Midland, TX - FedEx

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, FedEx Ship Center investment property located in Midland, Texas. The tenant, Federal Express Corporation, has approximately 3 years remaining on its lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features flat rent throughout the remainder of the term and FMV increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. The property was renovated in 2016 by installing a new roof and converting an undeveloped 0.82 acre lot to an additional fenced and graveled parking area.

The property is located right off of Interstate 20 Bus, averaging over 24,400 vehicles passing by daily. Interstate 20 Bus is a major retail thoroughfare serving the city of Midland. The property is adjacent to Midland International Air & Space Port, which is ranked eighth in Texas for primary commercial service airports. The asset is located less than 10 miles from both downtown Odessa and downtown Midland, creating ease and convenience for all customers in the area. The property is in the center of
a primary retail corridor with other nearby national/credit tenants including Walmart Supercenter, Tractor Supply Co, ACE Hardware, Harbor Freight Tools, Chick-fil-A, Whataburger, Walgreens, Pilot Travel Center, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 10-mile trade area is supported by a population of over 184,600 with an average household income of $121,250.