Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2323 Tin Top Road in Weatherford, Texas. The subject property consists of approximately 33,000 square feet of industrial space and is situated on 3.7 acres of land. The three-building asset features 33 suites, 33 grade-level doors, a clear height between 12’ and 16’, 50 parking spaces, and heavy three-phase power. Located along Interstate 20, the property sits 29 miles from Downtown Fort Worth. As of September 2024, the property was fully occupied with month-to-month modified gross leases in place. With a below-market average rent of $7.69 per square foot, the short-term leased asset offers investors a value-add opportunity with the option of seller financing.
The subject property is situated within Parker County, a relatively small submarket containing 6.1 million square feet of industrial space. During the third quarter of 2024, the vacancy rate rose 20 basis points to 6.5 percent as net absorption dipped into negative territory. The increase in availability put further pressure on rents as the annual growth rate slowed to 5.7 percent in Q3, pushing the average asking rent to about $12.60 per square foot. Only 112,000 square feet of industrial space was under construction, representing just 1.8 percent of inventory. With new supply limited, vacancies and rents will largely be impacted by demand 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 metro’s 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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0060507)
