CBRE announced the sale of Mercantile Distribution Center 40 (Mercantile 40), a 182,500-sq. ft. industrial warehouse facility in Fort Worth. New Jersey-based Faropoint purchased the property from Austin-based Marbella Interests LLC for an undisclosed price.
Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
Located in the North Fort Worth submarket, Mercantile 40 has immediate access to Beach Street and is less than two miles from I-820 and I-35 West, providing easy access to one of the fastest growing populations in the U.S. and in the greater Dallas-Fort Worth metroplex. The facility is 100% leased to a single tenant, providing investors with a stable cash flow for the next five years.
“The acquisition of Mercantile Distribution 40 represents another major step in Faropoint’s growth within the broader Dallas Fort-Worth industrial market,” said Jacob Rich, Senior Vice President, Texas Markets at Faropoint. “Mercantile 40 offers excellent fundamentals and is well positioned to benefit from the rapid growth in demand for highly functional distribution assets across DFW. Adding an asset of this quality reaffirms Faropoint’s commitment to assemble an industry leading portfolio throughout Texas and in all of our national markets.”
According to CBRE’s Q3 2021 Industrial MarketView, the North Fort Worth submarket was the highest performing submarket with over 7.2 million sq. ft. of net absorption from October 2020 through September 2021. As of Q3, there have been 4.7 million sq. ft. of net absorption year to date and a direct vacancy rate of 7.8 percent in North Fort Worth.
