- 3614 Security Street, Garland, TX 75042
- Property Type:
- Single Tenant
- Cap Rate:
- 6.00% cap
- Square Feet:
- 10,900 sqft
- Lot Size:
- 0.81 Acres
- Price Per Square Foot:
- Year Built:
- Single-Tenant Industrial/Flex Triple-Net Investment Opportunity
- 3.5 Years Left Remaining on Lease
- Fenced Outside Storage with One Dock-High Door and Three Drive-In Doors
- Submarket Vacancy Trending Below 3%
- Submarket Rental Rates Have Increased Over 12.6% in the Past Year Alone
- Subject Property Has Quick Access to Main Roads and Highways Such as I-635 and Highway 78
- Subject Property Located in Tight Barrier-to-Entry Market in the Heart of Garland’s Industrial Pocket
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3614 Security Street in Garland, Texas, leased to H&G Systems. The subject property consists of approximately 10,900 square feet of flex space and is situated on 0.81 acres of land. The single-tenant asset features one dock-high door, three drive-in doors, and fenced-in outside storage space. Major thoroughfares, including Interstate 635 and State Highway 78 (South Garland Avenue), are in close proximity to the subject property. Situated in the heart of Garland’s industrial pocket, the property is located in Northeast Dallas/Garland, a tight barrier-to-entry submarket.
The Northeast Dallas/Garland submarket is one of Dallas’ original and largest industrial hubs, containing 55.3 million square feet. While there is a significant stock of newer large warehouses, 43 percent of the inventory is concentrated among properties less than 100,000 square feet delivered prior to 2000. Thanks to last year’s record net absorption of nearly 3 million square feet, the vacancy rate plummeted to an all-time low of 2.7 percent by the end of the year. So far in 2022, the pace of net absorption has leveled off, yet the vacancy rate has remained in record territory at 2.8 percent through Q1. During this time, year-over-year rent growth posted a new high of 12.6 percent, thanks to record demand. While the local inventory has experienced significant growth over the last decade, there is currently nothing underway. Consequently, existing landlords will continue to benefit from the lack of supply pressures on rent growth or vacancies 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.