Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2200 South Riverside Drive in Fort Worth, Texas, occupied by CoreCo USA. The subject property consists of approximately 13,325 square feet of space and is situated on 3.37 acres of land. The single-tenant asset features metal construction, seven grade-level doors, a clear height of 18 feet, as well as secured outside storage space. The property is conveniently positioned with frontage on South Riverside Drive and is located less than two miles from both Interstate 30 and Interstate 35 West for quick access to major thoroughfares.
At the close of escrow, CoreCo USA plans to sign a two-year triple-net leaseback with a 4.0 percent rent escalation. Founded in 2007, the team at CoreCo USA brings a combined 150 years of experience to provide leading environmental and geological drilling services. The company’s centralized location at the subject property allows CoreCo USA to service the states of Arkansas, Oklahoma, Louisiana, and New Mexico in addition to Texas.
The subject property is located in South Central Fort Worth, a medium-sized submarket containing 10.6 million square feet of industrial space. Among comparable properties within the 5,000 to 20,000-square-foot range, market rents were up 8.6 percent year-over-year during Q2 2023. This high level of rent growth is partly attributed to the lack of new construction within the submarket as there are no new projects currently underway in all of South Central Fort Worth. Thanks to the lack of new supply, the vacancy rate among comparables sat at just 2.4 percent midway through the second quarter (CoStar).
Metro Fort Worth is home to 2.6 million residents, of which 918,915 live within the city’s limits, making Forth Worth the fifth most populous city in Texas. Several higher-educational institutions, including Texas Christian University and the University of Texas at Arlington, supply an educated labor force for the large and diverse employment base. Lockheed Martin’s Aeronautics Company is headquartered in Fort Worth, where it operates the U.S. Air Force Plant 4, a government owned factory that produces F-16 and F-35 fighter jets. Healthcare is a strong economic driver, assisted by students graduating from the area’s many colleges and universities. Large employers include Texas Health Resources and University of Texas. General Motors’ assembly plant has been operating in the metro since 1954 and currently manufactures large SUVs for various divisions such as Chevrolet, GMC, and Cadillac. Local amenities include the Kimbell Art Museum, Modern Art Museum of Fort Worth, the National Cowgirl Museum and Hall of Fame, as well as rodeos at the Fort Worth Stockyards.
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: ZAE0060308)
