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New Mexico Buyers Win Newly Delivered Stores

FORT WORTH-The Family Dollar developer takes the first offers on the table for the 8,000-sf stores at 2100 Ephriham Rd. in southwest Fort Worth and 15300 Seagoville Rd. in southeast Dallas. The deals close with cap rates of 8% to 9% and 10-year leases.

By Connie Gore | Updated on October 13, 2003

FORT WORTH-A Family Dollar developer has hawked two newly completed stores in Fort Worth and Dallas to unrelated buyers from New Mexico, both using 1031 Exchanges for the takeovers.

The 8,000-sf stores are located at 2100 Ephriham Rd. in southwest Fort Worth and 15300 Seagoville Rd. in southeast Dallas. “There is a lot of 1031 demand for small corporate-leased properties,” says Gavin Kam in the Dallas office for Marcus & Millichap’s national retail group. He tells GlobeSt.com that both build-to-suits sold in the first two weeks that they came to market, with the seller taking the first offers that were placed. Both sold in the 8% to 9% cap range and are tied to 10-year leases, he says. The new developments were part of a Texas package of five, all priced from $600,000 to $850,000.

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