10738 Colewood Lane
- 10738 Colewood Lane, Dallas, TX 75243
- Property Type:
- Multi Tenant
- Request for Offer
- Square Feet:
- 34,438 sqft
- Lot Size:
- 1.64 Acres
- Year Built:
- 34,438-Square-Foot Multi-Tenant Industrial Asset Situated on 1.64 Acres
- Masonry Construction Featuring Eight Suites, Four Dock-High Doors, and 10 Grade-Level Doors
- Value-Add Opportunity for Investor to Raise Rents to Market and Convert to Triple-Net
- Tight Barrier-to-Entry Submarket with 2.10% Vacancy Rate for Industrial Property (CoStar)
- Northeast Dallas/Garland Submarket Has Shown 14.1% Year-Over-Year Market Rent Growth (Q3 2022 CoStar)
- Recent Building Improvements to Enhance Marketability
- Located Near the Intersection of Forest Lane and Plano Road, with Easy Access to I-635
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 10738 Colewood Lane in Dallas, Texas. The subject property consists of approximately 34,438 square feet of warehouse space and is situated on 1.64 acres of land. The multi-tenant asset features eight suites, masonry construction, four dock-high doors, and 10 grade-level doors. To improve leasing marketability, the seller recently repainted the exterior of the building. With rents priced below market rates, this sale offers investors a value-add opportunity in which the leases on the fully occupied asset can be converted to a triple-net structure. Located within the Northeast Dallas/Garland submarket near the intersection of Forest Lane and Plano Road, the property has easy access to Interstate 635.
The Northeast Dallas/Garland submarket is one of Dallas’ original and largest industrial hubs, containing 55.3 million square feet. While there is a significant stock of newer large warehouses, 43 percent of the inventory is concentrated among properties less than 100,000 square feet delivered prior to 2000. After a record setting year in 2021 for net absorption and vacancy rates, the submarket has continued to reach new heights in 2022. While the pace of net absorption has leveled off, the vacancy rate has dropped to a new record low of 2.10 percent during Q3. The tight barrier-to-entry submarket posted a new high in annual rent growth in Q3 at 14.0 percent. While the local inventory has experienced significant growth over the last decade, there were no industrial properties under construction early in the fourth quarter. As a result, vacancies and rent growth will be unaffected by new supply for the foreseeable future (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.