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%.
Flix Brewhouse, the world’s first-run cinema brewery, just announced the opening of its newest location at The Shops at Broad, one of Tarrant County’s newest major shopping destinations. Originally slated to open in 2020, Flix Brewhouse overcame significant COVID-19-related delays to fulfill its commitment to locating in Mansfield, Texas. The Shops at Broad marks the nine-screen luxury theater’s 10th location across six states and its fifth location in Texas. The theatre is scheduled to open in Fall 2023.
The Mansfield location features a new prototype theater, where all nine auditoriums are equipped with parabolic screens, custom recliner seating, and proprietary “Easy Glider 2” sliding and pivoting tabletops. Moviegoers will be able to enjoy in-theater service featuring a complete cooked-to-order menu, as well as a broad selection of soft drinks and adult beverages. Flix Brewhouse’s 12 signature craft beers are brewed on the premises. Guests can enjoy the brewpub experience with or without a movie.
Flix Brewhouse signed a 15-year lease with The Shops at Broad for a nearly 40,000-square-foot facility. The retail center is located at the corner of U.S. Highway 287 and Broad Street, sitting across from where grocer H-E-B is planning its first store in Tarrant County.
As co-asset managers of the property, Sam Kartalis with Younger Partners, and John R. Weber with Weber & Company successfully negotiated the leases for The Shops at Broad, and have been instrumental in securing new tenants for the center.