Envy Salon Suites
Envy Salon Suites is a single tenant leased asset within the dynamic retail intersection of Interstate 35E and South Loop 288 in the high-growth DFW submarket of Denton, Texas. Positioned within a dense regional trade area, the Property is approximately 40 minutes from both downtown Dallas and downtown Fort Worth. Envy Salon Suites signed a 10-year primary term lease that runs through September 2028 with 10% rent escalation every five years and two, 5-year renewal options at market. The lease features below market rent for comparable South Loop 288 retail shop space at $17.00 PSF NNN. Offered at an 8.00% cap rate, the Property is priced well below replacement cost at $212.47 PSF to the building. Notable national retailers in the immediate area include Hobby Lobby, Harbor Freight Tools USA, Inc., Big Lots, Dollar General, Starbucks, AT&T, T-Mobile, Sleep Expert, MetroPCS, Visionworks and Burger King amongst numerous others.