SRS Real Estate Partners announced the sale of Independence Plaza, a 14,966-square-foot multi-tenant retail property located at 5266 Independence Parkway in Frisco, TX. Built in 2018 and situated on 1.86 acres, the property is fully occupied by seven food and service-based tenants.
SRS Capital Markets Vice President Michael Kaplan represented the seller, a family office who developed the property. The buyer was a Texas-based private investor.
“After spending significant time working side-by-side with ownership during the lease stabilization process, we pivoted to disposition of Independence Plaza early this year. Our team was able to draw heavy interest with multiple offers within the initial one-month marketing period and secured a direct buyer. We navigated escrow smoothly and were able to close the asset an entire month early,” said Kaplan.
The property is located off of Sam Rayburn Tollway which averages 94,000 vehicles passing by per day and is at the center of a primary retail corridor with nearby tenants including Target, Lowe’s, Ross, and Kroger, among others. There are approximately 362,000 residents and 134,000 employees within a five-mile radius.
This is the fourth property the SRS team has closed in the DFW area within the past three weeks. The other assets included Shops on Main in Midlothian, a multi-tenant retail property; and North Grove Center I, a multi-tenant retail and office asset, as well as North Grove Center II, a single-tenant restaurant property in Waxahachie.
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has in excess of 740 properties actively on the market with a market value surpassing $3.5 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 29 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.