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Beaumont, TX

2100 Wellspring Drive

Address:
2100 Wellspring Drive, Beaumont, TX 77705
Property Type:
Vacant
Price:
$785,000
Cap Rate:
12.38% pro-forma cap
Square Feet:
12,145 sqft
Lot Size:
0.85 Acres
Price Per Square Foot:
$64.64
Year Built:
2012
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Investment Highlights

Investment Highlights

Investment Highlights

  • Port of Beaumont Dedicated $169.2 Million in Funding for Projects to Revitalize the Area
  • Class-B Property With Steel Construction
  • Steel Beaming and Wall Bracing to Support Five Ton Crane and Heavy Equipment
  • Prime Access to Highway 287 and Located Within an Industrial Park
  • Four Overhead Doors with Three-Phase 480 Volt Electrical
  • Insulated Walls and Mezzanine Space
  • Fully Operational Office Space

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2100 Wellspring Drive in Beaumont, Texas. The two-building property consists of approximately 12,145 square feet of warehouse space and is situated on 0.85 acres of land. The single-tenant Class B asset features steel construction, four overhead doors, three-phase power with 480 volts. Heavy equipment, such as the building’s five-ton crane, is well supported by steel beams and wall bracing. In addition, the warehouse comes with insulated walls and a mezzanine floor. Adjacent to the warehouse, sits a fully operational 3,865-square-foot office building, consisting of a reception area, open office space, a conference room, five private offices, a full kitchen, break room, and two restrooms.

Situated in an industrial park just of U.S. Highway 287/96 (U.S. Route 69), the property falls within the Port Arthur submarket, containing 3 million square feet of industrial space. Given its relatively small size, the submarket has been subject to large fluctuations in its vacancy rate. After peaking at 26.4 percent during 2015, the vacancy rate has trended down to 9.5 percent as of the third quarter in 2022. Since rebounding in 2016, market rent growth has remained elevated, rising 6.7 percent annually during Q3 2022. Market rents now about $9.60 per square foot, offering local landlords over a 20 percent premium over the larger Beaumont market. While vacancies and rent growth have fluctuated along with demand in recent years, Port Arthur will be unaffected by new supply for the foreseeable future. Going into the fourth quarter of 2022, there were no industrial projects underway (CoStar). Furthermore, as the home of America’s largest oil refinery, the Port Arthur submarket stands to benefit greatly from the developing global energy shortage.

Located 85 miles east of Houston, the Beaumont-Port Arthur metro is home to about 410,000 residents (U.S. Census Bureau). The local economy is anchored by the Port of Beaumont, a deep-water port located near the mouth of the Neches River, which ranks as the fourth busiest port in the United States according to the American Association of Port Authorities. The port is also the busiest military port in the world for processing United States military equipment. In 2017, the port established a $169.2 million capital investment program to completely overhaul the port’s infrastructure (American Journal of Transportation). Beaumont is home to Lamar University, a public university that is part of the Texas State University System. The university has an estimated enrollment of 17,000 students.

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. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0040467)