SOUTHLAKE

Because Southlake's city hall and public library sit inside the same development as its retail and office space, an exchanger should confirm which parcels are privately held and separately deeded versus which are subject to shared-facility or common-area agreements tied to the square's original planned development agreement with the city. That agreement can carry maintenance or design obligations a standard retail lease does not. Requesting a copy of that governing document directly from the town or the square's management office, rather than relying on a title company's general commitment, is the more reliable way to confirm what obligations actually attach to a specific unit.

The commercial stock here includes several distinct categories:

• retail and restaurant space inside Southlake Town Square's open-air footprint
• office suites above Town Square retail, some leased to professional services firms
• corporate office space near the Sabre Corporation campus and surrounding office parks
• boutique and specialty retail along the corridors surrounding the square
• a limited stock of standalone net-lease retail parcels along the town's major arterials

Corporate-adjacent office space near the Sabre campus has historically leased at a premium tied to that proximity, and confirming current occupancy at the campus itself is a reasonable diligence step before assuming that premium will hold through a new hold period.

Office product near a large corporate campus like Sabre's carries concentration risk if a significant share of nearby leasing depends on that single employer's presence. An exchanger exiting this kind of asset often benefits from the 200% rule to keep Town Square retail or a DST interest available as an alternative rather than staying locked into a three-property list of similar corporate-adjacent office. A DST interest diversified across several office or retail holdings can also reduce reliance on any single Southlake employer's continued presence.

Any renovation or expansion inside Town Square should be checked against the original planned development agreement's design standards before construction begins. The square's cohesive architectural look is a contractual obligation tied to that agreement, not an informal expectation, and an improvement exchange timeline should account for that design review before counting on the 180-day period to run without delay. Any signage or storefront change should be submitted through the same design review process regardless of how minor the change appears, since even a modest awning replacement can trigger review if it alters the building's approved elevation.

The qualified intermediary's exchange agreement and the title company's commitment should both reference any shared-facility or common-area agreement tied to Town Square. A title exam that misses this document can produce a closing package that omits an obligation the buyer discovers only after taking title. Confirming the shared-facility agreement's maintenance-cost allocation before closing also prevents a buyer from inheriting an assessment dispute that predates their ownership.