Marcus & Millichap is pleased to present the opportunity to acquire the property located at 28064 State Highway 33 in Cashion, Oklahoma. The subject property consists of approximately 46,800 square feet of industrial space and is situated on 15 acres of land. The multi-tenant asset features 10 medical cannabis cultivation facilities, and 600 square feet of living space. Fully occupied at the time of listing, the tenants are structured on short-term staggered leases, allowing investors to increase value while generating consistent cash flow. Non-local investors can be assisted by the current on-site management team. With ample land, the property can easily accommodate additional development. Situated just off State Highway 33, th e property has proximate access to State Highway 74 (South Portland Avenue) for easy distribution.
Located 38 miles north of Oklahoma City, the subject property sits adjacent to the Logan County submarket. Logan County is a small submarket, containing about 1.9 million square feet of industrial space, consisting mostly of logistics facilities. Following the nationwide trend, the vacancy rate in Logan County climbed to a 10-year high at 6.5 percent at the midway point of 2024 as new supply has outpaced positive net absorption year-to-date. With market rents peaking in Q1 at about $9.70 per square foot, annual rent growth slowed to 1.4 percent the following quarter, representing the slowest pace since late 2011. With 26,600 square feet of industrial space under construction at the start of Q3 (representing only 1.4 percent of inventory), demand will be the biggest factor impacting vacancies and rent growth going forward (CoStar).
With the population growing nearly 18 percent over the last decade to 681,054 residents, Oklahoma City is the largest city in the state of Oklahoma. The metro area houses 1.4 million people and is currently growing at 4.8 percent each year (U.S. Census Bureau). Commonly known as “OKC”, the local economy is anchored by the energy, government, and healthcare industries. Major employers include Chesapeake Energy, Devon Energy, Integris Health, and Mercy Hospital. The presence of the state capital and the Tinker Air Force Base makes the government a major employer and contributor to the local economy. At nearly 15 percent below the national average, residents enjoy a low cost of living given its size (Best Places). The NBA’s Thunder often serves as the centerpiece of entertainment as the sole professional team in Oklahoma City.
BROKER OF RECORD
Steve Greer
Oklahoma Broker of Record
629 West Main Street, Suite 107
Oklahoma City, OK 73102
Tel: (225) 376-6800
Steve.Greer@MarcusMillichap.com
License #: 206118
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0050526)
