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RICHARDSON, TX-A private investor from San Francisco has shelled out $463 per sf for a 10,657-sf Quik-Way convenience store at the hard corner of a primary intersection.

The Quik-Way center at 3601 N. Jupiter Rd. in Richardson was on the market 10 days when the seller, also the developer, took an offer that beat the asking price, Jason Vitorino with Marcus & Millichap in Dallas tells GlobeSt.com. “They came in all cash and no financing,” he says, adding the buyer’s plan is to park the cash for a few years and “then cash out.” The asset sold with a low 8% cap rate.

Vitorino says his last 10 deals have traded to California buyers. “Texas buyers are being drastically outbid,” he says. “California buyers are selling apartment complexes and coming here and buying double and triple the real estate.”

The Quik-Way center is positioned on 1.7 acres at the southwest corner of Jupiter Road and Texas 190. The convenience store was built in 1996 and inline shop space added on each side in 2002. Vitorino says Subway and Comet Cleaners are holding 10-year leases for their spaces and Quik-Way is tied to a 15-year pact. The Dallas seller, he says, clearly “was taking advantage of market conditions” to get top price for the development.

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