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July 25, 2024
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Texas Medical Office Property Sells for $930/sf


A 1031 exchange private investor from Texas paid $7.44 mil for an 8k sf ($930/sf) medical office property in Watauga, TX, a suburb of Dallas-Fort Worth. The property sits on just over one acre at 7748 Denton Hwy.

The property has a new, 20-year absolute triple net lease in place and provides the new ownership with zero landlord responsibilities. It fronts Denton Hwy and is next to Watauga Pavilion, a 206,000-sf shopping center.

Britt Raymond and Kyle Fant with SRS Real Estate Partners represented the seller, a Kansas-based developer. The closing cap rate was 7.25%.

Fant added, "Despite lower transaction volume this past year, buyer demand for long-term, absolute triple net leases in income tax-free markets like Texas is exceptionally strong. Total Point, along with the developer, has done an excellent job rolling out new Emergency Rooms and Urgent Care facilities throughout Texas, fueling the company’s growth plans."

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