A prime industrial/flex property spanning 50,000 square feet and consisting of multiple buildings has recently changed hands in Midland, TX for a whopping $10 million through a sale/leaseback arrangement. This state-of-the-art property was constructed in phases between 2018 and 2022 on a spacious land area of over 14 acres.
The seller, Extract Production – an industry leader specializing in the design, development, manufacturing and sales of well equipment – currently occupies the entire premises. As part of the transaction process, Extract Production entered into an absolute triple-net lease agreement with a term of fifteen years.
Strategically located near State Hwy 191 within the Permian Basin region and situated along an industrial corridor close to downtown Midland and Odessa cities; this asset is also conveniently just six miles away from Midland International Air & Space Port.
The successful deal was facilitated by SRS team led by Kyle Fant who represented the seller throughout negotiations. The team further secured an undisclosed public REIT as their all-cash buyer for this exceptional property.
This noteworthy transaction involving one-of-a-kind industrial site at Midland marks yet another milestone achievement for Connect CRE’s real estate network.
