Summit Casing Equipment
- 2202 East County Road 123, Midland, TX 79706
- Property Type:
- Single Tenant
- Cap Rate:
- 10.50% cap
- Square Feet:
- 7,186 sqft
- Lot Size:
- 1.5 Acres
- Price Per Square Foot:
- Year Built:
• 7,186-Square-Foot Industrial Asset Situated on 1.50 Acres
• Metal Construction with Room for Office Expansion, Upstairs Space can Be Converted Into an Apartment, and Three Grade-Level Doors in Warehouse
• Nearly Five Years Remaining on NNN Lease with Summit Casing Equipment, a Manufacturer of a Wide Range of Centralizers and Float Equipment
• Side Door Features Ramp Allowing for Dock-High Truck Capabilities
• Fully Fenced Yard Allowing for Tenant Outside Storage Space
• Located Just off FM 715, with Easy Access to Interstate 20
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2202 E County Road 123 in Midland, Texas, leased to Summit Casing Equipment. The subject property consists of approximately 7,186 square feet of warehouse space and is situated on 1.5 acres of land. The asset features metal construction, three grade-level doors, with overhead space that can be converted into an apartment, and room to expand office space. The side door is accessible by a declined ramp, allowing for dock-high truck loading and unloading. Barbed wire fencing fully secures the ample outdoor storage space. Located just off Farm to Market Road 715, the property has easy access to Interstate 20.
Summit Casing Equipment has nearly five years remaining on the triple-net lease. Since 2004, Summit Casing Equipment has manufactured specialized centralizers and float equipment for the oil and gas industry. The company’s products include body centralizers, bow spring centralizers, composite centralizers, and a variety of float equipment. In addition to its product line, Summit Casing Equipment provides 24-hour service to oil and gas rigs 365 days a year. Based in Fort Worth, Texas, Summit Casing Equipment has several operations throughout the United States such as Louisiana, Ohio, and New York.
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 in addition to 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.