5950 Park Vista Circle
- 5950 Park Vista Circle, Fort Worth, TX 76244
- Property Type:
- Multi Tenant
- Cap Rate:
- 7.00% cap
- Square Feet:
- 26,964 sqft
- Lot Size:
- 1.79 Acres
- Price Per Square Foot:
- Year Built:
- Situated on 1.79 Acres of Concrete Lot with 82 Parking Spaces for Tenants/Customers, Professionally Landscaped
- Fully Leased at Below-Market Rent ($9.50), Providing Value-Add Opportunity in Case of Tenant Turnover
- Ideal Location for Current Tenants Being Proximate to Local Amenities Including Schools, Entertainment Venues, and Gyms
- Surrounding Population of Nearly 294,000 Provides Steady Demand for Tenants’ Events Spaces
- Property Near High-Net-Worth Cities with Household Income Ranging $150,000-$240,000 (U.S. Census)
- Tough Barrier-to-Entry Submarket with 3.9% Vacancy Rate on Comps and 15% Rent Growth, Outpacing Overall DFW Market (CoStar)
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 5950 Park Vista Circle in Fort Worth, fully leased to LMH Industrial, LLC and Adams Events, LLC. The subject property consists of approximately 26,964 square feet of space and is situated on 1.79 acres of land. The multi-tenant asset features five suites, professional landscaping, and a concrete lot with 82 parking spaces for tenant and customer use. LMH Industrial operates two companies onsite, Harrison Construction and The Harrison Ballroom. Adams Events also uses the property to operate multiple companies, including Celebration Party & Event Center and Kids Adventure Playhouse & Parties. Both tenants recently signed new leases that began in January 2023. At an average triple-net rate of $9.50 per square foot, the asset was leased below market rents that ranged between $11.00 and $12.00 (CoStar). This provides investors with a value-add opportunity in the event of any tenant loss.
Given the tenant clientele, the property is well situated in the Fort Worth market. Nearby suburban cities, Keller and Southlake, are high-net-worth cities with median household incomes of $149,822 and $239,833, respectively (U.S. Census Bureau). With 293,903 residents living within a five-mile radius of the property (CoStar), there is a high demand for activity and event spaces. In addition, numerous amenities are located within the area, including Central High School, a trampoline park, and fitness studios and gyms.
The subject property is primely located within the Northeast Tarrant/Alliance submarket, containing a massive 71.7 million square feet of industrial space (CoStar). Covering 27,000 acres, the submarket is dominated by the master-planned AllianceTexas development, featuring an airport, logistics hub, and a 9,600-acre business park (AllianceTexas). During 2022, the vacancy rate on comparable properties with one to three-star ratings dropped by 420 basis points to finish the year at 3.9 percent. Despite the availability, market rents surged by 14.9 percent last year, outpacing the Dallas-Fort Worth market average by 140 basis points. Going into 2023, a record 15.6 million square feet of industrial space was in the pipeline, accounting for 18.4 percent of all construction activity in the DFW market (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.