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6/05/24
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A 267.3k sf industrial property in Fort Worth, TX traded hands in a recent deal. The property, DFW Point35 – Building 1, located at 11085 Harmon Rd, is fully occupied by GITI Tire, which uses the site to distribute to local auto manufacturers, including Ford and Volkswagen.
Built in 2023, the building boasts Class A+ construction, modern office space, rear-load design and flexibility for multi-tenant conversion. Specifications also include 32-foot clear height, 59 dock-doors, two drive-in doors, 75 trailer stalls and 185-foot truck courts.
Located in the North Fort Worth industrial submarket, the property serves as a prime distribution point near at I-35W and I-820, with access to major consumer shipping, receiving and fulfillment companies.
Newmark Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa, Managing Director Zach Riebe, Associate Chloie Mercer and Transaction Manager Caroline Wilson represented the seller, Atlanta-based Stonemont Financial Group and Iron Point Partners, in the transaction.
“The smooth transaction process underscores this development’s attractive location in one of the nation’s top industrial markets,” said Stonemont Senior Vice President Josh Wheeler. “DFW Point35 offers the speed-to-market that businesses, such as GITI Tire, need to be successful in this region.”
Demand for industrial space in the Dallas-Fort Worth market remains robust. According to Newmark Research, Class A leasing accounted for 61.4% of overall leasing activity in Q1 2024, indicating a strong appetite for high-quality assets. Delivery rates remain strong, marking the second-highest historical first quarter. Overall rental rates grew 13.5% year-over-year, a record high.
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