ILLINOIS MULTI TENANT (DALLAS, TX)
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• 224,060 Square-Foot Multi Tenant Industrial Warehouse Situated on 25.72 Acres
• Great Functionality: 14’-30’ Clear Heights, and 13 Grade Level Doors with Ample Outside Storage
• Upside Potential Through Renewing Leases at Market and Leasing Outside Acreage as Trailer Parking
• Newly Executed Triple-Net Leases Expiring in 2024 and 2027 Providing Long-Term Cash Flow
• New Roof Replacement Reported by the Seller Completed in July 2017 with a Total Cost of $2.4M and 20-Year Warranty
• Highly Functional Manufacturing Facility with Nine Total Cranes: Eight 10-Ton and One Five-Ton Cranes Throughout the Subject Property
• Located in the Lonestar Turnpike Industrial Submarket with Great Accessibility to Interstate 30 and 20
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3912-4012 West Illinois Avenue in Dallas, Texas. The subject property consists of approximately 224,060 square feet of space and is situated on 25.72 acres of land. The asset has great functionality with 14’-30’ clear heights, ample outside storage, and a total of 13 cranes. The total office space between the two buildings is approximately 15,886 square feet. The property is located southwest of Dallas, with easy access to interstate 30 and 20 in the Lonestar Turnpike Industrial Submarket. There is upside potential with renewing leases at-market and leasing the outside acreage as trailer parking. The newly executed triple-net leases, expiring in 2024 and 2027, provide long-term cash flow for an investor.
The building located at 3912 West Illinois has a total of nine grade level doors, five in the rear, one on the side, and three in the front. There are crane rails running the full length of the building on Bay 1 and Bay 2 and half of Bay 3. It has approximately five 10-ton cranes. The building has approximately 4,010 square feet of air-conditioned office space.
The building located at 4012 West Illinois has approximately 11,876 square feet of air-conditioned office and has four grade level doors in the rear. The building had a new roof replacement completed in July of 2017 with a 20-year warranty. The building has crane rails in the rear and a total of approximately four cranes, three of which are 10-ton cranes and one five-ton crane.
The Eastern Lonestar/Turnpike Industrial Submarket holds the most industrial inventory of all submarkets adjacent to the Dallas CBD and Uptown (CoStar), making it a top choice near dense population centers. Large tenants in the area include: Keller Logistics, UPS, FedEx, PepsiCo, Dr. Pepper Snapple, and Neiman Marcus. The current average market rent in the area at $5.07 per square foot is projected to increase in coming years. The submarket has consistently had over one million square feet under construction each quarter for the past year with vacancy rates below historical norms.
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.