LYLES INDUSTRIAL PARK (GARLAND)
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• Assets are 100% Occupied
• Seller Reports Full Restoration of All Roofs in 2018
• CoStar Reports 5.30% Annual Rental Growth in the NE Dallas/Garland Submarket
• Proximate to Downtown Garland, President George Bush Turnpike, Highway 66 and Interstate 635
• Sale Includes Three Vacant Commercial Zoned Lots Totaling 0.41 Acres
Marcus & Millichap is pleased to present the opportunity to acquire Lyles Industrial Park located at:
106 Austin Street (land)
108 Austin Street
112 Austin Street
116 Austin Street
121 Austin Street
129 Austin Street
138 Austin Street (land)
205 Austin Street
209/211 Austin Street
213 Austin Street
217 Austin Street
221 Austin Street
128 South 3rd Street (land)
207 Main Street
303 Main Street
The 12 properties and three plots of land are located in Garland, Texas. The subject portfolio consists of approximately 48,413 square feet of space and is situated on a combined 3.54 acres of land. The three vacant commercial zoned lots total 0.41 acres. The 12 buildings are 100 percent occupied at below-market rents. This value-add deal provides the opportunity to execute new leases at market rent to maximize value of the assets. The seller reports full restoration of all roofs in 2018. All assets must be sold as a portfolio transaction. The subject portfolio is proximate to Downtown Garland, President George Bush Turnpike, Highway 66 and Interstate 635.
As the 12th largest city in Texas, Garland is less than 30 minutes from DFW International and Dallas Love Field Airports and is connected to the DART Rail. It is ranked first in the state of Texas for housing affordability. Garland prides itself on business development and lower taxes, with no personal income tax, no state property tax, no local occupation tax, no local wage tax, and no gross receipts tax. CoStar reports 5.30 percent annual rental growth in the Northeast Dallas/Garland Submarket. Major businesses in the area include Kraft, Sherwin Williams, Resistol, U.S. Food Service, Atlas Copco, and Plastipak.
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.