Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2204 Hinton Drive in Irving, Texas. The subject property consists of approximately 9,500 square feet of warehouse space and is situated on 0.92 acres of land. The multi-tenant asset features a fully fenced-in lot allowing for outdoor storage space or additional parking. All three of the units are fully occupied and are providing positive cash flow. With all leases either expiring or month-to-month, the asset creates an immediate value-add opportunity.
The subject property is situated within the West Brookhollow submarket, one of Dallas’ original and largest industrial hubs containing 43.2 million square feet of space. Three-quarters of the inventory was developed prior to 1980, and the tenant base is dominated by manufacturers, suppliers, and local distributors. Thanks to a slight decline in inventory combined with record-setting net absorption during Q4 2021, the vacancy rate has noticeably dropped over the last year. As of the second quarter, the vacancy rate sits at 4.0 percent, 240 basis points lower since Q3 2021. A tighter supply has helped boost market rent growth to a new all-time high of 12.8 percent year-over-year. Despite its strong performance over the last decade, West Brookhollow has experienced little development, given the lack of available land. With current construction activity representing less than 1 percent of inventory, market rents and vacancies will continue to go unimpeded by new supply (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: ZAD0060439)
