Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2700 K Avenue in Plano, Texas. The subject property consists of approximately 12,561 square feet of flex warehouse space and is situated on 0.99 acres of land. The multi-tenant asset features four suites, masonry construction, 3,800 square feet of office space, a clear height of 12’, seven grade-level doors, and 41 parking spaces. With frontage along K Avenue, the property has direct exposure to a daily average of 26,666 vehicles each year (CoStar, 2022). Situated 20 miles north of Downton Dallas, the property has proximity to major thoroughfares including U.S. Route 75 and the President George Bush Turnpike. For sale as vacant, the property can be acquired for owner use and reconfigured based on business needs. As of mid-September, the property was the only industrial (including flex) asset for sale within the city of Plano.
The Plano Submarket is relatively large, containing 29.4 million square feet of industrial space. During the third quarter of 2024, net absorption slipped into negative territory by roughly -400,000 square feet, pushing the vacancy rate up to 6.9 percent. Vacancies in the Plano submarket are comparable to the nationwide average but 270 basis points lower than the overall Dallas-Fort Worth market. Asking rent growth continued to decelerate to 5.9 percent year-over-year in Q3 but remains slightly above the pre-pandemic trendline. There were 157,700 square feet of industrial space under construction during this time, representing less than 1.0 percent of the inventory. Furthermore, no new projects have been in the pipeline in the city of Plano since the start of 2023. There is no supply pressure for the foreseeable future, which means rents and vacancies will be largely dependent upon industrial demand (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: ZAF0060613)
