New York NY (September 22, 2023) – SRS Real Estate Partners announced today it has completed the $10 million sale-leaseback of a multi-building, 50,000-square-foot industrial/flex property located at 10817 West County Road 75 in Midland, TX. Built in phases from 2018 to 2022, the property is situated on just over 14 acres and 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.
SRS Capital Markets Senior Vice President Kyle Fant, Managing Director Britt Raymond, and Managing Principals Matthew Mousavi and Patrick Luther represented the seller, Extract Production. The team also sourced the all-cash buyer, an undisclosed public REIT.
“Executing a sale-leaseback in a smaller market like Midland with a private middle-market company exemplifies the demand for industrial sale-leaseback opportunities,” said Fant.
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.”
The property is near State Highway 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.
In 2022, SRS Capital Markets completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.