METROPOLITAN BUSINESS PARK (DALLAS, TX)
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- 66,307-Square Foot Flex Building Situated on 5.30 Acres
- Fully Sprinkled with 12’ Clear Height, Reinforced Concrete Construction, and 5 :1,000 SF Parking Ratio
- Zoned Light Industrial with Ample Tenant Parking
- Proximate to 635, Midway Road, and Dallas North Tollway for Ease of Access
- Submarket Rental Rate Growth of 5.50% and Average Rental Rates of $11.28 Per Square Foot (CoStar)
- New Roof in 2014 with More than Five Years Remaining on Warranty
Marcus & Millichap is pleased to present the opportunity to acquire 4343 Sigma Road in Dallas, Texas. The subject property consists of approximately 66,307 square feet of flex space and is situated on approximately 3.90 acres of land with an additional 1.40 acres of excess paved parking, totaling 5.30 acres of land. Built in 1972, the subject property features 5:1,000-square foot parking ratio, more than five years remaining on the current roof warranty, reinforced concrete construction, and is fully sprinkled. The asset provides for easy access to Interstate-635, Midway Road, and the Dallas North Tollway.
The subject asset is 82.70 percent occupied with staggered triple-net lease expirations and the opportunity to add value through a recently vacated space of 11,500 square feet. Year one net operating income is estimated at $532,434, with year two in 2020 increasing to $641,224 after lease-up of vacancy. The asset is located within one of the most sought-after submarkets in Dallas/Fort Worth- the Metropolitan/Addison area, with submarket rental growth at a staggering 5.5 percent and average rental rates of $11.28 per square foot. The asset is proximate to Addison Airport, the largest private airport in the United States.
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.