SRS Real Estate Partners completed the $7.44 million sale of an 8,042-square-foot medical office property situated on just over a one-acre parcel in Watauga, a DFW suburb. Total Point Urgent Care is the tenant in the building.

The closing cap rate was 7.25%. The property has a new, 20-year absolute triple net lease in place, providing the new ownership with zero landlord responsibilities. SRS’s Kyle 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.”

The seller was an out-of-state investor. The buyer was a private investor from Texas who was in a 1031 exchange.

The building fronts Denton Highway and is next to Watauga Pavilion, a 206,000-square foot shopping center.