Marcus & Millichap is pleased to present the opportunity to acquire the property located at 336 West Interstate 30 in Garland, Texas. The subject property consists of approximately 6,298 square feet of warehouse space and is situated on 0.63 acres of land. The single-tenant asset features 15 parking spaces, a clear height of 14’, one grade-level door, masonry construction, and three-phase power. With 800 square feet of flex space and a fully air-conditioned and heated warehouse, the property can accommodate a variety of uses. Recent capital expenditures were committed to the two HVAC units and the TPO roof installed in 2015. For sale as vacant, the property can be acquired for owner use or as a lease-up opportunity. The property has high visibility along the service road to Interstate 30 which flows directly into Downtown Dallas. Located in a highly densely populated area, the property is well positioned in the East Dallas/Mesquite industrial submarket.
Containing 30.6 million square feet, East Dallas/Mesquite maintains a sizable amount of industrial space. While the vacancy rate is at a relatively high level at 7.3 percent during the fourth quarter of 2023, availability is tighter than the overall Dallas-Fort Worth market which is sitting on an 8.0 percent vacancy rate. More importantly, unlike the national trend, vacancies in East Dallas/Mesquite have fallen by a noticeable 5.2 percentage points in the second half of 2023, thanks to a record 1.9 million square feet of net absorption in Q3. Despite the jump in demand, market rent growth has followed the national trend, slowing to 8.3 percent annually in Q4. However, rents continued to rise faster than the Consumer Price Index, averaging about $9.0 per square foot during this time. Strong demand has attracted a record amount of new supply to East Dallas/Mesquite with deliveries estimated at 2.5 million square feet in 2023. During Q4, another 3.2 million square feet of industrial space was under construction, representing 10.5 percent of inventory (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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0060058)
