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Wichita Falls, TX

Beverly Industrial Portfolio

Address:
908 North Beverly Drive, Wichita Falls, TX 76306
Property Type:
Single Tenant
Price:
$2,857,000
Cap Rate:
11.50% cap
NOI:
$328,569
Square Feet:
155,134 sqft
Lot Size:
13.78 Acres
Price Per Square Foot:
$18.42
Year Built:
1951/1960/1970/1972/1979/1989
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Investment Highlights

Investment Highlights

Investment Highlights

• 155,134-Square-Foot Manufacturing Portfolio Situated on 13.78 Acres
• Main Facility Features Tilt-Wall Office, 25’ Clear Height, and Seven Grade-Level Doors
• Over One Year Remaining on Lease with TRC Recreation, Giving an Investor Ample Time to Backfill Space with New Tenant
• Wichita Falls Currently Only Has Three Industrial Properties Available for Lease Between 15,000 and 80,000 Square Feet, with an Average Asking Rate of $8.35 Per Foot (CoStar)
• Owner Has Recently Repaired and Coated the Property Roofs, Improving Leasability and Property Value
• Sheppard Air Force Base is the City’s Largest Employer, Leading the Chamber of Commerce to Target the Aerospace, Aviation and Manufacturing Industries with Incentives
• Strategically Located Industrial Warehouses with Proximate Access to Major Freeways

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the Beverly Industrial portfolio in Wichita Falls, Texas. The subject manufacturing properties consist of approximately 155,134 square-feet of space and are situated on 13.78 acres of land. The main facility features tilt-wall office, 25’ clear height, and seven grade-level doors. The owner reports they have recently repaired and coated the property roofs, improving leasability and property value. The properties are 100 percent occupied, with TRC Recreation occupying three of the warehouses as their headquartered location. Over one year remains on the lease with TRC Recreation, giving an investor ample time to backfill space with a new tenant. Sheppard Air Force Base is the city’s largest employer, leading the Chamber of Commerce to target the aerospace, aviation, and manufacturing industries with incentives. These strategically located industrial warehouses have proximate access to major freeways.

Over the last year, the Wichita Falls industrial market has rebounded sharply from the economic shock of the Covid-19 pandemic. The annual growth rate of market rents has shot up to an all-time high of 6.3 percent. After peaking at 15.6 percent in Q4, the vacancy rate has plummeted to 4.3 percent, the lowest rate in more than a decade. Only 8,000 square-feet has been delivered over the past three years, representing a 0.1 percent increase in inventory. With no industrial projects currently under construction, there will be no supply pressure on vacancies and rents for the foreseeable future. Furthermore, Wichita Falls’ current availability is limited to only five industrial properties for lease between 15,000 and 80,000 square-feet, with an average asking rate of $8.35 per foot (CoStar).

Home to Sheppard Air Force Base, the area’s largest employer, Wichita Falls is a proud military community. Sheppard gives the community a unique perspective on diversity and inclusivity as they employ people from all over the nation and up to 14 different NATO countries as part of the Euro-NATO Joint Jet Pilot Training Program. Located less than a two-hour drive from both Dallas/Fort Worth and Oklahoma City, Wichita Falls offers scores of routes and effortless road travel in and out of the city. Wichita Falls was ranked No. 1 of the Top 10 Cities for Working Families in 2020 by SmartAsset. The area’s largest employers include: U.S. Air Force, United Regional Health Care System, Howmet, Vitro PPG, Sealed Air Cryovac, The Results Companies, AT&T, Community Healthcare Center, Pratt & Whitney, and Covercraft. (wichitafallschamber.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. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0061071)