Marcus & Millichap is pleased to present the opportunity to acquire the property located at 4455 Baldwin Boulevard in Corpus Christi, Texas, occupied by the owner, SK Liquidator. The subject property consists of approximately 15,669 square feet of warehouse space and is situated on 0.68 acres of land. The single-tenant asset features masonry construction, a 13’ clear height, two dock-high doors, three-phase power, three HVAC units, and 22 parking spaces. With high visibility along Baldwin Boulevard, the property has easy access to downtown Corpus Christi via Interstate 37. Upon the sale of the property, SK Liquidator plans to execute a five-year, triple-net leaseback. At $6.13 per square foot, SK Liquidator is offering investors an initial return of 8.5 percent with 3.0 percent rent escalations. Doing business as SK Liquidations, SK Liquidator is an independent discount outlet providing customers with major retail store products. Sam’s Club serves as one of the major suppliers to SK Liquidator and the company plans to expand into the San Antonio market thanks to recent sales performance.
The subject property is well-positioned within the mid-sized West Side submarket containing 10.1 million square feet of industrial space. During the first quarter of 2024, net absorption dropped into negative territory, increasing the vacancy rate by 120 basis points to near the national average at 5.9 percent. West Side’s uptick in vacancies put additional pressure on rent growth as the average asking rent decelerated by 160 basis points to 3.9 percent year-over-year in Q1. The submarket has experienced minimal growth in inventory over the last decade and there was nothing under construction during the second quarter. Unlike in many submarkets throughout the U.S., existing landlords in West Side should not have to contend with new deliveries driving up vacancies and weighing on rents for the foreseeable future (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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0490083)
