14215 Suncrest Road & 12200 Tower Road
- 14215 Suncrest Road & 12200 Tower Road, Manor, TX 78653
- Property Type:
- Multi Tenant
- Square Feet:
- 94,882 sqft
- Lot Size:
- 22.74 acres
- Price Per Square Foot:
- Year Built:
- Owner-User Opportunity for 94,882-Square-Foot Industrial Warehouse Portfolio on 22.74 Acres
- Features Include 5 Buildings, 14 Grade-Level Doors, 18’-24’ Clear Heights, and Fenced Yard
- Excess Land Allowing for Future Expansion, Ample Parking, and Outside Storage
- 12 Miles from Austin with Easy Access to Farm to Market 973, Highway 290, and State Highway 130
- Priced Below Replacement Cost and Strategically Located Between Tesla and Samsung
- Manor Remains One of the Fastest-Growing Suburbs in America Today
- Short-Term Leases Expiring Soon At Below Market Rent Creates Lease-Up Opportunity
Marcus & Millichap is pleased to present the opportunity to acquire the portfolio located at 14215 Suncrest Road and 12200 Tower Road in Manor, Texas. The subject portfolio consists of approximately 94,882 square feet of space and is situated on a total of 22.74 acres of land. The five-building asset features 14 grade-level doors, clear heights between 18’ to 24’, and a fully fenced-in yard. With excess land included, the portfolio can accommodate future expansion, ample parking, and outside storage. The five buildings included in the portfolio are priced below replacement cost. Given that the current short-term leases in place are set below the average market rent and expiring soon, the portfolio offers investors a lease-up opportunity with vacant space. Situated 12 miles from Austin’s city center, the portfolio has easy access to Farm to Market Road 973, U.S. Route 290, and State Highway 130. Strategically located between Tesla’s new Gigafactory and Samsung’s semiconductor plant currently underway, Manor is one of the fastest-growing suburban cities in the nation.
The subject portfolio is located within Far Northeast, a midsized submarket containing around 10.6 million square feet of industrial space. Logistics facilities dominate the inventory with 9.4 million square feet. Since the peak of the Covid-19 Pandemic, the vacancy rate has plummeted from 9.6 percent in Q3 2020 to 1.4 percent as of Q1 2022. Thanks to the delivery of Amazon’s 3.8 million-square-foot distribution center, net absorption smashed records with 4.2 million square feet in 2021. Even when Amazon’s facility is discounted, net absorption in Far Northeast clocked in at 87 percent above the previous five-year average. Backed by strong tenant demand, annual market rent growth has soared to an all-time high of 12.9 percent in the first quarter of the year. Industrial rents in Far Northeast run for about $11.70 per-square-foot, offering tenants nearly a 10 percent discount compared to the market average. Developers remain bullish on the submarket, as indicative by the 1.4 million square feet currently underway, representing a 13.5 percent expansion to the local supply. Far Northeast’s impressive fundamentals drove investment demand to new heights last year, doubling the previous record set in 2015 to 30 transactions (CoStar).
With a population of over 2.2 million residents, the population of Metro Austin has grown significantly in recent decades along with economic growth. Known as the home of South by Southwest, the Austin-Round Rock metro covers about 4,225 square miles and consists of five counties in central Texas: Travis, Williamson, Hays, Caldwell, and Bastrop. Austin’s population of 940,700 people makes Travis the most populous county in the metro. Employment gains in the tech sector have contributed significantly to the metro’s recent population and median household income growth. Tesla’s newly constructed Gigafactory is expected to generate at least 5,000 jobs, supporting future relocations and increased demand for housing. The government is a significant driver in the local economy as Austin is the state capital and home to an IRS regional processing center as well as military bases. Located within a border state, the metro benefits significantly from international trade agreements with Mexico.