Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1000 Northeast 28th Street in Fort Worth, Texas. The subject property consists of approximately 108,951 square feet of warehouse space and is situated on 9.39 acres of land. The two-building asset features three manufacturing bays, equipped with overhead cranes. For sale as vacant, the property can be acquired for owner use or as an investment. Ideal for owner-users operating a manufacturing business, the property also provides ample outdoor storage space. Located in the North Central Fort Worth submarket near the historic Stockyards, the asset can be redeveloped for single or multi-tenant use and marketed for at least $4.50 per square foot on a triple-net lease.
North Central Fort Worth contains an inventory of 10.9 million square feet of industrial space. As one of the city’s original industrial hubs, 94 percent of the inventory was developed prior to 2000. With industrial land largely non-existent, inventory has actually contracted by 15.6 percent since peaking in 2006 due to demolitions. During this time, no new industrial properties were developed, and there is currently nothing underway. As a result, the vacancy rate stood at just 2.8 percent by the end of Q2 2022. With supply tightening, market rent growth leaped to a new record high of 13.5 percent annually during the second quarter. Industrial rents in North Central Fort Worth now average just under $9.00 per square foot, offering landlords an 8.5 percent premium compared to the overall market (CoStar).
The Dallas-Fort Worth metroplex is the fourth-most populous metro in the nation, with an aggregate of more than 7.7 million residents. It is composed of 13 counties stretching nearly 10,000 square miles. The city of Dallas houses 1.3 million people, followed by Fort Worth with 919 thousand residents. Strong job growth continually draws new residents to the region. To accommodate the additional traffic, the region’s transportation network is evolving. Traffic flow is improved as freeways are expanded, and miles are being added to tollways and turnpikes. The growth of the transportation network is vital to supporting commuters to the metros numerous corporations and growing industries. Dallas/Fort Worth’s population growth in recent years ranks among the highest in the U.S. for a major metro. The Metroplex is home to 24 Fortune 500 companies and many regional headquarters, drawing workers and residents. The area’s extensive network of rail and highways, along with the International Inland Port of Dallas, ensure its status as a distribution hub.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0060715)
