FAQ: SRS Real Estate Partners' $5.66 Million First Watch Restaurant Property Sale in Dallas

What property did SRS Real Estate Partners sell and for how much?

SRS sold a newly renovated First Watch restaurant property located at 5353 Belt Line Road in Addison, Texas for $5.66 million.

Who were the key parties involved in this real estate transaction?

SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther represented the seller (Dallas-based 90Ten), while the buyer was a New Mexico-based private investor using a 1031 exchange.

What are the key financial details of this property sale?

The sale closed at a 5.5% cap rate with a price per square foot of $998, and the property features a new 12-year corporate-guaranteed lease.

Why is this First Watch property considered a significant investment?

This property is one of the highest performing First Watch restaurants for the chain, offers minimal landlord responsibilities, provides passive investment in an income tax-free state, and benefits from strong tenant synergy with adjacent high-traffic retail centers.

What makes the location of this property particularly advantageous?

The property is adjacent to Village on the Parkway shopping center (4.8 million annual visitors), near a 58,000-sf Whole Foods Market, within a dense retail corridor with major retailers, and benefits from proximity to North Dallas Tollway on/off ramps.

How significant is this transaction for the First Watch restaurant chain in Texas?

This is the first single-tenant net leased freestanding First Watch asset that has sold in Texas, and SRS currently markets six First Watch properties representing 55% of the total market share.

What is the scale of SRS Real Estate Partners’ current market activity?

SRS Capital Markets has completed over $1.5 billion in deal volume this year across 350+ transactions nationwide, with over 845 properties actively on the market valued at more than $3.7 billion.

Where can I find more information about SRS Real Estate Partners?

For more information about SRS Real Estate Partners, please visit their website at srsre.com.