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Broussard, LA

Derrick Corporation

Address:
1006 Garber Road, Broussard, LA 70518
Property Type:
Single Tenant
Price:
$1,350,000
Cap Rate:
8.00% cap
NOI:
$108,000
Square Feet:
12,000 sqft
Lot Size:
1.19 acres
Price Per Square Foot:
$112.50
Year Built:
2019
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Investment Highlights

Investment Highlights

Investment Highlights

• Located in Broussard with Proximate Access to Highway 90
• 2019 Metal Construction Featuring Two Grade-Level Doors
• Income Producing Property with Derrick Equipment Company (Derrick Corporation)
• Ability for Extra Stabilization of Outside Acreage through Storage and/or Parking
• Lease Commenced in 2019 for a Five-Year Term, Tenant Has Additional Two, Three-Year Renewal Options
• Lack of New Construction Means the Property Should Be Well Sought After for Years in The Future

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1006 Garber Road in Broussard, LA, leased to Derrick Corporation. The subject property consists of approximately 12,000 square feet of space and is situated on 1.19 acres of land. The asset features metal construction, two grade-level doors, and the ability for extra stabilization of outside acreage for storage and parking. The income producing property’s lease commenced in 2019 for a five-year term and the tenant has an additional two, three-year renewal options. Recently built in 2019, the property has proximate access to Highway 90. The lack of surrounding new construction means the property should be well sought after for years in the future.

The Derrick Corporation provides customers with state-of-the-art equipment in the mining, oil and gas drilling, civil construction, industrial, and other challenging industries worldwide. Since its inception in 1951, the Derrick Corporation has been the first to develop numerous innovations including a four bearing high speed screen vibrator, polyurethane screen panels, and three-dimensional screens. Headquartered in Buffalo, New York, the Derrick Corporation maintains an expansive global network with operations in Canada, South Africa, U.A.E., India, Malaysia, Singapore, Indonesia, and throughout the U.S (derrick.com). The company has a workforce of 695 employees and generated revenue of $226.82 million in 2020 (dnb.com).

Outlying Lafayette Parish contains about 4.9 million square feet of industrial space, which represents a sizable chunk of Lafayette’s industrial inventory. The recent instability has not made a huge impact on the vacancy rate (3.9 percent), which has only edged up slightly in the past 12 months. Over the past five years, the submarket has posted net absorption of about 58,000 square feet per year, on average. Rents grew at a strong clip of 4 percent over the past year. Roughly 31,000 square feet has delivered over the past three years, representing a modest inventory expansion of 0.6 percent. Industrial properties have traded with regularity in recent years, and last year, the number of sales significantly exceeded the three-year average. (CoStar)

BROKER OF RECORD
CHRIS SHAHEEN
Louisiana Broker of Record
10527 Kentshire Court, Suite B
Baton Rouge, LA 70810
Tel: 225.376.6800
chris.shaheen@marcusmillichap.com
License: BROK.995692662-ACT
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: ZAC0060297)