a growing, income tax-free state. We received ample buyer interest in the location because the structure of the deal and the yield were an ideal fit for what buyers are seeking.”
The property is near Interstate 20 and is just 1.5 miles from Southwest Center Mall, a 1.5 million sf center. There are more than 240,000 residents and 79,000 employees within a five-mile radius of the asset.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2022, the group completed more than 705 sales across 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.