Marcus & Millichap is pleased to present the opportunity to acquire the property located near the corner of Justin Road and John King Boulevard in Rockwall, Texas. The subject property consists of approximately 37.5 acres of land. The asset features about 24.8 acres suitable for development and 12.7 acres restricted due to a floodplain. Currently zoned for light industrial use, the property is also designated as a Special Commercial Corridor (SCC) under the city of Rockwall’s Future Land Use Plan. Under SCC, the property can accommodate commercial and retail development that is “intended to support and serve the entire region (City of Rockwall).” With the property boxed in by surrounding parcels, the current owner has begun preliminary discussions with the Rockwall Economic Development Corporation to provide site access to the North side of the land along Justin Road. Situated just off Interstate 30, the property is conveniently positioned near the interchanges between President George Bush Turnpike and Interstate 635.
The subject property is primely positioned in the Rockwall submarket, which contains a relatively small amount of industrial and retail space with strong fundamentals. There are 6.2 million square feet of industrial space housed in Rockwall, with 503,000 square feet under construction (representing a sizeable 8.1 percent of inventory). Availability has historically been tight and the vacancy rate sat at 4.1 percent in the third quarter of 2023. Like most markets, rent growth has slowed this year but remains robust with an annual pace of 8.7 percent in Q3. At 5.9 million square feet, the Rockwall submarket holds an equivalent amount of retail space. With new construction having a minimal impact on overall supply since 2021, the vacancy rate has steadily fallen to just 1.6 percent in Q3. This has helped annual rent growth remain steady near record highs at 5.5 percent going into the last quarter of the year (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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0060577)
