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Warehouse

Waco Bottling Portfolio/Waco

3000 Dutton Ave #3002, Waco, TX 76711

Listing Price: $5,670,000

Cap Rate
7.00%
Gross SF
66,128
Price/Gross SF
$85.74
Lot Size
2.13 acres
Year Built
1966
Rentable SF
66,128

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the portfolio located at 3000 Dutton Avenue in Waco, Texas, and 209 Otis Drive in Woodway, Texas. The three-building asset is occupied by the owner Waco Bottling Company. The subject property consists of approximately 83,628 square feet of manufacturing space in total and is situated on a combined 4.24 acres of land. The asset has been retrofitted with specialty bottling equipment to serve the tenant’s needs. Priced well below replacement costs, the mission critical facilities are located in a thriving industrial market. Over the last year, the Waco market has experienced historic rent growth at 5.8 percent through Q1 2022, as the vacancy rate has steadily dropped by 220 basis points to 5.3 percent. Upon sale of the property, Waco Bottling Company will execute a 10-year absolute triple net lease with 2 percent annual rent escalations. Since 2016, Waco Bottling Co. has provided third-party bottling products for the beverage, food, and beauty industries. The company is capable of processing bottles, with hot or cold contents, as small as 0.5 ml and as large as 330-gallon totes. Waco Bottling Co.’s client base includes Hannah & Avery’s Lemonade, Yumix bottled cocktails, and Kelly’s Delight Maple Syrup. To accommodate continued growth, Waco Bottling Co. is preparing to expand its operations. Waco is situated in the heart of Texas on the Interstate 35 corridor between Dallas and Austin, and serves as the county seat of McLennan County. The birthplace of Dr. Pepper offers residents various amenities, including year-round rodeos, the Texas Ranger Hall of Fame and Museum, the Texas Sports Hall of Fame, and the Waco Mammoth National Monument. As a destination for higher education, the city is home to three colleges, Baylor University, Texas State Technical College, and McLennan Community College (City of Waco). The economy of Waco is highlighted by several aeronautics firms, such as L-3 Harris Technologies, SpaceX, and RAM. Much like its metropolitan neighbors, healthcare plays an important role in the local economy, underpinned by Providence Healthcare Network and Baylor Scott & White Medical Center. Led by Mars Chocolate and Coca-Cola, food and beverage manufacturing has a strong presence in Waco. Nearly 14,000 workers are employed by the entire manufacturing industry in metro Waco.

Investment Highlights

  • Two Building Industrial Portfolio Totaling 83,628 Square Feet, 4.24 Acres
  • 10-Year Absolute Net Lease with Waco Bottling and 2% Annual Increases
  • Waco Bottling Provides Third-Party Solutions to a Wide Variety of Clients and Industries
  • The Buildings Have Been Set Up and Retrofitted to Suit Waco Bottling's Business Operations
  • Waco Bottling is in the Beginning Stages of a New Expansion on Dutton Avenue to Accommodate for Continued Growth
  • The Waco Market Has Seen Two Million Square Feet in Industrial Absorption as of Q1 of 2022, Decreasing Vacancy to 5.9%

Exclusively Listed By

Warehouse

Waco Bottling Portfolio/Waco

Listing Price: $5,670,000

Cap Rate
7.00%
Gross SF
66,128
Price/Gross SF
$85.74
Lot Size
2.13 acres
Year Built
1966
Rentable SF
66,128

Investment Highlights

  • Two Building Industrial Portfolio Totaling 83,628 Square Feet, 4.24 Acres
  • 10-Year Absolute Net Lease with Waco Bottling and 2% Annual Increases
  • Waco Bottling Provides Third-Party Solutions to a Wide Variety of Clients and Industries
  • The Buildings Have Been Set Up and Retrofitted to Suit Waco Bottling's Business Operations
  • Waco Bottling is in the Beginning Stages of a New Expansion on Dutton Avenue to Accommodate for Continued Growth
  • The Waco Market Has Seen Two Million Square Feet in Industrial Absorption as of Q1 of 2022, Decreasing Vacancy to 5.9%

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the portfolio located at 3000 Dutton Avenue in Waco, Texas, and 209 Otis Drive in Woodway, Texas. The three-building asset is occupied by the owner Waco Bottling Company. The subject property consists of approximately 83,628 square feet of manufacturing space in total and is situated on a combined 4.24 acres of land. The asset has been retrofitted with specialty bottling equipment to serve the tenant’s needs. Priced well below replacement costs, the mission critical facilities are located in a thriving industrial market. Over the last year, the Waco market has experienced historic rent growth at 5.8 percent through Q1 2022, as the vacancy rate has steadily dropped by 220 basis points to 5.3 percent. Upon sale of the property, Waco Bottling Company will execute a 10-year absolute triple net lease with 2 percent annual rent escalations. Since 2016, Waco Bottling Co. has provided third-party bottling products for the beverage, food, and beauty industries. The company is capable of processing bottles, with hot or cold contents, as small as 0.5 ml and as large as 330-gallon totes. Waco Bottling Co.’s client base includes Hannah & Avery’s Lemonade, Yumix bottled cocktails, and Kelly’s Delight Maple Syrup. To accommodate continued growth, Waco Bottling Co. is preparing to expand its operations. Waco is situated in the heart of Texas on the Interstate 35 corridor between Dallas and Austin, and serves as the county seat of McLennan County. The birthplace of Dr. Pepper offers residents various amenities, including year-round rodeos, the Texas Ranger Hall of Fame and Museum, the Texas Sports Hall of Fame, and the Waco Mammoth National Monument. As a destination for higher education, the city is home to three colleges, Baylor University, Texas State Technical College, and McLennan Community College (City of Waco). The economy of Waco is highlighted by several aeronautics firms, such as L-3 Harris Technologies, SpaceX, and RAM. Much like its metropolitan neighbors, healthcare plays an important role in the local economy, underpinned by Providence Healthcare Network and Baylor Scott & White Medical Center. Led by Mars Chocolate and Coca-Cola, food and beverage manufacturing has a strong presence in Waco. Nearly 14,000 workers are employed by the entire manufacturing industry in metro Waco.

Exclusively Listed By

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