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Mesquite, TX

Bags Elite

Address:
3030 East Meadows Boulevard, Mesquite, TX 75150
Property Type:
Single Tenant
Price:
$1,116,000
Cap Rate:
8.00% cap
NOI:
$89,256
Square Feet:
10,500 sqft
Lot Size:
1.03 Acres
Price Per Square Foot:
$106.29
Year Built:
1996
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Investment Highlights

Investment Highlights

Investment Highlights

  • Single-Tenant One-Year Sale-Leaseback Investment Opportunity
  • Value-Add Opportunity for Investor to Re-Lease Property
  • Two Four-Ton AC Units, Seven Offices with Two Restrooms in Front Space
  • Convenient Location with Easy Access from I-30, I – 635 and US Highway 80
  • Limited Supply of Flex Industrial Space in Southeast Dallas
  • Ample Parking for Small Business to Operate in Prime Location

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3030 East Meadows Boulevard in Mesquite, Texas, occupied by the current owner, Bags Elite, Inc. The subject property consists of approximately 10,500 square feet of flex space and is situated on 1.03 acres of land. The asset features ample parking, seven offices (including two restrooms) in the front office space, and two four-ton air-conditioning units. Upon sale of the property, Bags Elite plans to sign a one-year lease. This short-term sale-leaseback offers investors a value-add opportunity to re-lease the property on a long-term lease with annual rent escalations.

Primely located in the East Dallas/Mesquite submarket, the property has easy access to Interstate 30, Interstate 635, and U.S. Highway 80. With 27.7 million square feet of industrial space, East Dallas/Mesquite is a mid-size submarket that serves as one of Dallas’ major intermodal hubs. The submarket is anchored by the Union Pacific Railroad intermodal hub and FedEx Ground’s 352,000-square-foot shipping facility. Given the tenant base, the submarket is dominated by logistics facilities, leaving flex space in limited supply. In just a year, the inventory base in Dallas/Mesquite expanded by 7.8 percent through Q3 2022, pushing the vacancy rate up by 360 basis points to 11.4 percent. However, with net absorption forecast to set a new quarterly record at the end of the year, vacancies are expected to drop by about 50 percent. The emergence of record demand has already helped push market rents up a record 15.0 percent annually during Q3. Rents on flex properties averaged about $11.30 per square foot, paying landlords in Dallas/Mesquite a 29 percent premium over the average for all industrial properties in the Dallas-Fort Worth 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 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. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0061077)