Newport Beach, Calif. (January 31, 2020) – SRS Real Estate Partners’ National Net Lease Group has completed the $5.25 million sale of a 12,048-square-foot, two-tenant restaurant property located on 2.13 acres at 5005 SH-121 in The Colony, TX. The property is fully occupied by Knockout Sports Bar + Grill and Osaka Sushi and is adjacent to Topgolf within a dense retail corridor.
SRS’ National Net Lease Group First Vice President Brian Wolfman and Managing Principals Patrick Luther and Matthew Mousavi represented the seller, Arizona-based SimonCRE, a full-service commercial real estate developer. The 1031 exchange buyer was a private partnership from Texas and was represented by Tom Sterquell and Dillon Cook of Range Realty Advisors, LLC. The property closed at a cap rate of 6.87 percent and a price per square foot of $436.
“Both of the restaurant tenants recently signed new 10-year leases and opened for business in this newly redeveloped property,” said Wolfman. “We secured a number of offers and executed a quick, 35-day closing with a local, all-cash buyer.”
“We received interest from a wide range of investors located from coast to coast,” added Mousavi. “Investment property in Texas and the DFW market specifically, is one of the top targets for out of state investors.”
“We saw this as a tremendous redevelopment opportunity in a strong, dense retail trade area,” said Joshua Simon, Founder and CEO of SimonCRE. “As a developer, all of the fundamentals made sense and this project was a pleasure to be a part of.”
The property is within a one-mile radius of national retailers including Walmart Super Center, Target, Home Depot, Floor & Decor, and PetSmart, among others. Additionally, a 2.2 million-square-foot Nebraska Furniture Mart which sees nearly nine million shoppers per year is located less than one-mile from the asset.
SRS’ National Net Lease Group, with more than $1.5 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.
SRS’ 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 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG 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 srsnnlg.com.