Austin-based commercial real estate investment and development firm PlaceMKR has acquired a 325,300-square-foot flex industrial portfolio along Interstate 30 in Rockwall.
“This acquisition marks PlaceMKR’s first investment in the Dallas-Fort Worth region, which stands as arguably the most important commercial real estate market in the country today,” said Jesse Weber, co-founder and managing principal of PlaceMKR. “Rockwall’s exceptional industrial performance and constrained shallow-bay supply create a unique opportunity to add value and serve the needs of growing businesses.”
The Industrial Boulevard portfolio – at 2005 and 2020 Industrial Blvd. – was built between 1976 and 1993, spans 21 acres and comprises 10 buildings ranging in size from 10,000 to 163,000 square feet. Building tenants include local and national occupiers with an average time at the property of more than 10 years, according to PlaceMKR officials.
The firm said it plans to immediately implement “an extensive capital improvement plan to enhance the tenant experience and performance of the assets.”
Additionally, the portfolio is in a highly desirable location – just 2.5 miles from the 550-acre Rockwall Technology Park industrial hub Overseen by the Rockwall Economic Development Corp. that is home to many of the city’s largest manufacturers and industrial job creators.
“The combination of accessibility to the wealthiest county in Texas, along with the usability of this shallow bay product, provides tenants with the operational efficiency they require to serve the fast-growing eastern DFW corridor,” said Christopher Cortese, PlaceMKR co-founder and managing principal.
Historically, new development in Rockwall has focused on big-box, tilt-wall construction where spaces are not easily demised for service industrial tenancy. This has resulted in a lack of available vacancies of less than 20,000 square feet.