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1/14/21
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An institutional investor from Dallas paid $4.3 mil for a 6k sf ($717/sf) Spec’s Wines, Spirits and Finer Foods in Dallas. The convenience store is located at 1604 West Northwest Highway, a heavily trafficked retail corridor in suburban Dallas.
The retail property was originally constructed in 1969 and was renovated in 2013. It sits on 0.5 acres and boasts ample parking. At the time of sale, several years of lease term remained on the double net lease.
Stan Johnson Company’s Mark Lovering represented the seller, a California-based private equity firm. The property traded at a 6.6% cap rate.
“Institutional investors’ appetites for retail continues to evolve with the rapidly changing retail environment,” said Lovering. “Smaller, privately held tenants with healthy balance sheets – especially those deemed essential retailers, like Spec’s – are now being acquired by institutional players at aggressive cap rates.”
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