PlaceMKR, an Austin-based commercial real estate investment and development firm, made its entry into the Dallas-Fort Worth industrial market with the acquisition of a 325,300-square-foot flex industrial portfolio along Interstate 30 in Rockwall.

The Industrial Boulevard portfolio, at 2005 and 2020 Industrial Blvd. in Rockwall, was constructed between 1976 and 1993. It 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.

PlaceMKR plans to immediately implement an extensive capital improvement plan to enhance the tenant experience and performance of the assets. They have completed similar projects in Austin and New Braunfels that have enhanced industrial and IOS properties through aesthetic, utility, paving and wayfinding improvements.

Strategically located about 25 miles east of Downtown Dallas along I-30, the portfolio features outdoor storage, drive-in and dock-high loading, heavy power, HVAC and clear heights of 16′-24′. The property is near some of Rockwall’s major employers, including Channell Commercial Corporation, Graham Packaging Company, SPR Packaging and IKEA.

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 Corporation, it is home to many of the city’s largest manufacturers and industrial job creators.

Rockwall’s industrial inventory of 7.1 million square feet represents about .6% of the Metroplex’s total market of 1.2 billion square feet. Despite its small size, Rockwall has consistently outperformed the broader region in occupancy, Cortese said. The submarket’s net absorption has remained strong with 197k SF absorbed within the previous 12 months, despite inventory expanding 20.5% in that same period.

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, which in turn has led to asking rates achieving all-time highs. Furthermore, rising construction costs mixed with high land values make ground-up construction of small bay product unfeasible. The Industrial Boulevard portfolio benefits from this imbalance by offering functionality and existing availability, which is becoming increasingly scarce in Rockwall.