RIVERVIEW BUSINESS CENTER (THE COLONY, TX)
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• 46,250-Square Foot Shallow Bay Industrial Warehouse Situated on 4.06 Acres
• Highly Functional Space: 32 Grade Level Doors, 16’-20’ Clear Height, and 3 Phase Power
• Above Average Market Statistics: Submarket Vacancy Rate of 3.3% with Annual Rental Growth Rate of 6.05% (CoStar)
• Walking Distance to Lake Lewisville: One of the Largest Lakes in North Texas Spanning 29,000 Acres with 233 Miles of Shoreline
• Priced Below Replacement Cost with Unique Outside Storage Component Highly Valuable for Boat Storage or Trailer Parking
• Value-Added Component Through Leasing Parking Spaces as Boat Storage or Trailer Storage
Marcus & Millichap is pleased to present the opportunity to acquire the Riverview Business Center property located at 1671 Riverview Drive in The Colony, Texas. The subject small-bay multi-tenant industrial property consists of two buildings totaling approximately 46,250 square feet of space, and is situated on a total of 4.06 acres of land. The subject warehouses feature 32 grade level doors, 16’ clear height in one of the buildings and 20’ clear height in the second, with submetered 3-phase power. Proximate to Interstate 35 East and Sam Rayburn Tollway, the property lies in the Lewisville Industrial submarket with a vacancy rate of 3.3 percent and annual rental growth rate of 6.05 percent. The subject property is walking distance to Lake Lewisville, one of the largest lakes in North Texas, spanning 29,000 acres with 233 miles of shoreline. Riverview Business Center is priced below replacement cost with unique outside storage, a value-added component through leasing parking spaces as boat or trailer storage.
The Colony, Texas, is located along the eastern shoreline of Lewisville Lake and less than 25 minutes to Downtown Dallas. A short 15-minute drive to Dallas-Fort Worth International Airport and just 25 minutes to Dallas Love Field Airport. Providing international connections, the area is conveniently surrounded by Plano, Frisco, Lewisville, Carrollton, Grapevine, and Denton. The Colony EDC received the 2018 Economic Excellence Award from the Texas Economic Development Council for the 11th consecutive year. The city was ranked in the Top 10 Most Affordable Homes in the U.S. and Top 20 Best Places to Live in the U.S. by CNN/Money Magazine, Top 25 in Best Suburbs List by D Magazine, and Top 15 of Safewise’s 50 Safest Texas Cities. The Colony has nearby access to the Denton County Transit Authority (DCTA) A-Train commuter train service at Old Town Station in Lewisville. DCTA operates the A-Train, a regional passenger rail line connecting Carrollton and Denton, to meet growing transportation demands in eastern Denton County (thecolonytx.gov). The Colony is home to 3,000 acres of park land.
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.