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2/06/20
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A 12k sf, two-tenant restaurant property in Colony, TX has traded in a $5.25 mil ($437/sf) transaction. The recently redeveloped property is situated on 2.13 acres at 5005 SH-121.
The property is fully occupied by Knockout Sports Bar + Grill and Osaka Sushi and is adjacent to Topgolf within a dense retail corridor. Both of the restaurant tenants recently signed new 10-year leases and opened for business.
The asset 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 msf Nebraska Furniture Mart which sees nearly nine million shoppers per year is located less than one-mile from the property.
Brian Wolfman, Patrick Luther and Matthew Mousavi with SRS’ National Net Lease Group represented the seller, Arizona-based SimonCRE. The 1031 exchange buyer, a private partnership from Texas, was repped by Tom Sterquell and Dillon Cook of Range Realty Advisors LLC. The property closed at a cap rate of 6.87%.
“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.” The listing generated a number of offers and resulted in a quick, 35-day closing with a local, all-cash buyer.
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