SRS Real Estate Partners announced today that three retail properties in the greater Dallas market recently sold. Located in the cities of Midlothian and Waxahachie, 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.
“Our SRS team generated strong interest and multiple offers on the assets which are located in high-growth, amenity-rich Dallas-area communities,” said Kaplan. “We secured a direct buyer for the North Grove Center I & II and worked closely with a 1031 exchange purchaser to execute the sale of Shops on Main. By compressing the marketing timelines and proactively navigating early closings and deal complexities, we delivered successful outcomes for our client and both buyers.”
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.