PENSKE (WEATHERFORD, TX)

SINGLE TENANT

192 CARTWRIGHT PARK ROAD, WEATHERFORD, TX 76088
Price :
$ 960,000
Cap Rate :
8.00%
NOI :
$ 72,000
Lot Size :
3.62 acres
Year Built :
2006
Property Area :
7,000 sqft
Status :
UNDER CONTRACT
MARKETING PACKAGE

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

 

Investment Highlights

• 7,000-Square Foot Industrial Warehouse Situated on 3.62 Acres – Excess Land for Future Development, Outside Storage, or Trailer Parking
• Highly Functional Asset Featuring 18’ Clear Heights, Six Grade-Level Doors, and 12 Parking Spaces
• 100% Leased by Penske Truck Leasing With Three Years Remaining on the Primary Term, and Two Three-Year Renewal Options
• Penske Operates More than 316,000 Vehicles and Serves Customers from More than 1,100 Locations
• Absolute Triple-Net Lease, Minimizing Landlord Responsibility
• Strategically Located Industrial Warehouse with Proximate Access to Major Freeways

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 192 Cartwright Park Road in Weatherford, Texas, leased to Penske Truck Leasing. The subject property consists of approximately 7,000 square feet of space and is situated on 3.62 acres of land. The highly functional asset features 18’ clear heights, six grade-level doors, and 12 parking spaces. There is excess land for future development, outside storage, or trailer parking. The asset is 100 percent leased by Penske Truck Leasing with three years remaining on the primary term and two three-year renewal options. The absolute triple-net lease in place minimizes landlord responsibility. Penske operates more than 316,000 vehicles and serves customers from more than 1,100 locations. This strategically located industrial warehouse has proximate access to major freeways.

Parker County is an outlying submarket west of Fort Worth. Similar to other rural areas of the Metroplex, the submarket has an abundance of flat land, making it easy to build industrial properties. However, most industrial development in this part of the Metroplex is north of Fort Worth in the Northeast Tarrant/Alliance or Meacham Field/Fossil Creek submarkets. I-20 cuts right through Parker County, giving tenants direct access into the heart of DFW. About half of the submarket’s industrial inventory is located in its main town, Weatherford. Most industrial assets are smaller facilities geared towards manufacturing or local distribution functions. Vacancies in the submarket have trended below the metro average over the last decade, and though rent growth has underperformed the metro average, it has outpaced historical norms in recent years. (CoStar)

The City of Weatherford occupies a territory of approximately 27.04 square miles. Weatherford is located at the intersections of U.S. Highways 180 and 80, approximately 30 miles west of Fort Worth and approximately 60 miles west of Dallas. Interstate 20 runs along the city’s southern boundary and provides major access to Fort Worth and Dallas. Much of the city’s commercial and industrial growth is directly attributable to its relative location to the Metroplex. The city’s major commercial and industrial employers find Weatherford attractive since it offers the advantages of convenient access to the region’s major transportation and shipping infrastructure without the disadvantages related to physically locating within a major urban area. Historically, the Dallas/Fort Worth metroplex has enjoyed an extremely low unemployment rate. It has also enjoyed the growth of a diverse economic base. The outward growth of Dallas/Fort Worth will impact the transition of Weatherford from its farming and ranching roots to increased urban residential, commercial, and industrial development. (weatherfordtx.gov)

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. © 2020 Marcus & Millichap. All rights reserved. (Activity ID: ZAB0060628)

Exclusive Listing

Adam Abushagur
(972) 755-5223
Lic # TX : 661916

Need Financing?

Learn how we can help you. Get Started

Questions?