Need Local Advice on Arlington TX for Industrial Property

[Kim Hopkins]

Hello hello! We are looking at purchasing a potential property in Arlington Texas area code 76015. 

We are looking at a 30k SF multi-tenant light industrial property in Arlington. The building is fairly new and has small units (<2,000 SF each). The doors are grade level with only a 10' clear height.

It is currently 30% vacant but I've been told this is because they are using a big firm to lease and manage the space, who apparently aren't doing a good job on these kinds of properties. 

The building appears to be in a fairly large industrial pocket and I read that Arlington is home to the largest business park in North Texas so I'm wondering if the truth is there is too much available for rent and not enough demand?

Do you know anything about demand for spaces like this in Arlington or anything else that might be helpful for reviewing this property? Anything you know or anyone you think we should talk to would be helpful, especially leasing brokers and property managers in the industrial space. 

Thank you!

Kim

[Mark Creason]

Kim,

You may be right on why it hasn't leased.  Leasing 2000 sf spaces does not pay a lot to a leasing agent.  How are you planning to lease the space?  Also, have you thought about how you will finance?  With 30% vacancy, most lenders will pass.  Might have to go with a bridge loan.

Mark