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Midland, TX

North Midland Industrial Portfolio

Address:
11002 W County Road 77, Midland, TX 79707
Property Type:
Multi Tenant
Price:
$6,728,000
Cap Rate:
10.11% cap
NOI:
$680,335
Square Feet:
41,125 sqft
Lot Size:
12.98 acres
Price Per Square Foot:
$163.60
Year Built:
2017-2019
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Investment Highlights

Investment Highlights

Investment Highlights

  • Three Building Industrial Portfolio Totaling 41,125 Square Feet, Situated on 12.98 Acres
  • NNN Leases with Minimal Landlord Responsibilities and an Average of Over Four Years Remaining
  • New Construction Built Between 2017 to 2019 with Fenced Tenant Outside Storage Space
  • Lease Rates are in Line with the Market, Reducing Future Re-Leasing Risk for an Investor
  • Three-Tenant Portfolio Offering a Diverse Range of Services to the Oil and Gas Industry
  • Central Location Between Midland and Odessa, Just North of TX 191

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the three-building industrial portfolio located at 11002 West County Road 77, 10800 West County Road 77, and 10616 West County Road 75 in Midland, Texas, fully leased to FloCap Injection Services, LLC, Infrastructure Networks, Inc., and Talking Rock, LLC. The subject portfolio consists of approximately 41,125 square feet of space and is situated on 12.98 acres of land. The asset features newly constructed buildings delivered between 2017 and 2019, all with fenced-in outside storage space. Situated just north of State Highway 191, the portfolio is centrally located between downtown Midland and downtown Odessa.

Each tenant is signed to a triple-net lease, minimizing landlord responsibilities, with an average of four years remaining. With lease rates in line with the market, the risk of an investor having to re-lease the properties in the future is reduced. All three of the tenants offer a diverse range of services to the oil and gas industry. FloCap Injection Services, LLC is the largest capillary business in the Permian Basin, delivering pinpoint chemical applications in the capstring to treat paraffin, scale, and other production inhibitors (FloCap). Marketed as Coastal Production Systems, Talking Rock, LLC produces incredibly durable water pumps that are easy to operate, and the equipment is backed by a knowledgeable, quick-to-respond service team (Coastal Production Systems). Known as iNet, Infrastructure Networks, Inc. is the largest private LTE communications provider to remote industrial companies in the U.S. (iNet LTE).

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.

As the largest single source of oil and gas deposits in the United States, Odessa has long been known for its rich resources. New businesses have come to the city that have helped diversify the economy as well as reinforce the quality of life standards. Odessa proudly boasts world-class cultural and recreational facilities as well as healthcare and transportation often associated with larger cities. It also serves as the crucial midpoint between Fort Worth and El Paso. Lucrative financial incentives, site selection, logistics, qualified workforce, easy access to foreign markets, and low cost of living make it easy to do business (odessatex.com). Major industries include: medical, energy, distribution, manufacturing, and technology.

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: ZAC0060561)