TEXAS STAR BUSINESS CENTER (EULESS, TX)
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• 78,418-Square Foot Shallow Bay Industrial Warehouses Situated on 4.69 Acres
• Overall Great Functionality with 16’ Clear Heights, Nine Dock High Doors ,and 18 Grade Level Doors
• Located in the West DFW Air/Grapevine Industrial Submarket with a Current Vacancy Rate of 3.80%
• Below-Market Rents in Place: Overall Market Rents Averaging $7.50/SF with Current Rents at $6.20/SF
• Seller Reports New TPO Roofs Installed in 2019 with a 20-Year Warranty in Place
• Five Miles from Dallas/Fort Worth International Airport: Ranked Number 15th Busiest Airport in the World
Marcus & Millichap is pleased to present the opportunity to acquire the portfolio located at 1110-1114-1118 Airport Circle in Euless, Texas. The shallow bay industrial warehouses consist of approximately 78,418 square feet of space and are situated on 4.69 acres of land. The subject properties feature great functionality with 16’ clear heights, nine dock high doors, and 18 grade level doors. The buildings had new TPO roofs installed in 2019 with a 20-year warranty in place. The properties are 100 percent leased at below-market rents ($6.20 average price per square foot), with overall market rents averaging $7.50 per square foot. The assets are located just five miles from the Dallas/Fort Worth International Airport, which is ranked the 15th busiest airport in the world.
The West DFW Air/Grapevine Industrial Submarket has a current vacancy rate of 3.80 percent. With the pull of the Dallas/Fort Worth International Airport, approximately one-third of submarket inventory is within the airport’s boundaries. According to CoStar, the submarket’s location also gives tenants access to major arteries including Highway 360, Highway 114, Highway 121, and Highway 183/I-820. Due to its central location, virtually anywhere in the Metroplex can be reached within one hour, even in heavy traffic. Modern big-box facilities are prevalent in the submarket, causing rents to be $1-$2 higher per square foot than most of the neighboring submarkets.
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.