Marcus and Millichap is pleased to present the Wright Metal Products building located in Omaha, Nebraska. The facility was built in 1967 and has a total rentable area of 18,877 square feet. The asset has four dock high level doors and one drive in level door for loading. The property is situated on 2.03 acres which includes 40,000 square feet of fenced and paved parking area. Wright Metal Products and Crates occupies 15,145 square feet and has four years left on the current lease with two, three (3) year options with rent escalators. The facility is located just one mile from the transcontinental Interstate 80 which spans from downtown San Francisco to Teaneck, New Jersey. There is also direct access to the Union Pacific railway, the second largest railroad operator in the United States. This investment opportunity is being presented with a 7.43 percent capitalization rate going in on current financials.
Omaha is home to four Fortune 500 companies: Berkshire Hathaway, Kiewit Corporation, Union Pacific Railroad Corporation and Mutual of Omaha. The largest privately held bank in the United States, First National Bank of Omaha, is also headquartered in Omaha. The population in the city is 446,970 with a median household income of $62,247 which is $4,630 higher than the US median household income. The population in Omaha has grown by 13 percent since 2010. This city is also home to five Fortune 1000 headquarters: TD Ameritrade, Valmont Industries, Werner Enterprises and West Corporation. In addition, three of the nation’s top ten largest architecture/engineering firms are located here: DLR Group, HDR Incorporated and Leo A Daly.
The Omaha Industrial market is particularly strong with only a 2.7 percent vacancy rate while the United States average is 4.8 percent. Inventory is remaining almost unchanged as only one property was delivered in 2018 with less than 50,000 square feet of rentable building area. In the Northeast Omaha submarket there is only 83,519 square feet of 10,789,510 total square feet vacant which accounts for only 0.8 percent vacancy of all rentable building area.
