Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3201 West Murphy Street in Odessa, Texas. The subject property consists of approximately 61,540 square feet of warehouse space and is situated on 30.13 acres of land. The five-building asset features a clear height of 18’-26’, 32 grade-level doors, and three 10-ton cranes. With a building coverage ratio of just 5 percent, the property has ample outdoor storage space equipped with concrete pads for tenant use. Located near the interchange between Interstate 20 and Loop 338, the property has easy access within Odessa and throughout the Permian Basin.
ProFrac Services (Dark Tenant) is signed to a triple-net lease that runs to March 4, 2032. The $13.10 per square foot rental rate increases by 3.0 percent annually and can be renewed for another 10-year period at market rent. Founded in 2016, ProFrac Services is a leading manufacturer and service provider of hydraulic fracturing equipment for the oil and gas industry. Headquartered in Willow Park, Texas, ProFrac Services maintains 13 operations across six states (ProFrac).
Located in West Texas, the Midland-Odessa metro is considered to be an energy capital as the Permian Basin is one of the biggest oil fields in the world and is home to some of the largest petroleum-producing companies. The metro consists of Martin, Midland, and Ector counties. The public sector is a top job provider, but the private sector is the economic driving force. The two largest cities are Midland with over 140,000 residents and Odessa with roughly 123,000 residents.
As the largest single source of oil and gas deposits in the United States, Odessa has long been known for its rich resources. New businesses have come to the city that have helped diversify the economy as well as reinforce the quality-of-life standards. Odessa proudly boasts world-class cultural and recreational facilities as well as healthcare and transportation often associated with larger cities. It also serves as the crucial midpoint between Fort Worth and El Paso. Lucrative financial incentives, site selection, logistics, qualified workforce, easy access to foreign markets, and low cost-of-living make it easy to do business (odessatex.com). Major industries include: medical, energy, distribution, manufacturing, and technology.
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: ZAF0060554)
