Lucrum Realty, a leading commercial real estate investment firm, is pleased to announce its acquisition of 5950 Park Vista Circle, a multi-tenant industrial facility located in the Dallas-Fort Worth MSA, Texas.
The Park Vista Logistics Center was built in 2005,is situated on 1.79 acres of land and includes five suites, professional landscaping, and a concrete lot with 82 parking spaces for tenant and customer use. Nearby suburban cities, Keller and Southlake, are high-net-worth cities with median household incomes of $149,822 and $239,833, respectively (U.S. Census Bureau).With 293,903 residents living within a five-mile radius of the property(CoStar), there is a high demand for space.
Park Vista is located within the Northeast Tarrant/Alliance submarket, containing a massive 71.7 million square feet of industrial space (CoStar).Covering 27,000 acres, the submarket is dominated by the master-planned Alliance Texas development, featuring an airport, logistics hub, and a 9,600-acre business park. During 2022, the vacancy rate on comparable properties dropped to only3.9%. Despite the availability, market rents surged by 14.9%last year, outpacing the Dallas-Fort Worth market average.
The Dallas-Fort Worth metroplex is the fourth-most populous metro in the nation, with an aggregate of more than 7.7 million residents. Strong job growth continually draws new residents to the region. 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 24 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.
For more information and to discuss investment opportunities, please feel free to contact a member of the Lucrum Team below: