Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of a Spec’s Wines, Spirits and Finer Foods in Dallas, Texas. The 6,000-square-foot convenience store is located at 1604 West Northwest Highway, a heavily trafficked retail corridor in suburban Dallas. Stan Johnson Company’s Mark Lovering represented the seller, a California-based private equity firm. An institutional investor from Dallas, Texas acquired the asset for $4.3 million, and the property traded at a 6.60 percent cap rate.
“Institutional investors’ appetites for retail continues to evolve with the rapidly changing retail environment,” said Lovering, Associate Director in Stan Johnson Company’s Chicago, Illinois office. “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.”
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.
“The winds are at the back of the net lease sector, and strong operators are highly valued. We expect this trend to continue through the coming year,” Lovering added.
