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Net Lease

Value-Add Single-Tenant Industrial

208 Randy Dr, Wichita Falls, TX 76306

Listing Price: $995,000

Cap Rate
6.44%
Lot Size
4.82 acres
Year Built
1982
Rentable SF
30,000

Investment Overview

Marcus & Millichap is pleased to present for sale a ±30,000 square foot industrial warehouse facility that was constructed in 1982 and is situated on 4.38 acres in Wichita Falls, Wichita County, Texas. The subject property is in the Wichita Falls Industrial Submarket and is approximately 150 miles northwest of Dallas, TX and 150 miles southwest of Oklahoma City, OK. The subject property is currently leased to Owens Corning (NYSE:OC) which has a Moody’s credit rating of BBB-. In addition to being the largest manufacturer of fiberglass composites, Owens Corning is a Fortune 500 company that employs more than 19,000 people. There are nearly two years remaining on the double-net lease, and the tenant has one, 1-year renewal option. This offering is a great opportunity for the owner-user seeking to cover the cost of buildout with the income currently in place. In 1994, the subject property was leased to Roadway Package Systems and the tenant remained in the space after its operations were acquired by FedEx. As FedEx’s operations grew at this location, an extensive renovation was completed in 2010 at an estimated cost of $1,000,0000. The parking lots, truck drive and loading areas were repaved and a security gate, security fences, overhead doors, drive-in doors and an office HVAC unit were replaced at this time. As FedEx grew in the Wichita Falls Market, they constructed a much larger building and eventually vacated the subject property in 2016. The building’s steel columns and insulation system were upgraded in 2017 and the building was leased to Owens Corning. The subject property is located along a main industrial corridor that provides immediate access to US I-44. Also nearby resides the Sheppard Air Force Base, the largest and most diversified base for air education and training command. Notable industrial tenants along the corridor include the Production Machine & Tool Company, Tranter, McMurray Machine Works and Bell Processing.

Investment Highlights

  • Corporate Guarantee | Owens Corning (NYSE:OC) | BBB-Moody's Credit Rating
  • Extensive Renovations in 2010 and 2017 | Parking Lot, Security Fence, Security Gate, Loading Docks and Doors Modified in 2010 with Structural Renovations Made in 2017
  • Unique Opportunity for the Owner-User Seeking to Cover the Cost of Buildout by Collecting In-Place Income

Exclusively Listed By

Net Lease

Value-Add Single-Tenant Industrial

Listing Price: $995,000

Cap Rate
6.44%
Lot Size
4.82 acres
Year Built
1982
Rentable SF
30,000

Investment Highlights

  • Corporate Guarantee | Owens Corning (NYSE:OC) | BBB-Moody's Credit Rating
  • Extensive Renovations in 2010 and 2017 | Parking Lot, Security Fence, Security Gate, Loading Docks and Doors Modified in 2010 with Structural Renovations Made in 2017
  • Unique Opportunity for the Owner-User Seeking to Cover the Cost of Buildout by Collecting In-Place Income

Investment Overview

Marcus & Millichap is pleased to present for sale a ±30,000 square foot industrial warehouse facility that was constructed in 1982 and is situated on 4.38 acres in Wichita Falls, Wichita County, Texas. The subject property is in the Wichita Falls Industrial Submarket and is approximately 150 miles northwest of Dallas, TX and 150 miles southwest of Oklahoma City, OK. The subject property is currently leased to Owens Corning (NYSE:OC) which has a Moody’s credit rating of BBB-. In addition to being the largest manufacturer of fiberglass composites, Owens Corning is a Fortune 500 company that employs more than 19,000 people. There are nearly two years remaining on the double-net lease, and the tenant has one, 1-year renewal option. This offering is a great opportunity for the owner-user seeking to cover the cost of buildout with the income currently in place. In 1994, the subject property was leased to Roadway Package Systems and the tenant remained in the space after its operations were acquired by FedEx. As FedEx’s operations grew at this location, an extensive renovation was completed in 2010 at an estimated cost of $1,000,0000. The parking lots, truck drive and loading areas were repaved and a security gate, security fences, overhead doors, drive-in doors and an office HVAC unit were replaced at this time. As FedEx grew in the Wichita Falls Market, they constructed a much larger building and eventually vacated the subject property in 2016. The building’s steel columns and insulation system were upgraded in 2017 and the building was leased to Owens Corning. The subject property is located along a main industrial corridor that provides immediate access to US I-44. Also nearby resides the Sheppard Air Force Base, the largest and most diversified base for air education and training command. Notable industrial tenants along the corridor include the Production Machine & Tool Company, Tranter, McMurray Machine Works and Bell Processing.

Exclusively Listed By

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