Newmark has completed the sale of Mansfield Urban Industrial Park, a three-building industrial property totaling 267,622 square feet in Mansfield, Texas.
Newmark Capital Markets Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe represented the seller, Longbow Interests, a Dallas-based commercial real estate firm that specializes in developing shallow bay industrial buildings. The buyer was High Street Logistics Properties.
Located at 1960-1962 Heritage Road, Mansfield Urban was 89% leased at the time of sale with a 4.6-year weighted average lease term (WALT). Delivered in summer 2022, the property features Class A amenities, including front/rear-load design, 18- to 28-foot clear heights, modern truck courts, ESFR sprinkler systems, speculative office space and steel deck roofing.
Mansfield Urban is centrally located within the DFW Metroplex and offers convenient access to I-20, US-287 and TX-360. The property benefits from DFW’s ongoing population growth and robust employment growth, particularly among industrial-using jobs.
According to Newmark Research, the Dallas industrial market realized 5.4 million square feet of positive absorption in the second quarter of 2023, bringing year-to-date totals to 15.1 million square feet. Following a yearly supply outpacing demand for the second consecutive quarter, as of the end of the second quarter of 2023, vacancy increased by 160 basis points year over year to 7.3%.