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RS Real Estate Partners has closed the sale of a newly renovated First Watch restaurant property in Addison, Texas, for $5.66 million. The 5,672-square-foot single-tenant asset is situated on 1.1 acres and features a new 12-year corporate-guaranteed lease.

    The seller, Dallas-based private equity firm 90Ten, was represented by SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther. The buyer, a New Mexico-based private investor, acquired the property as part of a 1031 exchange. The sale yielded a 5.5% cap rate and $998 per square foot.

    "This asset offers a high-performing First Watch restaurant with minimal landlord responsibilities," said Luther. "Its location adjacent to Village on the Parkway, which attracts over 4.8 million visitors annually, creates strong tenant synergy."

    This transaction marks the first single-tenant net leased freestanding First Watch property sold in Texas. SRS is currently marketing six First Watch restaurants, representing 55% of the market share.

    The property benefits from its proximity to a dense retail corridor featuring Whole Foods Market, Walmart Supercenter, and other major retailers. Its high visibility also makes it attractive due to its location near on/off ramps to the North Dallas Tollway.

    First Watch is an American restaurant chain with over 584 locations across 31 states. SRS Capital Markets has completed more than $1.5 billion in deal volume this year, comprised of over 350 transactions nationwide. The firm currently has over 845 properties actively listed, valued at over $3.7 billion.

    Founded in 1986, SRS Real Estate Partners is a leading commercial real estate solutions provider with 29 offices across the US.