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State of TX - 2 Property Portfolio 1 Offices Properties Offered at $4,390,000 in Horizon City, TX
Investment Highlights
- STATE OF TEXAS CREDIT TENANCY | LONG-TERM TENANCY WITH PROVEN COMMITMENT
- DEMONSTRATED TENANT INVESTMENT & EXPANSION (HORIZON CITY)
- STRONG LOCATIONS WITH EXCELLENT VISIBILITY
- ATTRACTIVE RENT GROWTH
- RECENTLY UPGRADED PORTFOLIO | BUILD-TO-SUIT GOVERNMENT FACILITIES
- HIGH-QUALITY TEXAS MSA'S | STRONG DEMOGRAPHIC PROFILES
Executive Summary
Northmarq is pleased to offer qualified investors the opportunity to acquire the fee simple interest in a portfolio of two single-tenant properties leased to the State of Texas. The two assets must be purchased together as a portfolio.
The properties are located in Horizon City (El Paso MSA) and Lubbock, Texas (collectively, the “Properties”). The Horizon City property is occupied by the Texas Department of Criminal Justice (“TDCJ”), while the Lubbock property is occupied by the Department of Family & Protective Services (“DFPS”). The State of Texas carries investment-grade credit ratings of AAA from Standard & Poor’s and Aaa from Moody’s.
Both TDCJ and DFPS are long-term occupants, having operated at their respective locations for more than 17 years and 16 years. The current extension for the Lubbock lease features attractive annual rent increases of 5%, while the Horizon City lease provides for annual increases of $0.50 PSF. Each tenant is currently in its second renewal option, with three additional 5-year options remaining.
The properties are located in Horizon City (El Paso MSA) and Lubbock, Texas (collectively, the “Properties”). The Horizon City property is occupied by the Texas Department of Criminal Justice (“TDCJ”), while the Lubbock property is occupied by the Department of Family & Protective Services (“DFPS”). The State of Texas carries investment-grade credit ratings of AAA from Standard & Poor’s and Aaa from Moody’s.
Both TDCJ and DFPS are long-term occupants, having operated at their respective locations for more than 17 years and 16 years. The current extension for the Lubbock lease features attractive annual rent increases of 5%, while the Horizon City lease provides for annual increases of $0.50 PSF. Each tenant is currently in its second renewal option, with three additional 5-year options remaining.
Property Facts
| Price | $4,390,000 | Number of Properties | 2 |
| Price / SF | $968.67 / SF | Individually For Sale | 0 |
| Cap Rate | 8% | Total Building Size | 4,532 SF |
| Sale Type | Investment | Total Land Area | 0.84 AC |
| Status | Active |
| Price | $4,390,000 |
| Price / SF | $968.67 / SF |
| Cap Rate | 8% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 4,532 SF |
| Total Land Area | 0.84 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 15581 Horizon Blvd, Horizon City, TX 79928 | Office | 4,532 SF | 2008 | - |
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