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Warehouse

Sunstate Equipment

232 N Padre Island Dr, Corpus Christi, TX 78406

Listing Price: $4,320,000

Cap Rate
6.25%
Gross SF
28,128
Price/Gross SF
$153.58
Lot Size
14.10 acres
Year Built
1983
Rentable SF
28,128

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 is in the process of replacing the roof and installing a wet sprinkler system for the primary building. With excess land, including a fenced-in outside storage space, the property will be attractive to 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 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).

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

Exclusively Listed By

Financing By

Listing Price: $4,320,000

Cap Rate
6.25%
Gross SF
28,128
Price/Gross SF
$153.58
Lot Size
14.10 acres
Year Built
1983
Rentable SF
28,128

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 is in the process of replacing the roof and installing a wet sprinkler system for the primary building. With excess land, including a fenced-in outside storage space, the property will be attractive to 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 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).

Exclusively Listed By

Financing By

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