Marcus & Millichap is pleased to present the opportunity to acquire the property located at 15109 Surveyor Boulevard in Addison, Texas. The subject property consists of approximately 1.003 acres of land, equivalent to 43,691 square feet of space sitting one block north of Beltline Road, which is occupied by a wide range of commercial properties. Zoned for light industrial use, the property is ideal for an in-fill development opportunity. Desirably positioned on the signalized hard corner of Surveyor Boulevard and Arapaho Road, the property is primely located close to Highway 75 and in the middle of four major thoroughfares including Dallas North Tollway, George Bush Turnpike, Interstates 635, and 35 East. The property sits only a five-minute drive to Addison Airport and approximately 20 minutes to both Dallas-Fort Worth (DFW) International Airport and Dallas Love Field Airport. Additionally, sitting in close proximity is the construction of the $472 Million Dollar Mixed-Use Development that will be focused around the Dallas Area Rapid Transit (DART) system’s Silver Line which will connect riders from the city of Plano to the DFW International Airport. See, https://www.audacy.com/krld/news/local/addison-approves-usd472-million-development.
The subject property is located in the highly coveted Metropolitan/Addison industrial submarket containing 22.6 million square feet. The submarket’s lack of available land for industrial use has essentially restricted new supply over the last decade and as of the second quarter of 2023, only 43,000 square feet were under construction, representing just 0.2 percent of inventory. Given that nearly 94 percent of the submarket’s inventory was constructed prior to 2000, this sale offers developers a rare opportunity to provide a functional, modern-looking industrial property to a highly coveted submarket. During the second quarter of 2023, the submarket boasted some of the highest industrial rents in the Dallas-Fort Worth market at about $12.10 per square foot, 34 percent above the market average. As reflected in the cost of rent, tenants have access to some of the most affluent and fastest-growing suburbs in North Dallas. Despite a vacancy rate of 7.2 percent during Q2, market rents grew by 9.4 percent annually (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: ZAE0060372)
