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November 29, 2023
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Texas Industrial Property Trades in $10 Mil Sale/Leaseback


A multi-building, 50k sf, industrial/flex property in Midland, TX traded hands in a $10 mil sale/leaseback deal. Built in phases from 2018 to 2022, the property sits on just over 14 acres at 10817 West County Rd 75.

The property is fully occupied by the seller, Extract Production, a company that designs, develops, manufactures, and sells equipment for well applications. Upon closing of the transaction, Extract Production signed a 15-year absolute triple-net lease on the property.

The asset is near State Hwy 191 in the Permian Basin and is within an industrial corridor that is proximate to downtown Midland and Odessa. It is also just six miles from the Midland International Air & Space Port.

Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther with SRS Capital Markets represented the seller in the deal. The team also sourced the all-cash buyer, an undisclosed public REIT.

Luther added, “Industrial assets have been a bright spot in the market in 2023, although the market has been tight on availabilities. With industrial development slowing and less available inventory, sale-leaseback offerings are providing ideal acquisition scenarios for investors in need of deploying capital.”

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