Marcus & Millichap brokered the sale of Coastal Pump & Equipment, a 12,000-square-foot industrial property in Midland, Texas.
Davis Cagle, along with Chase Beasley and Adam Abushagur, investment specialists in Marcus & Millichap’s Dallas office, exclusively marketed the property on behalf of the seller.
The property is located at 10616 W. County Road 75, just north of Texas State Highway 191 between Midland and Odessa.
Built in 2019, the single-tenant industrial asset consists of approximately 6.66 acres and is leased to Coastal Production Systems LLC, a water transfer equipment and service provider founded in 2006. The asset has approximately four years remaining on its triple-net lease with 2% annual rent increases. The transaction closed at 96% of the original list price following multiple offers from out-of-state investors.
