Marcus & Millichap is pleased to present the opportunity to acquire the property located at 809 Southeast Interstate Drive in Lawton, Oklahoma. The subject property consists of approximately 15,200 square feet of warehouse space and is situated on 2.91 acres of land. The single-tenant asset features metal construction, a clear height between 16’ and 23.5’, two grade-level doors, and three-phase power. With 85 parking spaces, the vacant property can easily accommodate an owner-user with a high-traffic business. The property sits adjacent to Interstate 44, with high visibility across from the Comanche Nation Casino. Located Southwest of the Oklahoma City Metro, the property is only six miles from the Fort Sill Army Base in the Lawton industrial market.
The Lawton industrial market is relatively small, containing 3.6 million square feet of industrial space. The market is home to a few large industrial tenants, notably the 348,465-square-foot factory owned and operated by Goodyear Tire and Rubber Company. However, 73 percent of the inventory is concentrated in properties under 100,000 square feet. While the vacancy rate stood at 9.4 percent in the fourth quarter, availability has remained stable throughout 2023, unlike most markets. At 4.0 percent, annual rent growth in Lawton continued to keep pace with the Consumer Price Index, with market rents averaging about $6.20 per square foot in Q4. Inventory has changed little over the last decade, expanding only 6.6 percent since 2013. As 2023 comes to a close, no industrial properties were under construction in the Lawton market. As a result, vacancies and rents will be unaffected by new supply for the foreseeable future (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
7633 East 63rd Pl., Ste. 300
Tulsa, OK 74133
Tel: (225) 376-6800
License #: 206118
Steve.Greer@MarcusMillichap.com
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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0060735)
