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Terrell, TX

501 South Virginia Street

Address:
501 South Virginia Street, Terrell, TX 75160, USA
Property Type:
Single Tenant
Price:
$680,000
Square Feet:
7,296 sqft
Lot Size:
0.55 Acres
Price Per Square Foot:
$93.20
Year Built:
1984
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Investment Highlights

Investment Highlights

Investment Highlights

  • Owner-User or Investment Sale
  • Direct Access to I-20 & Highway 80
  • Renovated in 2012
  • Tight Barrier-to-Entry Market
  • Major Employers in Terrell: VEKA, Inc, Walmart Distribution, Amazon, and Goodyear Tire Distribution
  • Rezoned to Downtown District
  • Average Lease-Up Time in the Area Takes Anywhere Between Three to Six Months

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 501 South Virginia Street in Terrell, Texas. The subject property consists of approximately 7,296 square feet of space and is situated on .55 acres of land. Renovated in 2012, the asset features direct access to Interstate 20 and U.S. Highway 80. For sale as vacant, the property can be acquired for owner-use or as an investment. The property was recently rezoned to Downtown District, which excludes industrial repair uses, but allows for warehousing and retail.

The subject property is located within the Forney/Terrell submarket. Rising housing and land costs in the adjacent Dallas suburbs has increased economic growth in the exurb area of Forney/Terrell. A boom in recent commercial development includes Goodyear’s 1.2-million-square-foot distribution center and Amazon’s 1.1 million-square-foot distribution facility. Walmart’s distribution warehouse and the VEKA Inc. manufacturing facility are also notable tenants of the Forney/Terrell submarket. Over the last 12 months, net absorption has exploded to over 1.3 million square feet, nearly a three-fold increase over its five-year average. The submarket’s status as a tight barrier to entry market is demonstrated by its 1.6 percent vacancy rate in Q4 2021. The low vacancy rate has helped power industrial rent growth to 8.7 percent, the highest level on record. Yet at $5.70 per-square-foot, market rents in Forney/Terrell still trade at a 23 percent discount to the metro average (CoStar). With the typical industrial space being leased within three to six months, landlords have significant pricing power.

The Dallas-Fort Worth metroplex is the fourth-most populous metro in the nation, with an aggregate of more than 7.5 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 800,000 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. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0061028)