Should I invest in Southlake, Texas

[Annu Zer]

Asking for advice from fellow members. I have couple of Single Family homes in Oregon, and have been looking into a Commercial property for a while. It just happens have an opportunity to get into one but in Southlake, Texas. Will be going in with a close friend, who lives there, but is new in real estate investing, but very diligent and working with a local rep.

The property he has shared is leased, cap rate of ~6%, with a net investment of around $1.8million. What I am trying to understand if the person is making this much money why would they be selling it, as even in stocks this is not going to be possible for a bit.

Also since it is first real opportunity, will also like to get some suggestions on what we can and should ask, so we can have some more relevant data to analyse and look into. We will be getting leasing information soon, the property has 3 offices and are all leased, it is not listed for sale, so the RE agent has direct access. The buildings are class A/B. So few questions:

1) Anyone familiar with Southlake, Texas area, any suggestions on growth, prospects for CE there?

2) Besides cap rate and leasing information, what else should we ask for from the seller?