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Midland, TX

GryphonESP

Address:
3800 North Farm to Market Road 1788, Midland, TX 79707
Property Type:
Single Tenant
Price:
$2,200,000
Cap Rate:
8.80% cap
NOI:
$193,620
Square Feet:
27,150 sqft
Lot Size:
3 Acres
Price Per Square Foot:
$81.03
Year Built:
2012/2013
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Investment Highlights

Investment Highlights

Investment Highlights

• 27,150-Square-Foot Industrial Flex Asset Situated on 3 Acres
• Masonry Construction Featuring 24 Single Office Spaces and 9,650 Square Feet of Shop Space
• Well Built Out with Multiple Training Rooms, Conference Room and Large Atrium Near Lobby Area
• Nearly Four Years Remaining on Lease with GryphonESP with Three Renewal Options at a 25% Rental Increase
• GryphonESP Provides a Wide Range of Services Including On-Site Safety, First Responder, and Training Services to the Oil and Gas Industry
• The Company Operates Out of Five Different Locations Across Texas, Oklahoma and Ohio to Better Serve Clients in Those Areas
• Fully Fenced Lot with Large Concrete Pad and Tenant Outside Storage Space
• Central Location between Midland and Odessa with Frontage Along Highway 349

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3800 North FM Road 1788 in Midland, Texas, leased to GryphonESP. The subject property consists of approximately 27,150 square feet of space and is situated on three acres of land. The asset is an industrial flex property featuring masonry construction, 24 single office spaces, and 9,650 square-feet of warehouse space. The fully-fenced lot has a large concrete pad and tenant outside storage space. The subject property is well built out with multiple training rooms, a conference room, and a large atrium near the lobby area. With frontage along Highway 349, the subject property lies in a central location between Midland and Odessa.

There are nearly four years remaining on the lease with GryphonESP and three renewal options at a 25 percent rental increase. GryphonESP provides a wide range of services including on-site safety, first responder, and training services to the oil and gas industry. The company operates out of five different locations across Texas, Oklahoma and Ohio to better serve clients in those areas. 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.

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: ZAB0061042)