PARTY SUPPLIES GROUP (ENNIS, TX)

SINGLE TENANT

2407 NORTH PRESTON STREET, ENNIS, TX 75119
Price :
$ 1,850,000
Cap Rate :
8.11%
NOI :
$ 150,000
Lot Size :
2.13 acres
Year Built :
1962
Property Area :
62,500 sqft
Status :
AVAILABLE
MARKETING PACKAGE

By downloading the Marketing Package (“Offering Memorandum”) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

 

Investment Highlights

• Easy Access to I-45, the Major Interstate Connecting DFW & Houston
• Strong Tenant | Party Supplies Industry Leader
• Priced Below Replacement Cost of the Land and Construction
• Value-Add Opportunity to Increase to Market Rents or Divide Into Multi-Tenant Facility
• Below-Market Rent: $2.40 per Foot | Market Rent is $4.99 per Foot (CoStar)
• Submarket Vacancy Rate is Below-Average at 3.6% with No Competing Vacancies in the Submarket

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2407 North Preston Street in Ennis, Texas, leased to Party Supplies Group, the party supplies industry leader. The subject distribution property consists of approximately 62,500 square feet of space and is situated on 2.13 acres of land. The asset features metal construction, six dock-high doors, one drive-in door, and fire walls for the long-term ability to divide the property. Proximate to Interstate 45 for ease of access, the current tenant is paying what we believe to be below-market rent, providing future upside opportunity for the buyer. In addition, the property is priced at below replacement cost of the land and construction. With a below-average submarket vacancy rate at 3.6 percent and no competing vacancies in the submarket, this is a value-add opportunity to increase to market rents or divide into a multi-tenant facility.

Party Club of America has rapidly grown into the largest, most influential, and most powerful buying group in the party industry. Walter Erwin founded Party Club in March 2002, with the goal of making it the most inclusive, best resourced, most dynamic, and most competitive group in the entire Party and Halloween industry. Party Club, the industry’s largest, most entrepreneurial buying group, helps independent Party and Halloween retailers of all types out-compete national chains and big-box stores. Party Club receive preferential pricing and rebates from manufacturers, substantial discounts from service providers, networking opportunities with the best retailers, and access to the industry’s top direct-import program. By leveraging the resources of his existing chain of stores, a full-time marketing staff, and one of the leading buying/merchandising teams in the business— Erwin created an organization that is second to none in terms of helping its members thrive (partyclubofamerica.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 area’s extensive network of rail and highways, along with the International Inland Port of Dallas, ensure its status as a distribution hub.

 

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: Z0061028)

Exclusive Listing

Adam Abushagur
(972) 755-5223
Lic # TX : 661916
Cliff Zimmerman
(972) 755-5217
Lic # TX : 706882

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