100 Covelo Avenue
- 100 Covelo Avenue, Fort Worth, TX 76111, USA
- Property Type:
- Single Tenant
- Square Feet:
- 12,000 sqft
- Lot Size:
- 2.09 Acres (Approximately 1.50 Acres Usable)
- Price Per Square Foot:
- Year Built:
- 12,000-Square-Foot Industrial Warehouse/Office Flex Space
- $330,000+ in Renovations Completed in 2021 Including 4,800-Square-Foot, Two-Story Offices
- Situated on 2.09 Acres, with Approximately 1.50 Acres Being Usable, Fenced, and Secured with Automatic Gates
- 20’+ Clear Height Warehouse with Two Grade-Level Doors Allowing for Drive-Through Usage
- Five Minutes from Downtown Fort Worth and Proximate to Interstate 30, Highway 121, and US Route 287
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 100 Covelo Avenue in Fort Worth, Texas. The subject property consists of approximately 12,000 square feet of flex space and is situated on 2.09 acres of land. The asset features two grade-level doors for drive-through usage, warehouse space with over a 20’ clear height, and 1.5 acres of fully fenced-in usable land accessible by automatic gates. In 2021, the current owner reports $330,000 was invested in renovations, including the 4,800-square-foot, two-story office space. With proximate access to Interstate 30, State Highway 121, and U.S. Route 287, the property is only a five-minute drive from downtown Fort Worth.
The subject property is located within East Fort Worth, a large submarket containing 27.2 million square feet of industrial space. The tenant base is a mix of manufacturers and local retail and food distributors. Shallow-bay properties dominate East Fort Worth, with properties under 100,000 square feet making up nearly three-quarters of the local inventory. In 2021, net absorption leaped to the second-highest level on record, with about 457,000 square feet coming off the market. As a result, the vacancy rate dropped by 200 basis points down to 3.7 percent. So far in 2022, vacancies have crept up to 4 percent through the first quarter but remain below the three-year average of 5.0 percent. Thanks to a banner year in demand, market rent growth hit a record 9.6 percent last year. So far in 2022, market rents have continued to gain steam rising 11.8 percent annually through the first quarter (CoStar).
Metro Fort Worth is home to 2.6 million residents, of which 918,915 live within the city’s limits, making Forth Worth the fifth most populous city in Texas. Several higher-educational institutions, including Texas Christian University and the University of Texas at Arlington, supply an educated labor force for the large and diverse employment base. Lockheed Martin’s Aeronautics Company is headquartered in Fort Worth, where it operates the U.S. Air Force Plant 4, a government-owned factory that produces F-16 and F-35 fighter jets. Healthcare is a strong economic driver, assisted by students graduating from the area’s many colleges and universities. Large employers include Texas Health Resources and the University of Texas. General Motors’ assembly plant has been operating in the metro since 1954 and currently manufactures large SUVs for various divisions such as Chevrolet, GMC, and Cadillac. Local amenities include the Kimbell Art Museum, Modern Art Museum of Fort Worth, the National Cowgirl Museum and Hall of Fame, as well as rodeos at the Fort Worth Stockyards.