Capital
Commercial Investments (CCI) is pleased to offer an investment
opportunity in the greater Houston area. 16665 Space Center
Blvd (Oceaneering) building contains 63,458 rentable square feet and
is currently 100% occupied by Oceaneering Space Systems, Inc. (91.5%)
and San Jacinto College (7.8%). Oceaneering Space Systems has
occupied the building since 1983. Please call to request our
asking price for the building 16665 Space Center Blvd.
Oceaneering
is located at 16665 Space Center Blvd., in the Clear Lake submarket.
The building sits across the street from the Space Center and has
immediate access to the Gulf Freeway. The building was constructed
in 1983 of brick and glass around a garden atrium. The entire
site includes 3.1495 acres. A phase II development over the
paved lot directly behind the building can be developed at a future
date. The Phase II will include a combination of parking garage
with office space above.
Economic
expansion within the three major employment centers in the Clear Lake
area (Bayport Industrial Project, NASA, and tourism, specifically
water-related recreation) has fueled demand for additional housing
and ancillary commercial facilities in the area. Clear Lake
enjoys a highly diversified, balanced economic structure with a strong
base of aerospace, high-tech, petrochemical, commercial fishing and
boating industries. The Clear Lake area has a population of
over 200,000 residents encompassing over 300 square miles. It
is predicted to continue to grow at an annual rate of 1.8% for the
next five years, verses Texas’s annual population growth of 1.6%.
From 1970 to 1920, the Clear Lake region sustained a 4 percent annual
population growth rate.
As
of 2nd Quarter 2003, the Clear Lake submarket consists of 70 office
buildings with over 4.3 million square feet of inventory. The
submarket’s overall vacancy level is 16% with a average rate of $15.94
PSF.
Oceaneering
International on November 4, 2002 posted net income of $12.1 million,
or 49 cents per common share, for the recently ended third quarter.
The earnings mark a slight improvement — up 8 percent — from the same
quarter a year ago, when the Houston-based company reported net income
of $11.2 million, or 48 cents per common share. Revenue was $130.6
million for the third quarter of 2002.
Read the Full
Article by American City Business Journals
This
opportunity represents an excellent investment for the following reasons:
- Opportunity
to purchase a Class B+ building at $69.95 PSF which is below the
current replacement cost of approximately $110 PSF.
- Overall
risk is reduced due to the two tenants occupancy with heavy credit
backing
- Embedded
tenants signed lease renewals in 2001
- Due
to long tenant history, being next door to major client, and high
cost to move because of extensive investment in computer and electrical
equipment there is a high probability of both tenants remaining
- New
Owner will not have to pay tenant improvements or leasing commissions
for 4 and 9 years respectively.
Please
call us immediately if you have any interest or to request a package.
CONTACT: Derek
George (713) 621-7300 or E-mail:
Dgeorge@capitalcommercial.com
Oceaneering
