Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1826 to 1918 South Padre Island Drive, Corpus Christi, Texas. The subject property consists of approximately 63,420 square feet of warehouse space and is situated on 3.66 acres of land. The eight-building asset features 29 suites, 92 parking spaces, 40 grade-level doors, one billboard and metal construction. Given that the property is 87.7 percent leased, the majority of which is on month-to-month terms or expiring by Spring 2024, this sale offers investors a great value-add re-leasing opportunity. In addition, seller financing is available with attractive terms below current market interest rates. Located in the West Side submarket, the property is highly visible with frontage along State Highway 358.
West Side is a medium-sized submarket, containing 10.2 million square feet of industrial space, accounting for more than a third of Corpus Christi’s industrial inventory. Just like the overall market, logistics and warehouse facilities dominate the inventory, representing 67 percent of the supply. Over the last five years, the vacancy rate in West Side has steadily trended downwards from 7.0 percent in Q1 2018 to 4.2 percent in Q1 2023. Despite the increase in demand, only a handful of small developments have hit the West Side and there are only 25,000 square feet under construction, which will only increase current inventories by 0.2 percent. While tight supply has not encouraged much development, it has helped to keep market rents elevated with annual growth up 5.5 percent during Q1 (CoStar). Thanks to Corpus Christi’s proximity to the Mexico border, the West Side submarket could experience an increase in commercial activity as near-shoring increases.
Corpus Christi is a center for petrochemical manufacturing, large-scale fabrication, marine research, maritime shipping, and tourism. The tropical climate, exceptional outdoor opportunities and premier health care facilities enhance the city’s progressive growth and economy creating a perfect community in which to live and operate a business. Corpus Christi offers many assets for business development that have attracted businesses from all over the world. Additionally, the city is a major trade gateway for Mexico and Latin America. The Port of Corpus Christi is the fifth largest U.S. port in cargo tonnage. Key assets include but are not limited to: The Port of Corpus Christi, Foreign Trade Zone 122, low cost of doing business, highly skilled workforce, international airport, Joe Fulton International Trade Corridor, Corpus Christi International Business Center, and more (ccredc.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: ZAE0060199)
