Marcus & Millichap is pleased to present the opportunity to acquire the property located at 601 Hamilton Drive in Noble, Oklahoma. The subject property consists of approximately 156,623 square feet of space and is situated on 17 acres of land. The fully leased, multi-tenant industrial warehouse and office flex property features concrete tilt wall construction with 26-30’ clear heights and 15 dock-high doors. The asset has national and regional credit tenants with long-term rental histories and $1.7 million in tenant-completed facility upgrades. Two of the three buildings were built in 1982, and the other in 1989. Proximate to the University of Oklahoma, Highway 77, and Norman, Oklahoma, the property is located in the Southeast Outlying Submarket with a vacancy rate of 0.7 percent.
The Southeast Outlying Industrial submarket lies within the Greater Oklahoma City Metropolitan area and boasts a 99.3 percent industrial occupancy rate with average rental rates of $6.40 per square foot for the Oklahoma City market (CoStar). As of 2020, the IronWolf Building’s four on-site tenants pay an average of $6.32 per square foot on gross and modified gross leases. The subject asset’s accessible location coupled with the push towards real estate de-densification (via the COVID-19 pandemic) shows strong optimism for the asset’s desirability and rental growth.
The fastest growing area of the state, Oklahoma City includes the sectors of information technology, services, health services, and administration. Composed of seven counties (Oklahoma, Grady, Canadian, Cleveland, Logan, McClain, and Lincoln), this metro area lays claim to the state’s capital of Oklahoma City, the famed Thunder NBA team, and a number of triple-A and semi-professional sports teams.
BROKER OF RECORD
MARK R. MCCOY
Oklahoma Broker of Record
300 Throckmorton Street, Suite 1500, Fort Worth, TX 76102
Tel: (817) 932-6100
Mark.McCoy@marcusmillichap.com
License: TX 663460 & OK 181981
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: ZAB0410196)
