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Corpus Christi, TX

Goodman Distribution, Inc.

Address:
5609 Park PID Rd, Corpus Christi, TX 78406
Property Type:
Single Tenant
Price:
$8,180,000
Cap Rate:
5.50% cap
NOI:
$449,987
Square Feet:
40,680 sqft
Lot Size:
2.19 acres
Price Per Square Foot:
$201.08
Year Built:
2021
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Investment Highlights

Investment Highlights

Investment Highlights

• 40,680-Square-Foot Industrial Warehouse Situated on 2.19 Acres
• Brand New Tilt-Wall Construction Featuring Five Dock High Doors, One Grade-Level Door and Three Pickup Truck High Doors
• New 10-Year Lease Guaranteed by Goodman Global, Inc. Founded in 1975
• Triple-Net Lease, Minimizing Landlord Expenses
• Corporate Guarantee by Goodman Global Group, Inc. – Well Over Nine-Figure Annual EBITDA
• Goodman® Brand Products Predominantly Sold Through Company-Operated and Independent Distribution Networks; More Than 1,000 Total Distribution Points Throughout North America
• Strategically Located Industrial Warehouse with Proximate Access to Major Freeways

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 5609 Park PID Road in Corpus Christi, Texas, leased to Goodman Distribution, Inc. The subject property consists of approximately 40,680 square feet of space and is situated on 2.19 acres of land. The asset features new tilt-wall construction, five dock high doors, one grade-level door and three pickup truck high doors. The new 10-year, triple-net lease is guaranteed by Goodman Global, Inc. and minimizes landlord expenses. Goodman Global Group, Inc. has an annual EBITDA well over nine figures. Goodman® brand products are predominantly sold through company-operated and independent distribution networks, with more than 1,000 total distribution points throughout North America.

Goodman Global Group, Inc. was founded in 1975. This strategically located industrial warehouse has proximate access to major freeways. The 9.8 million square feet of industrial space in West Side represents more than a third of the Corpus Christi market’s total industrial inventory. Vacancies remain unperturbed by the recent economic upheaval. In fact, the vacancy rate (5.7 percent) has edged slightly downward in the past four quarters. The submarket posted 120,000 square feet of positive net absorption over the past year and rents posted a gain of 2.6 percent over the past 12 months. The 22,000 square feet currently underway in West Side represents only a fractional increase to the inventory. This represents a continuation of new development in the submarket, which had already seen 91,000 square feet deliver over the past three years. Industrial properties traded with regularity last year, consistent with the generally high level of activity over the past three years. (CoStar)

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. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAB0061081)