SRS Real Estate Partners Facilitates $5.66 Million Sale of Premier First Watch Property in Addison

SRS Real Estate Partners announced the $5.66 million sale of a newly renovated First Watch restaurant property located at 5353 Belt Line Road in Addison, Texas, within the Dallas submarket. The 5,672-square-foot single-tenant property sits on 1.1 acres and features a new, 12-year, corporate-guaranteed lease. SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther represented the seller, Dallas-based real estate private equity firm 90Ten, while the buyer was a New Mexico-based private investor utilizing a 1031 exchange.

The transaction closed at a 5.5% cap rate and $998 per square foot, reflecting the property's strong investment appeal. Luther emphasized that this property is one of the highest performing First Watch restaurants for the chain and offers minimal landlord responsibilities with a passive investment in an income tax-free state for the new ownership. The asset's prime location adjacent to Village on the Parkway, a shopping center attracting over 4.8 million visitors annually, creates strong tenant synergy and promotes crossover exposure for the restaurant.

This sale represents the first single-tenant net leased freestanding First Watch asset sold in Texas, according to Luther. SRS is currently marketing six First Watch restaurant properties, accounting for 55% of the total market share. The property benefits from proximity to major retailers including a 58,000-square-foot Whole Foods Market, Walmart Supercenter, Kroger, Tom Thumb, Trader Joe's, Target, Raising Cane's, Chick-Fil-A, and Chipotle, all within a dense retail corridor.

Highly visible and near the on/off ramps to North Dallas Tollway, the location enhances accessibility and customer traffic. First Watch, an American restaurant chain based in Bradenton, Florida, operates more than 584 locations across 31 states. SRS Capital Markets has completed over $1.5 billion in deal volume this year through more than 350 transactions nationwide, with currently over 845 properties actively on the market valued at more than $3.7 billion. For additional details, visit https://srsre.com.