SPX Cooling Technologies

  • NN (Double net)
Houston, TX
Location: Texas


Offering Memorandum
  • Building Size: 15,300 sq/ft
  • Cap Rate: 10.51% %
  • Status: Available
$1,810,000.00

Property Information

  • Type: Industrial
  • Lot Size : 3.23
  • Year Built : 1979
  • Building Size : 15300
  • Cap Rate : 10.51%
  • Status : Available

Investment Overview

SPX Cooling Technologies is located in Houston, Texas. The 15,300-square foot office/industrial building was constructed in 1979 and is situated on 3.23 acres of land. SPX Cooling Technologies is a BB- credit tenant with a long operating history at this location . The property has undergone recent improvements and is located in a high-demand
market at an 8.90 percent cap rate. The lease has a 6 percent rental increase occurring in January of next yea r. In short, this property provides an investor with the opportunity to acquire an improved property in a prime industrial market where the lease is guaranteed by a strong credit tenant and has added value built into the lease.

SPX Cooling Technologies Inc. is a leading global manufacturer of cooling towers, evaporative fluid coolers, evaporative condensers and air cooled heat exchangers. For more than a century, they have provided exceptional quality equipment and service to the process cooling, industrial, refrigeration, and HVAC markets. With more than 150 offices, subsidiaries, and
partners worldwide, SPX has the global reach and local services necessary to deliver solutions for their customers . SPX corporate headquarters is located in Overland Park, Kansas, United States.

Houston is the most populous city in Texas, and the fourth-most populous city in the United States. With a census estimated 2016 population of 2.303 million people within a land area of 599.6 square miles, Houston is the largest city in the Southern United States, the seat of Harris County, and fifth-most populated metropolitan area in the U.S. Houston’s economy has a broad industrial base in energy, manufacturing, aeronautics, and transportation. It is also leading in health care sectors and building oilfield equipment; only New York City is home to more Fortune 500 headquarters.

Investment Highlights

Modified-Net Lease Through December 2019
SPX Corporate Guarantee (“BB-” Credit Rating, S&P)
6% Rental Increase in 2019
Close Proximity to Major Roadways, Easy Freeway Access
Highly Desirable Product Type, Strong Industrial Houston Economy

Facilities

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Contact Agent

Geoff Ficke

First Vice President Investments Director, Net Leased Properties National Office and Industrial Properties

License: TX 0593051

Nicole Patel

Associate Directory / Capital Markets Specialist

Michael Hansen

Medical Specialist

License: TX 687468