COL-MET ENGINEERED FINISHING SOLUTIONS (ROCKWALL, TX)
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• Newly Constructed Class A 145,375-Square Foot Manufacturing Facility in the Highly Sought-After Rockwall Technology Park
• New 10-Year Absolute Triple Net Lease with Col-Met Engineered Finishing Solutions
• Strong Functionality: 30’ Clear Height, Six Dock-High Doors, and Three Drive in Docks
• Situated on 12 Acres of Land Allowing for Future Development or Expansion
• Fastest-Growing Submarket in Northeast Dallas: 1.90% Submarket Vacancy with No Competing Vacancies in the Submarket
• Priced Below Replacement Cost of the Land and Construction
• Below-Market Rent: $4.54 Per Square Foot | Market Rent According to CoStar of $7.07 Per Square Foot
Marcus & Millichap is pleased to present the opportunity to acquire the Col-Met Engineered Finishing Solutions property located at 2975 Discovery Boulevard in Rockwall, Texas. Located in the fastest-growing submarket in Northeast Dallas (1.90 percent vacancy rate), the subject manufacturing facility consists of approximately 145,375 square feet of space and is situated on approximately 12 acres of land. Built in 2015, the newly constructed Class A property features strong functionality with 30’ clear height, six dock-high doors, and three drive-in docks. Tenant is committed to a new 10-year absolute triple net lease, due to commence upon close of escrow. The asset is priced below replacement cost of land and construction, in addition to a below-market rent commitment at $4.54 per square foot, making the opportunity risk-adverse to competing new properties in the submarket and giving ease of certainty that the committed rent would be readily replaceable given an overall market rent of $7.00 per square foot reported by CoStar Analytics.
With a 40-year history of team excellence, Col-Met Engineered Finishing Solutions has emerged as a market leader in paint booths, powder booths, ovens, washers, AMU’s, and other finishing system components for use in the industrial, automotive, truck and large equipment, and woodworking markets. Focusing on a combination of impeccable customer service and product innovations, Col-Met has earned the respect and admiration of finishing applicators worldwide who rely on the most authoritative source to service their needs (colmetsb.com)
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 areas extensive network of rail and highways along with the International Inland Port of Dallas ensure its status as a distribution hub.