Bickham Industrial Park (the “Property”) is an ±88,597 square foot value-add multi-tenant industrial asset positioned on 4.3 acres of land and located in the infill West Hines North Submarket of Dallas, Texas. The Property is situated on Bickham Road just a quarter mile south of W Northwest Hwy., providing convenient access across Dallas and to transportation infrastructure including I-35E, Dallas North Tollway, Central Expressway (U.S. Hwy 75), SH-114, among others.
Built between 1968 and 1997, the Property consists of five, single-story industrial buildings that are 91.24% occupied with a Weighted Average Lease Term (WALT) of less than 2.5 years. The Property presents an exciting rental rate mark-to-market opportunity with average in-place rents for the occupied suites of just $8.02/SF NNN compared to market rents ranging from $10 to $15/SF NNN.
By increasing rents to $10.50/SF NNN for suites with fenced outside storage, $12/SF NNN for spaces less than 3,000 square feet and $10/SF NNN for spaces 3,000 square feet and greater, the Property has the potential to achieve a pro forma cap rate of 10.35% in Year-5 of ownership. This value-add opportunity is further enhanced by strong current cashflow with an in-place cap rate of 6.53%.
Additionally, the Property benefits from its excellent infill location within close proximity of transportation infrastructure including I-35E, Loop 12, 114, and W Northwest Hwy. Accessing these highways allows travel from the Property to most roof tops within Dallas County in less than 20 minutes.
As a testament to the quality of the West Hines North Submarket, vacancy rates average just 4.8% with 2025 rent growth forecasted at 6.9%, according to CoStar Analytics. Average annual household income exceeds $97,492 and median home values are over $316,808 within a five-mile radius.
Overall, Bickham Industrial Park offers a rare true value-add multi-tenant industrial opportunity coupled with an attractive 6.53% in-place cap rate and positioned in one of Dallas’ prominent infill industrial nodes.