8888 GOVERNORS ROW (DALLAS, TX)
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• 61,406 Square-Foot Industrial Warehouse Situated on 2.52 Acres
• Features 15’-19’ Clear Heights, Three Dock-High Doors, and One Grade Level Doors
• New Five-Year Lease With Access and Fauxcades Event Planners
• Located Just off of John W. Carpenter Fwy and Highway 35E in the Brookhollow Submarket
• Significant Value-Add Opportunity: Priced Below Market Price Per Foot and Far Below Market Rent in Place
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8888 Governors Row in Dallas, Texas. The subject property consists of approximately 61,406 square feet of space and is situated on 2.52 acres of land. The industrial warehouse features 15’-19’ clear heights, three dock-high doors, and one grade level door. Located just off of John W. Carpenter Freeway and Highway 35 East in the Brookhollow Submarket, this significant value-add opportunity is priced at below market price per foot and far below market rent is in place. New five-year leases were signed with tenants Access and Fauxcades Event Planners.
The West Brookhollow submarket is one of the largest submarkets in the Metroplex in terms of inventory and vacancy remains tight. Rent growth is expected to remain above historical averages and make the area even more competitive. While an older industrial submarket, the West Brookhollow location, near multiple population dense Dallas areas, has tenants holding onto leases tightly. Since the submarket was largely built-out in the ‘80s, new construction is not an option, aside from the infrequent smaller projects; therefore, rising development costs do not pose a big threat.
The Dallas/Fort Worth metroplex is the fourth-most populous metro in the nation with an aggregate of more than 7.1 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 800,000 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 21 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.