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Single-Tenant Industrial

Derrick Corporation

1006 Garber Rd, Broussard, LA 70518

Listing Price: $1,390,000

Cap Rate
7.77%
Gross SF
12,000
Price/Gross SF
$115.83
Lot Size
1.19 acres
Year Built
2019
Rentable SF
12,000

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1006 Garber Road in Broussard, LA, leased to Derrick Corporation. The subject property consists of approximately 12,000 square feet of space and is situated on 1.19 acres of land. The asset features metal construction, two grade-level doors, and the ability for extra stabilization of outside acreage for storage and parking. The income producing property was leased for 5 years and the tenant has two 3-year renewal options. Recently built in 2019, the property has proximate access to Highway 90. The lack of surrounding new construction means that the property will be sought after for years in the future.

The Derrick Corporation provides customers with state-of-the-art equipment in the mining, oil & gas drilling, civil construction, industrial, and other challenging industries worldwide. Since its inception in 1951, the Derrick Corporation has been the first to develop numerous innovations including a four bearing high speed screen vibrator, polyurethane screen panels, and three-dimensional screens. Headquartered in Buffalo, New York, the Derrick Corporation maintains an expansive global network with operations in Canada, South Africa, U.A.E., India, Malaysia, Singapore, Indonesia, and throughout the U.S (derrick.com). The company has a workforce of 695 employees and generated revenue of $226.82 million in 2020 (dnb.com).

Outlying Lafayette Parish contains about 4.9 million square feet of industrial space, which represents a sizable chunk of Lafayettes industrial inventory. The recent instability has not made a huge impact on the vacancy rate (3.9 percent), which has only edged up slightly in the past 12 months. Over the past five years, the submarket has posted net absorption of about 58,000 square feet per year, on average. Rents grew at a strong clip of 4 percent over the past year. Roughly 31,000 square feet has delivered over the past three years, representing a modest inventory expansion of 0.6 percent. Industrial properties have traded with regularity in recent years, and last year, the number of sales significantly exceeded the three-year average. (CoStar)

Investment Highlights

  • Lack of New Construction Means Property Will Be Sought After for Years in The Future
  • Ability for Extra Stabilization of Outside Acreage through Storage and/or Parking
  • Income Producing Property with Derrick Equipment Company (Derrick Corporation)
  • Lease Commenced in 2019 for a 5 Year Term, Tenant Has Two 3-Year Renewal Options
  • Located in Broussard with Proximate Access to Highway 90
  • 2019 Metal Construction Featuring Two Grade-Level Doors

Exclusively Listed By

Financing By

Single-Tenant Industrial

Derrick Corporation

Listing Price: $1,390,000

Cap Rate
7.77%
Gross SF
12,000
Price/Gross SF
$115.83
Lot Size
1.19 acres
Year Built
2019
Rentable SF
12,000

Investment Highlights

  • Lack of New Construction Means Property Will Be Sought After for Years in The Future
  • Ability for Extra Stabilization of Outside Acreage through Storage and/or Parking
  • Income Producing Property with Derrick Equipment Company (Derrick Corporation)
  • Lease Commenced in 2019 for a 5 Year Term, Tenant Has Two 3-Year Renewal Options
  • Located in Broussard with Proximate Access to Highway 90
  • 2019 Metal Construction Featuring Two Grade-Level Doors

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1006 Garber Road in Broussard, LA, leased to Derrick Corporation. The subject property consists of approximately 12,000 square feet of space and is situated on 1.19 acres of land. The asset features metal construction, two grade-level doors, and the ability for extra stabilization of outside acreage for storage and parking. The income producing property was leased for 5 years and the tenant has two 3-year renewal options. Recently built in 2019, the property has proximate access to Highway 90. The lack of surrounding new construction means that the property will be sought after for years in the future.

The Derrick Corporation provides customers with state-of-the-art equipment in the mining, oil & gas drilling, civil construction, industrial, and other challenging industries worldwide. Since its inception in 1951, the Derrick Corporation has been the first to develop numerous innovations including a four bearing high speed screen vibrator, polyurethane screen panels, and three-dimensional screens. Headquartered in Buffalo, New York, the Derrick Corporation maintains an expansive global network with operations in Canada, South Africa, U.A.E., India, Malaysia, Singapore, Indonesia, and throughout the U.S (derrick.com). The company has a workforce of 695 employees and generated revenue of $226.82 million in 2020 (dnb.com).

Outlying Lafayette Parish contains about 4.9 million square feet of industrial space, which represents a sizable chunk of Lafayettes industrial inventory. The recent instability has not made a huge impact on the vacancy rate (3.9 percent), which has only edged up slightly in the past 12 months. Over the past five years, the submarket has posted net absorption of about 58,000 square feet per year, on average. Rents grew at a strong clip of 4 percent over the past year. Roughly 31,000 square feet has delivered over the past three years, representing a modest inventory expansion of 0.6 percent. Industrial properties have traded with regularity in recent years, and last year, the number of sales significantly exceeded the three-year average. (CoStar)

Exclusively Listed By

Financing By

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