HICKORY CREEK, TX-A two-tenant retail building in front of a Wal-Mart Supercenter has passed to an Encinitas, CA private investor, for close to the $1.2-million ask.
The 1031 exchange investor, turning around gain from the sale of multifamily assets in his home state, outbid one other would-be buyer for the 5,370-sf building leased for the long term to a franchisee of the Ann Arbor, MI-based Domino's Pizza Inc. and Dollar Zone, Philip Cox with Marcus & Millichap in Dallas tells GlobeSt.com. The two-tenant building at 1037 Hickory Creek Blvd. was developed last year by Malouf Interests of Dallas. The near one-acre tract is visible from Interstate 35E.
Cox says the asset was on the market about two weeks, securing "two good offers" for the seller. The deal closed with a 7.67% cap rate, cash on the line and no loan assumption, he says.
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