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Wichita Falls, TX

TRC Recreation

Address:
908 North Beverly Drive, Wichita Falls, TX 76306
Property Type:
Single Tenant
Price:
$1,696,000
Cap Rate:
10.00% cap
NOI:
$169,572
Square Feet:
76,728 sqft
Lot Size:
5.59 Acres
Price Per Square Foot:
$22.10
Year Built:
1970
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Investment Highlights

Investment Highlights

Investment Highlights

  • 76,728-Square-Foot Industrial Asset Situated on 5.59 Acres
  • Features Tilt-Wall Office, 25’ Clear Height, and Seven Grade-Level Doors
  • Roof was Recently Coated Improving Leasability, Offering a 10-Year Warranty
  • Fully Occupied by TRC Recreation on NNN Lease with Two Years Remaining
  • Wichita Falls Currently Only Has Four Industrial Properties Available For Lease Between 15,000 to 100,000 Square-Feet (CoStar)
  • Sheppard Air Force Base is the City’s Largest Employer, Leading the Chamber of Commerce to Target the Aerospace, Aviation, and Manufacturing Industries with Incentives
  • Strategically Located Industrial Warehouse with Proximate Access to Major Freeways

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 908 North Beverly Drive in Wichita Falls, Texas leased to TRC Recreation, LP. The subject property consists of approximately 76,728 square feet of warehouse space and is situated on 5.59 acres of land. The asset features tilt-wall office, a 25’ clear height, and seven grade-level doors. The owner recently improved the building’s marketability by coating the roof and offering a 10-year warranty to prospective buyers. With easy access to major highways such as Interstate 44, the property is strategically located near the Sheppard Air Force Base. Given that the Base represents the largest employer in the city, the Chamber of Commerce has incentivized aerospace, aviation, and manufacturing companies to relocate to the area. However, with only four industrial properties available for lease between 15,000 and 100,000 square feet, there is less leasing competition for industrial properties of this size.

The subject property is fully leased by TRC Recreation on a triple-net lease with two years remaining. TRC Recreation utilizes the property as one of its manufacturing sites and national headquarters. For over 60 years, TRC Recreation has been a leading innovator and producer of vinyl-coated foam flotation products. The company pioneered the Ski-Master Vinyl-Coated Ski Belt as its first product, and today manufactures a variety of consumer products marketed under the trademark TRC Super Soft. To reduce the release of harmful chemicals, TRC Recreation utilizes green technology at both of its manufacturing facilities in Texas.

Home to Sheppard Air Force Base, the area’s largest employer, Wichita Falls is a proud military community. Sheppard gives the community a unique perspective on diversity and inclusivity as they employ people from all over the nation and up to 14 different NATO countries as part of the Euro-NATO Joint Jet Pilot Training Program. Located less than a two-hour drive from both Dallas/Fort Worth and Oklahoma City, Wichita Falls offers scores of routes and convenient road travel in and out of the city. Wichita Falls was ranked No. 1 of the Top 10 Cities for Working Families in 2020 by SmartAsset. The area’s largest employers include: U.S. Air Force, United Regional Health Care System, Howmet, Vitro PPG, Sealed Air Cryovac, The Results Companies, AT&T, Community Healthcare Center, Pratt & Whitney, and Covercraft. (wichitafallschamber.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. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0060728)