SRS Real Estate Partners announced today it has closed the $5.66 million sale of a newly renovated First Watch restaurant property located at 5353 Belt Line Road in Addison, Texas (Dallas submarket). Situated on 1.1 acres, the 5,672-square-foot single-tenant property has a new, 12-year, corporate-guaranteed lease in place.

SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther represented the seller, Dallas-based 90Ten, a real estate private equity firm. The buyer was a New Mexico-based private investor who was in a 1031 exchange. The closing cap rate was 5.5% and price per square foot was $998.

“This property is one of the highest performing First Watch restaurants for the chain and offered minimal landlord responsibilities and a passive investment in an income tax-free state for the new ownership,” said Luther. “Additionally, the well-located asset is adjacent to Village on the Parkway, a shopping center that serves over 4.8 million visitors per year, creating strong tenant synergy and promoting crossover exposure for the restaurant.”

Luther noted that this is the first single-tenant net leased freestanding First Watch asset that has sold in Texas. SRS is currently marketing six First Watch restaurant properties, making up 55% of the total market share.

The property is adjacent to a 58,000-sf Whole Foods Market and is within a dense retail corridor with nearby retailers including Walmart Supercenter, Kroger, Tom Thumb, Trader Joe’s, Target, Raising Cane’s, Chick-Fil-A, and Chipotle. The highly visible property also benefits from being near the on/off ramps to North Dallas Tollway.

First Watch is an American restaurant chain based in Bradenton, FL. The chain has more than 584 locations in 31 states.

This year, SRS Capital Markets has completed more than $1.5 billion in deal volume comprised of more than 350 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 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.

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