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Fort Worth, TX

CMP Commercial Construction, Inc.

Address:
1150 Martin Luther King Freeway, Fort Worth, TX 76104
Property Type:
Single Tenant
Price:
$1,370,000
Cap Rate:
7.01% cap
NOI:
$96,000
Square Feet:
10,800 sqft
Lot Size:
0.38 Acres
Price Per Square Foot:
$126.85
Year Built:
1980
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Investment Highlights

Investment Highlights

Investment Highlights

  • 10,800-Square-Foot Industrial Asset Situated on 0.38 Acres
  • Tilt-Wall Construction Featuring One Dock-High Door, Two Grade-Level Doors, and Three-Phase Power
  • New Three-Year Triple-Net Lease to CMP Commercial Construction with 3% Annual Increases
  • Tight Barrier-to-Entry Submarket with 3.7% Vacancy Rate (CoStar)
  • East Fort Worth Submarket Has Experienced 13.8% Year-Over-Year Rent Growth (CoStar)
  • Located Just Off Highway 287 for Easy Tenant Access

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1150 Martin Luther King Freeway in Fort Worth, Texas, leased to CMP Commercial Construction, Inc. The subject property consists of approximately 10,800 square feet of warehouse space and is situated on 0.38 acres of land. The asset features masonry construction, one dock-high door, two grade-level doors, and three-phase power. In July 2022, the tenant signed a three-year triple-net lease with 3 percent rent escalations. Located just off of U.S. Route 287, the property has easy access to Downtown Fort Worth and other major thoroughfares, including Interstate 35 West.

The subject property is situated within East Fort Worth, a sizeable submarket containing 28.1 million square feet of industrial space. East Fort Worth is anchored by a mix of manufacturers and local retail and food distributors. Shallow-bay properties dominate East Fort Worth, with properties under 100,000 square feet making up nearly 72 percent of the local inventory. Net absorption posted a quarterly record high during Q3 2022, with just over 561,000 square feet coming off the market. With less than a month into Q4, another 529,000 square feet were absorbed, setting up a new quarterly high by year’s end. Thanks to record demand, the vacancy rate has plummeted by 440 basis points in less than two quarters to 3.7 percent in early Q4. With a vacancy rate 190 basis points lower than the Dallas-Fort Worth average, East Fort Worth has quickly earned the title as a tight barrier-to-entry submarket. Local landlords have benefitted with market rents rising to a new high of 13.8 percent year-over-year in Q3. Given that industrial construction makes up less than 1 percent of current inventory, vacancies and rents will essentially be unaffected by new supply for the foreseeable future (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: ZAD0061153)