Hanks South Industrial Park
- TBD South County Road 1160, Midland, TX 79706
- Property Type:
- Square Feet:
- 3,851,140 sqft
- Lot Size:
- 88.41 acres
- Price Per Square Foot:
- 88.41-Acre Development Opportunity in South Midland
- Ideal Opportunity for Industrial Developer on 21 Parcel Subdivision
- Frontage Along South County Road 1160, with Easy Access to Highway 349 and Interstate 20
- Located in an Extra-Territorial Jurisdiction (ETJ) and Platting has been Finalized
- Attractive Price Per Acre in Comparison to Other Available Lots
- Includes Caliche Pit on Southwest Lot for Use with Development
Marcus & Millichap is pleased to present the opportunity to acquire the land located along South County Road 1160 in Midland, Texas. The subject property consists of approximately 88.41 acres of industrial land. The asset features frontage along South County Road 1160, with easy access to State Highway 349 and Interstate 20. Divided among 21 parcels, the land provides an ideal opportunity for an industrial developer. A caliche pit is located on the southwest lot and can be used to support future development. Compared to other available lots, this sale offers an attractive price per acre.
Midland is a relatively small market, containing 16.3 million square feet of industrial space centered around the oil and natural gas industry. Over the last four quarters, the market has experienced some volatility, with the vacancy rate rising 170 basis points to tie its record high of 8.4 percent at the beginning of 2022. Since then, the vacancy rate has trended down, sitting at 7.6 percent during the third quarter. After reaching a historic high of 6.2 percent during Q1, market rent growth has slowed to 4.9 percent in Q3, which is slightly above its 10-year average. With only 103,000 square feet of industrial space under construction (representing 0.6 percent of inventory), there are essentially no supply-side pressures on rents and vacancies for the foreseeable future (CoStar). While oil prices experienced a pullback during the summer of 2022, natural gas prices fluctuated towards a decade’s high. With the Federal Reserve struggling to fight inflation and an energy shortage sweeping through Europe, the stars are aligning for a new cyclical bull market in oil and natural gas. Midland’s bright future presents a prime opportunity for industrial investors today.
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 over 131,000 residents, and Odessa, with roughly 112,000 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.