Marcus & Millichap is pleased to present the opportunity to acquire the property located at 410 East Church Street in Lewisville, Texas. The subject property consists of approximately 13,330 square feet of flex space and is situated on 0.42 acres of land. The single-tenant asset features 9,630 square feet of office space, 3,700 square feet of warehouse space, masonry construction, a clear height of 19’-21’, one grade-level door, six HVAC units, and 24 parking spaces. For sale as vacant, the property can accommodate a variety of uses with a two-story office space and potential for a retail storefront on the bottom floor. Positioned between West Main Street and East College Street, the property is one of just ten properties in the area that is zoned for light-industrial use. The property is in proximity to Lewisville’s Old Town Center where the city began revitalization efforts starting in 1999 with the relocation of City Hall.
With 36.7 million square feet of industrial space, Lewisville is a relatively large submarket. Unlike in most markets, the vacancy rate in Lewisville was relatively stable at 5.8 percent in 2023 and significantly dropped to 3.5 percent during the first quarter of 2024. Despite the reduction in availability, the growth rate of asking rents continued to slow to 7.5 percent annually in Q1 but remained more than twice the level of the Consumer Price Index. After expanding Lewisville’s industrial inventory by more than 2 million square feet in 2023, net deliveries are expected to dwindle to just under 166,000 square feet this year. As a result, vacancies will largely be dependent upon industrial demand for the foreseeable future. In 2023, only 17 industrial properties traded hands in Lewisville, making the submarket a tough barrier to entry along with low vacancies (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: ZAE0060799)
