13932 Old Texaco Rd, Conroe, TX 77302

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 13932 Old Texaco Road in Conroe, Texas. The subject property consists of approximately 30,190 square feet of warehouse space between two buildings and is situated on 5.96 acres of land. The asset offers day-one cash flow with a three-year leaseback offered at $11 per square foot, triple net, with 3 percent yearly increases. The tenant, Eagle Downhole Solutions is a successful oil and gas tool developer and manufacturer.
The Woodlands/Conroe Submarket is an ideal location for distributors serving North Houston. The area, which is about 30 miles north of downtown Houston, is easily accessible by major highways such as I-45, I-69, and State Highway 99 (Grand Parkway) and is located at the heart of some of Houston's fastest-growing population centers. Year-over-year, rents have grown by 2.7 percent, down from the peak of 5.2 percent recorded in 2202 Q2. Concessions are still low, particularly among small-bay tenants. An encouraging sign is that the vacancy rate appears to have peaked. After developers completed almost 2.1 million SF last year, 2024 should be lighter. Current projections show just 520,000 SF of new supply this year, a 75 percent pullback from the prior year as total construction starts fell sharply last year due to elevated interest rates. This could set the stage for falling vacancies and accelerating rent growth in 2025. (Costar)
As the fifth most populous metro area in the U.S., Houston houses over seven million people in southeastern Texas. The market is composed of nine counties: Harris, Galveston, Brazoria, Fort Bend, Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of Mexico, which borders the metro to the southeast, provides access to markets around the world via the Port of Houston, making it a prime location for import/export. Houston’s economy has diversified in recent years, with the healthcare and technology sectors showing strong growth. As Houston’s population continues to grow, primarily to the northwest, many companies are expanding to the region to provide goods and services to the increasing population.