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Wichita Falls, TX

Beverly Industrial Portfolio

Address:
3224 Industrial Drive, Wichita Falls, TX, 76306
Property Type:
Single Tenant
Price:
$3,722,500
Cap Rate:
9.50% cap
NOI:
$353,640
Square Feet:
155,134 sqft
Lot Size:
13.78 acres
Price Per Square Foot:
$24.00
Year Built:
1951/1960/1970/1972/1979/1989
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

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
  • 100% Occupied with Two Years Remaining on the Lease with TRC Recreation as Their Headquarter Location
  • Wichita Falls Currently has Only Five Industrial Properties Available for Lease Between 15,000 and 80,000 Square Feet, with an Average Asking Rate of $8.89 Per Foot (CoStar)
  • Owner Reports They are in the Process of Fully Replacing all Metal Roofs on the Subject Properties, 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 are in the process of replacing all metal roofs on the subject properties, improving lease ability and property value. The properties are 100 percent occupied with two years remaining on the lease with TRC Recreation as their headquartered location. Wichita Falls currently has only five industrial properties available for lease between 15,000 and 80,000 square feet, with an average asking rate of $8.89 per foot (CoStar). 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.

Industrial rents in the Wichita Falls metro have been positive, growing by 3.5 percent annually. While 8,000 square feet has delivered over the past three years (a cumulative inventory expansion of 0.1 percent), nothing is currently underway. Over the past four quarters, 332,200 square feet traded, an inventory turnover of roughly 5 percent. Over the past five years, employment has increased by 0.6 percent annually on average, compared to a 0.8 percent average increase nationally. (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: ZAC0060056)