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Odessa, TX

Cross Country Infrastructure Services, Inc.

Address:
1220 South Faudree Road, Odessa, TX 79766
Property Type:
Single Tenant
Price:
$4,011,000
Cap Rate:
11.00% cap
NOI:
$441,119
Square Feet:
24,000 sqft
Lot Size:
5.1 Acres
Price Per Square Foot:
$167.13
Year Built:
2019
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Investment Highlights

Investment Highlights

Investment Highlights

  • 24,000-Square-Foot Industrial Asset Situated on 5.10 Acres
  • Metal Construction Featuring 28’ Clear Height and Eight Grade-Level Doors
  • Over Three Years Remaining with Cross Country Infrastructure on NNN Lease
  • Cross Country Strives to Provide Quality Materials, Tools, Heavy Equipment and Parts for Oil Fields with Over 20 Locations
  • Fully Fenced Lot with Ample Tenant Outside Storage Space and Concrete Pad Surrounding Building
  • Easy Access to Interstate 20, Near Other Major Companies Such as Schlumberger, Weatherford and Odessa Pumps

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1220 South Faudree Road in Odessa, Texas, leased to Cross Country Infrastructure Services, Inc. The subject property consists of approximately 24,000 square feet of space and is situated on 5.1 acres of land. The asset features metal construction, a 28’ clear height, and eight grade-level doors. With a concrete pad surrounding the property, there is ample outdoor storage space that is fully fenced in. The property has easy access to Interstate 20 and is located near other major companies such as Schlumberger, Weatherford, and Odessa Pumps.

Cross Country Infrastructure Services, Inc. has nearly four years remaining on a triple net lease. Cross Country provides quality materials, tools, heavy equipment, and parts for several industries such as oil fields, pipelines, mining, and wind/solar farms. Cross Country helps service these industries through a network of subsidiaries consisting of Cross-Country Pipeline Supply, Rain2Day, Pai, PWI Supply, Sideline Specialty Equipment, and Stone Pump & Trench. Today, the company maintains 20 operations across the nation and provides products and services to international markets.

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 driving the economic growth. The two largest cities are Midland with nearly 140,000 residents and Odessa with roughly 120,000 residents.

Midland is the center of America’s oil and gas production. Petroleum production and all things in between are prevalent in the area, but Midland is making great efforts and success in diversifying into additional industries such as aerospace. Interstate 20 runs through Midland, making it easy to transport goods and raw materials throughout the country. Rated the No. 1 state for business by U.S. corporate executives, this is an excellent place to start or grow a business in Texas. (midlandtxedc.com). Major employers include: Halliburton, Hilliard, Legacy Reserves, Midland College, Midland Health, Patterson-UTI, Pioneer Natural Resources, Schlumberger, Weatherford, Baker Hughes, Chevron, ConocoPhillips, Bloomberg, and more.

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. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0060680)