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Corpus Christi, TX

Sunstate Equipment

Address:
232 North Padre Island Drive, Corpus Christi, TX 78406
Property Type:
Single Tenant
Price:
$4,320,000
Cap Rate:
6.25% cap
NOI:
$270,000
Square Feet:
28,128 sqft
Lot Size:
14.10 acres
Price Per Square Foot:
$153.58
Year Built:
1983/1985/2002
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Investment Highlights

Investment Highlights

Investment Highlights

• Six-Building Industrial Asset Totaling 28,128 Square Feet, Situated on 14.10 Acres
• Primary Building Features Approximately 3,500 Square Feet of Office Space and 13 Grade-Level Doors
• Owner is in the Process of Replacing Roof and Installing Wet Sprinkler System Into Primary Building for Tenant
• 12-Year Lease Term with Sunstate Equipment and 3% Annual Rental Increases, to Commence after Installation of Sprinkler System
• Operating Since 1977, Sunstate Equipment Provides Equipment and Tool Rentals for Construction, Industrial and Warehousing Companies
• Excess Land and Fenced Outside Storage Space Attractive for Future Tenants or Users
• Frontage Along TX 358 with Easy Access to Interstate 37

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 232 North Padre Island Drive in Corpus Christi, Texas, recently leased to Sunstate Equipment Company, LLC. The subject property consists of approximately 28,128 square feet of space among six buildings, and is situated on 14.10 acres of land. The asset features approximately 3,500 square feet of office space within the primary building and a total of 13 grade-level doors. Currently, the owner reports they’re in the process of replacing the roof and installing a wet sprinkler system for the primary building. Excess land, including fenced-in outside storage space, is an attractive feature for future tenants. Easy access to Interstate 37 enhances the asset’s appeal, which has frontage along State Highway 358.

Upon completion of the sprinkler system installation in summer 2022, Sunstate Equipment Company will begin its 12-year lease term with 3.0 percent annual rent escalations. Since 1977, Sunstate Equipment has provided equipment and tool rentals for construction, industrial, and warehousing companies. Today, Sunstate Equipment ranks as the sixth-largest construction equipment rental company in North America, providing top-quality rental solutions across the nation with 95 locations.

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 an inviting 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. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0060366)