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Midland
Plaza
MIDLAND, TEXAS
WELL LOCATED 97% LEASED RETAIL CENTER WITH BELOW MARKET RENTS
Midland
Plaza
MIDLAND, TEXAS
Midland
Plaza OPPORTUNITY TO ACQUIRE A 97% LEASED NEIGHBORHOOD RETAIL CENTER
MIDLAND, TEXAS
IN THE POWER RETAIL CORRIDOR OF MIDLAND, TEXAS.
Holliday Fenoglio Fowler, L.P. (“HFF”), as exclusive advisor, is pleased to present the
opportunity to acquire a fee simple interest Midland Plaza Shopping Center (“The Property”),
a 97% leased neighborhood retail center in Midland Texas, shadow anchored by TJ Maxx &
Home Goods, Michael’s, and Bed Bath & Beyond. The Property contains a mix of national
and regional tenants, including Pier I Imports, Aaron’s, H&R Block, and The UPS Store, with
70% of the existing tenancy expiring within the first three years of operation at below market
rents. The Property offers an outstanding opportunity to increase NOI through the renewal of
existing tenants with long term commitment to the Property, displayed by the Property’s five-
year historical occupancy in excess of 97%.
Situated at 3001 W Loop 250 North, Midland Plaza Shopping Center is a 70,298
square foot neighborhood retail center on a ±7.05 acre site. Built in 1985, the Property is in
a highly visible location with immediate frontage on Loop 250 North (56,972 vehicles per
day) and outstanding accessibility to every neighborhood and employment center is the
city. The immediately surrounding area in Northwest Midland is home to a variety of long
term demand drivers, including big box national retailers, dense apartment communities,
lifestyle amenities, major school campuses, and affluent, high-growth residential
neighborhoods. This offering represents the rare opportunity to acquire a value add
neighborhood retail property with stabilized cash flow and NOI growth in the
power retail corridor of the business epicenter of West Texas.
PROPERTY SUMMARY
Address: Midland Plaza
3001 W Loop 250 N
Midland, TX 79705
Year Built: 1985
Property Size: 70,298 Square Feet
Land Area: ±7.05 Acres
Occupancy: 97%
Parking Area: 309 Spaces (4.4/1,000)
Traffic Counts: 56,972 Vehicles Per Day
MAJOR TENANTS
Name SF % of Property
Hillard Energy 17,512 24.9%
Pier I Imports 11,575 16.4%
Aaron’s 10,451 14.8%
Coconut Beach 5,280 7.5%
Catherine’s Stores 3,825 5.4%
Midland
Plaza
MIDLAND, TEXAS
ACQUISITION OPPORTUNITY OF A WELL LOCATED 97% LEASED POWER CENTER WITH BELOW MARKET RENTS IN MIDLAND, TEXAS.
|| 97% Leased Retail Center Located in the Dominant Trade Area of Midland, Texas | Shadow Anchored by TJ Maxx & Home Goods, Bed
Bath & Beyond and Michaels
|| Superior Location and Accessibility | Big Box National Retailers Wal-Mart, Lowe’s, Kohl’s, Academy, Best Buy in Immediate Area |
Adjacent to Midland Park Mall, Midland’s Largest Mall with Anchors including JC Penney, Ross Dress for Less, Dillard’s, Old Navy
and Beals
|| Significant Capital Investment | Since Acquisition, the Ownership Has Invested Well Over $1 Million in Capital Improvements
to the Property on Upgrades including Roof, HVAC, Parking Lot, and Façade, With Over $550,000 Invested Since 2016
|| Accessibility | Prominent Frontage and Visibility on Texas 250 Loop (56,972 Vehicles Per Day) | Convenient Access to Midland’s
Largest Employers
|| Strong Historical and Submarket Occupancy | 10-year Average Occupancy of 99% | Submarket Occupancy Rate of 97.8%
|| Stabilized Asset with Upside | 70% of Tenancy Expiring at Below Market Rents Within the First Three Years of Operation | Ideal
Situation to Grow NOI
|| Excellent Demographics | Since 2000, the Surrounding Area Experienced Growth in Excess of 32% Within a Five-Mile Radius |
Average Household Incomes within a Three-Mile Radius are Over $116,000
|| Thriving Business Epicenter of West Texas with 5.3% Growth Per Year in Last 5 Years | Outperforming the Nation in Income Per
Capita and Unemployment Rate with $95,970 Income Per Capita and 3.0% Unemployment Rate
Midland
Plaza
MIDLAND, TEXAS 250
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Midland Airport
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MIDLAND PLAZA
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Midland International
1210
Air & Space Port
N Mi
Goddard Jr
High School
dkiff
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Midland
MIDLAND MALL
Plaza Midland College
MIDLAND, TEXAS 7,400+ Students
224 Acres
Ave
adley
WW
Robert E Lee
High School
Midland
Plaza
MIDLAND, TEXAS
N
MARKET STREET Colonade at
Polo Palace
Furniture
The Commons Row
North Park
MIDPARK VILLAGE
Midland
Loop 2
50 Plaza
MIDLAND, TEXAS
COURTYARD AT MIDLAND PARK
N Mi
dkiff
Midland College
Goddard Jr 7,400+ Students
Rd
High School 224 Acres
MIDLAND MALL
Midland
Plaza
MIDLAND, TEXAS
SITE PLAN
2016
Market Rent Tenant SF Market Rent Expiration
$10 PSF Hillard Energy Ltd. 11,836 $10.00 Nov-16
$12 PSF
Pier I Imports 11,575 $10.00 Jun-19
$15 PSF
250 Aaron Rents, Inc. 10,451 $10.00 Sep-20
Coconut Beach Tanning 5,280 $12.00 Dec-18
Catherines Stores 3,825 $12.00 Jan-21
AD
RO Hillard Energy Ltd. 3,778 $15.00 Nov-16
GE
N TA
FRO The Pottery 3,628 $15.00 Apr-19
50
P 2
LOO Applied Leverages, LLC 2,560 $15.00 Feb-19
The UPS Store 2,500 $15.00 Mar-17
Midland Nail Salon & Spa 2,211 $15.00 Mar-21
Paradise of Home Décor 2,050 $15.00 Feb-18
Hillard Energy Ltd. 1,898 $15.00 Nov-16
Vacant Suite 1,824 $15.00
Tenant Pending* 1,711 $15.00 N/A
H&R Block 1,411 $15.00 Apr-20
Estilo's Hair Studio 1,411 $15.00 Jun-18
Hilliard
METX LLC 1,181 $15.00 Dec-17
Knorr Fitness 1,168 $15.00 Mar-19
Hilliard
Total Leased 68,474
Pending Tenant
Paradise
Total Vacant 2,050
Total Square Feet 70,524
The *Tenant in negotiations to commence Aug-16
Pottery
H&R Block
Estilo’s Hair
residential
Pier 1
Hilliard
Runthisway
Miracle
Tae Kwon Do
Midland Nail
Available
Ear
Coconut
Curves
Hilliard
Beach
UPS
Jenny Diamonds
Craig
Midland
Plaza
MIDLAND, TEXAS
TENANT PROFILES
PIER 1 IMPORTS
Tenant Size 11,575 SF (16.47% of GLA)
Lease Expiration June 2019
Public/Private Public
Website www.pier1.com
Pier 1 Imports, Inc. (PIR) operates as an importer and specialty retailer of imported decorative home furnishings and gifts. The company operates 1,065
stores that include 985 stores in the United States and 80 stores in Canada under the Pier 1 Imports name. Pier 1 has two stores in Baton Rouge with its
most recent addition at Acadian Village its other location is near the Mall of Louisiana. Pier 1 Imports, Inc. was founded in 1970 and is headquartered in
Fort Worth, Texas.
HILLIARD ENERGY
Tenant Size 17,512 SF (24.91% of GLA)
Lease Expiration November 2016
Public/Private Private
Website www.hilliardenergy.com
The Hilliard Companies is an established developer of utility grade energy projects. Hilliard offers the ability to advance transmission and renewable
projects from concept to reality. Since its founding, Hilliard has grown from its oil and gas roots to a multi-faceted service company that has offered land
management and land acquisition services to generating utilities and energy developers and has become a developer of renewable energy projects and
large scale transmission lines.Hilliard has acquired over 2,500,000 acres of land in a quickly expanding energy market in the USA and has pursued various
projects involving over 5,000,000 acres of land. Hilliard is uniquely qualified and respected for its experience and efficiency in developing wind energy
projects, developing transmission lines, negotiating complex land and legal agreements, exacting precision in land titles, right-of-way acquisitions,
leasing, and project due diligence.
AARON’S
Tenant Size 10,451 SF (14.90% of GLA)
Lease Expiration September 2020
Public/Private Public
Website www.aarons.com
Aaron’s, Inc. (NYSE: AAN) is a national leader in the sales and lease ownership and specialty retailing of residential and office furniture, consumer
electronics, home appliances and accessories. The company has more than 1,800 Company-operated and franchised stores in 48 states and Canada.
Founded in 1955 by entrepreneur R. Charles Loudermilk Sr. and headquartered in Atlanta, Aaron’s has been publicly traded since 1982. They are an
industry leader in serving the moderate-income customer, offering affordable payment plans, quality merchandise and superior service. Aaron’s carries
brands, such as JVC, Mitsubishi, Philips, Panasonic, Sony, Dell, Hewlett-Packard, Simmons, Frigidaire, and Sharp. They operate in four segments: Sales
and Lease Ownership, Franchise, HomeSmart, and Manufacturing. Aaron’s has been responsible for many of the industry’s most successful and innovative
marketing, operational and manufacturing programs.
Midland
Plaza
MIDLAND, TEXAS
TENANT PROFILES CONTINUED
THE UPS STORE
Tenant Size 2,500 SF (3.55% of GLA)
Lease Expiration March 2017
Public/Private Public
Website www.ups.com
Headquartered in Atlanta, GA, United Parcel Service (S&P A+) is a package delivery company, which provides transportation, logistics, and financial
services in the United States and internationally. It operates in three segments: U.S. Domestic Package, International Package, and Supply Chain & Freight.
It operates a fleet of approximately 103,000 package cars, vans, tractors, and motorcycles, and it owns 33,000 containers used to transport cargo in its
aircraft and does business in approximately 220 countries and territories. Additionally, UPS has 4,800 independently owned and operated locations
worldwide. The UPS Store locations offer consumers and small businesses a wide range of products and services in one convenient location, including
professional printing and document services, packaging and shipping, luggage logistics, mailbox services, and more.
H&R BLOCK
Tenant Size 1,411 SF (2.01% of GLA)
Lease Expiration April 2020
Public/Private Public
Website www.hrblock.com
Headquartered in Kansas City, Missouri, H&R Block, Inc. (S&P BBB) provides tax preparation and related services to the general public primarily in the
United States, Canada, and Australia. The company offers assisted income tax return preparation and related services through a system of retail offices
operated directly by the company or by franchisees. Additionally, the company offers online tax services, such as tax advice, professional and do-it-
yourself (DIY) tax return preparation, and electronic filing services through its Website hrblock.com. It also develops and markets DIY desktop income tax
preparation software and develops and provides applications for mobile devices. The company is the world’s largest tax return preparer in the US, where
it boasts more than 12,000 company-owned and franchised retail locations. It also has almost 1,600 locations in Canada and Australia. It has served more
than 680 million tax customers in all since 1955. In fiscal 2015, H&R Bock had revenues of $3.1 billion and prepared 24.2 million tax returns worldwide.
Midland
Plaza
MIDLAND, TEXASMidland
Plaza
MIDLAND, TEXAS
LOCATION OVERVIEW
The Property is less than two miles from two MISD schools – Emerson Elementary and Goddard Jr.
High – as well as the Midland College headquarters campus. Emerson Elementary, less than a mile
to the south, serves a diverse population of approximately 600 students in grades Pre K through
6th grade. Robert H. Goddard Jr. High School, also less than a mile to the south, is home to over
1,000 students and staff of over 80 teachers and administrators. The property and surrounding area
is zoned to Midland High School, located just west of downtown, which is the largest and most
prominent high school in the city. Moreover, the Property is located less than a mile from Midland
College, an independent junior college with a 704,752 square-foot campus. Established in 1972,
Midland College’s 224 acre campus is home to well over 7,400 students. The school has numerous
off campus locations, but this location is its headquarters, offering over 100 degree and certificate
programs.
The city of Midland is located along Interstate 20 in west central Texas, approximately midway
between Forth worth and El Paso, and is approximately 315 miles from the City of Austin; 116 miles
from Lubbock; and 478 miles from Houston. Situated in the northwest part of Midland County,
the City of Midland serves as the County Seat. Midland County along with adjacent Ector County
Strategically positioned on the south side of Loop 250, just east of the intersection of Texas 250
combine to form a Metro area that contain the two largest communities within a 100-mile radius,
Loop and Midkiff Road, Midland Plaza is located in the heart of the power retail corridor of Midland.
Midland and Odessa. Odessa is located just 20 miles west of Midland, and is often referred to as
With immediate frontage on Loop 250 (56,972 vehicles per day), the Property is in a highly visible
its “sister” city. This two city area has tended to serve as the financial and service center of what is
location with outstanding accessibility to every neighborhood and employment center in the city.
referred to as the Permian Basin.
The immediately surrounding area in Northwest Midland is home to a variety of long term demand
drivers, including big box national retailers, dense apartment communities, lifestyle amenities, 2016 LOCATION DEMOGRAPHICS 1 Mile Radius 3 Mile Radius 5 Mile Radius
major school campuses, and affluent, high-growth residential neighborhoods. Population
2021 Projection 13,909 82,979 140,184
Midland Park Mall, the largest regional shopping mall in the Permian Basin, is located directly 2016 Estimate 12,778 75,720 127,715
across Midkiff Road to the west with over 90 stores, including anchor tenants Dillard’s, JC Penney, 2010 Census 11,146 65,205 109,588
2000 Census 10,464 56,886 94,501
Bealls, and Ross Dress for Less. Across Texas 250 Loop to the north is a grocery-anchored center Growth 2016 - 2021 8.9% 9.6% 9.8%
with Market Street grocery and big box national retailers Stein Mart, Hobby Lobby, and Big Lots. Growth 2010 - 2016 14.6% 16.1% 16.5%
Also directly across from Texas 250 is The Commons North Park, an upscale lifestyle center with Growth 2000 - 2010 6.5% 14.6% 16.0%
major tenants including LOFT, Chico’s, Soma, and New Balance. Other large national retailers in 2016 Est. Median Age 35 34 33
2016 Est. Average Age 38 37 35
the immediate area include Wal-Mart (2 miles), Best Buy (adjacent to the east), Barnes & Noble Households
(adjacent to the east), DXL (less than half a mile), and The Gap (less than half a mile). 2021 Projection 3,909 22,553 36,818
2016 Estimate 3,574 20,537 33,469
Midland Plaza Shopping Center is surrounded by affluent, high-growth residential communities 2010 Census 3,099 17,607 28,581
such as Emerson Heights, Skyline Terrace West, Trinity Meadows, West Haven, Kimber-Lea, and 2000 Census 2,975 15,656 25,117
Growth 2016 - 2021 9.4% 9.8% 10.0%
Wedgewood Park. Additionally, there are a variety of apartments and condominiums including Growth 2010 - 2016 15.4% 16.6% 17.1%
Windtree Homes, Waterford at North Park, Fairmont Condominiums, Midland Village, and Silver Growth 2000 - 2010 4.1% 12.5% 13.8%
Creek Apartments. There are an estimated 127,715 residents within a five-mile radius of the Income
property, which has grown over 32% over since 2000. Within a three-mile radius, the average 2016 Est. Average Household Income $116,500 $116,295 $103,087
2016 Est. Median Household Income $85,377 $85,574 $74,190
household income is over $116,000. The 2016 estimated median owner-occupied housing value Housing Value
is over $263,000 within a one-mile radius of the Property. 2016 Est. Median All Owner-Occupied Housing Value $263,349 $237,348 $189,685Midland
Plaza
MIDLAND, TEXAS
MIDLAND, TEXAS RETAIL OVERVIEW
Percent Occupied Total Net Absorption Sq. Ft. Under Sq. Ft. Delivered 1Q Total Deliveries T-12
Market Total Buildings Total Rentable Sq. Ft. Overall T-12 Mo. Construction 2016 Mo. Avg. Asking Rent
Midland 426 7,383,602 97.5% 194,533 37,015 59,442 116,591 $13.36
US 893,429 10,379,714,043 94.4% 90,842,527 70,212,724 16,237,568 66,676,295 $15.93
OVERVIEW: OCCUPANCY: RENTAL RATES:
Midland has a total inventory of approximately 7.4 million SF Historically, occupancy has been stable over the past decade, Asking rental rates have risen in recent years, with the T-12 average
of retail space that is 97.5% occupied as of the first quarter of averaging just below 97% - very high in comparison even in topping $13/PSF. This is largely due to new development and
2016. This occupancy rate is significantly higher than the national comparison to the high national figure of 94.4%. rising demand.
average of 94.4%, although the average asking rental rate of
$13.36 PSF is slightly lower and more competitive than the
national asking rate of $15.93 PSF.
Net absorption has generally outpaced deliveries in the past
decade, with only 2014 seeing a downward trend that was
quickly reversed in 2015. In the past year, Midland delivered
116,591 SF and absorbed 194,533 SF during the same time.Midland
Plaza
MIDLAND, TEXAS
$95,970
INCOME PER CAPITA
20,000
JOBS GAINED SINCE 2010 (32% GROWTH)
24,000
REDISENTS GAINED SINCE 2010 (18% GROWTH)
97.5%
RETAIL OCCUPANCY OVERALL
900,000
PASSENGERS ANNUALLY
3.0%
UNEMPLOYMENT RATE
#1 IN THE NATION
INCREASE IN GDP PER CAPITA FROM 2001-2014
#2 IN THE WORLD
LARGEST OIL AND GAS SHALE (PERMIAN BASIN)Midland
Plaza
MIDLAND, TEXAS
MIDLAND, TEXAS ECONOMIC OVERVIEW
Midland is the business epicenter of West Texas. In recent TOP EMPLOYERS
years, the city has experienced phenomenal growth as a result Memorial Hospital 1,645
of advances in drilling technology, such as hydraulic fracturing Dawson Geophysical 1,464
Midland College 787
(“fracking”) and directional drilling. As a result of these new Warren Equipment Cos. 620
advances, the United States became the largest oil and gas Kent Distributors 560
producer in the world, supplanting Saudi Arabia and Russia, Key Energy Services 480
respectively. The Permian Basin has been at the front and center Texas Health and Human Services 440
Basic Energy 429
of this change, as it is home to the second-largest oil and gas
Schlumberger Oilfield Services 400
shale in the world. Outside of Houston, no other area in the Halliburton Co. 400
US plays a more important role in the nation’s energy industry. Plains Marketing LP 389
Since 2010, Midland gained over 20,000 jobs (approximately Patterson Drilling UTI 350
32% growth) and more than 24,000 people (18% growth). This Chevron Corp. 300
AT&T 288
has spurred significant development across all real estate food
ConocoPhillips 270
groups and a lag effect in demand for housing and retail. Wilson Cos. 225
Baker Hughes Cos. 217
EMPLOYMENT Semperian Administrative Services 200
In January of this year, Forbes ranked Midland 8 out of 10 best Oxy Permian USA Inc. 190
cities for young entrepreneurs. Between March 2010 and March Teraco Inc. 180
2016, Midland added 21,900 jobs, representing a growth of
approximately 5.3% per year. The recent peak of job growth
came in December 2014, when Midland boasted 98,700 jobs.
Since then, Midland has lost 8,300 jobs, equal to 38% of the
jobs gained since 2010. Still, Midland has added an impressive
number of employees overall. Employment grew 9% in 2011,
8.6% in 2012, 6.0% in 2013 and 7.5% in 2014, a period known
as the “Shale Boom”. During this same time, the unemployment
rate dropped from 5.8% in 2010 to a low of 2.8% in 2014.
While it has recently ticked up 20bps to 3.0%, this figure is still
way below the national average of 5.0%. Meanwhile, personal
income growth grew at a staggering pace; 26.5% in 2011,
17.7% in 2012, 4.6% in 2013, 14.0% in 2014 and 8.7% in 2015.
Between 2010 and 2015, median household income grew 55%.
Gross metro product grew on average 15.5% between 2011 and
2014.
The table to the right shows per capita income growth in Midland
versus the rest of Texas and the United States. Midland has clearly
outperformed both:Midland
Plaza
MIDLAND, TEXAS
MIDLAND, TEXAS ECONOMIC OVERVIEW CONTINUED
Karr Ingham, the Amarillo economist who prepares the Midland megawatts. With additional wind power projects underway, the
Regional Economic Index for Midland Development Corp. and Permian Basin will soon expand its wind power generation to
Security Bank, recently published the following graph that takes PERMIAN BASIN BY THE NUMBERS: over 3400 megawatts.
into a variety of economic indicators into account to measure
60%
the health of the economy. Recent growth peaked in December MIDLAND AND LOGISTICS
2014, which corresponds to the height of job growth but Located on Interstate 20, the La Entrada al Pacifico Trade
historically – looking back to 1996 – one can see just how much of Texas crude production Corridor, and the Ports to Plains corridor connecting Mexico and
Midland has grown: Canada, Midland is the logistics, distribution, and warehousing
16%
hub for West Texas. The city was born as a result of transportation.
In 1880, the Texas Pacific Railroad began to lay tracks westward
from Fort Worth at about the same time that the Southern Pacific
of U.S. crude production began building east from El Paso. The place where the tracks
met became known as Midway. Later, the name was changed to
17%
of Texas and U.S. gas production
Midland. Prior to WWI, Midland was a prosperous railroad town
serving the surrounding ranching community. However, on May
27, 1923, the future of Midland would change with the discovery
of oil. At 6:00 a.m., just 70 miles southeast of Midland, the Santa
50%
Rita No. 1 blew, changing the history of Midland, Texas. As much
of the recent oil and gas unleashed in the shale boom needs to
of active rigs in Texas be transported and refined, warehousing and the transportation
industry continue to expand in Midland.
25%
of active rigs in the nation
LA ENTRADA AL PACIFICO
The Entrance to the Pacific Corridor is a state and federally
designated trade corridor from Texas to Chihuahua City,
Chihuahua, Mexico, and continuing to the Mexican Pacific port
Source: Economist Karr Ingham
of Topolobampo in the Mexican state of Sinaloa. Chihuahua
MIDLAND AND WIND ENERGY is one of the four largest trading partner states with the United
MIDLAND AND OIL AND GAS West Texas is now also the nation’s leader in wind energy, owing States, and this new corridor would capture a majority of this
Since the early days of petroleum exploration in Texas, the Permian to a variety of factors, including substantial natural wind assets trade for Texas. Long term, after the completion of a highway
Basin has produced the lion’s share of crude oil and associated in West Texas and the Panhandle, considerable investment in from Chihuahua City to Topolobampo, and improvement of rail
energy revenues that have provided for substantial investment in wind farms and smart grid technology, and the fact that the state facilities, it would offer Texas with long-term access to a Pacific
this state. The Permian Basin covers an area approx. 250 miles of Texas boasts its own electric grid governed by the Electric deep water port that is approximately 500 miles closer and much
wide and 300 miles long made up of various formations such as Reliability Council of Texas (ERCOT). Texas produces double less expensive than the Port of Los Angeles.
the Yates, San Andres, Clear Fork, Spraberry, Wolfcamp, Yeso, the wind energy capacity on average than the next-highest The concept of this major new trade corridor was developed
Bone Spring, Avalon, Canyon, Morrow, Devonian, Ellenberger, wind energy-producing state, California. With over eleven jointly by MOTRAN Alliance and the Departments of Economic
and the most recent Cline Shale. The Permian Basin is home to 12 electric generation plants producing over 3100 megawatts, the Development of the States of Chihuahua, Sinaloa and Durango.
of the 17 top producing oil and gas counties in the state. region is committed staying on top of future energy production All four entities support the development of this corridor strongly.
with eleven wind power farms already producing nearly 1000 The concept was originally endorsed by Governor PatricioMidland
Plaza
MIDLAND, TEXAS
Martìnez Garcìa of Chihuahua, Governor Angel Sergio Guerrero Mier of Durango, and Governor Office
Juan S. Millàn Lizàrraga of Sinaloa and Governor George Bush of Texas. With over 3.3 million square feet of office space, Midland’s Central Business District is the hub of
AIR TRAVEL the Permian Basin. Class “A” office space, which makes up more than 2 million square feet, is 98.8%
occupied.
Serving more than 900,000 passengers annually, Midland International Air & Space Port, owned
and operated by the City of Midland, offers residents connection to major hubs throughout the
world. Scheduled passenger service provided with 26 flights daily including direct flights to seven
major hubs. Non-stop flights to Dallas, Houston, Denver, Phoenix, and Las Vegas are serviced by
Southwest, United Express and American Eagle.
Midland International Airport along with its Foreign Trade Zone 165 and service by Union Pacific
Railroad provide additional resources for logistics, distribution, and warehousing.
REAL ESTATE FUNDAMENTAL HEALTH
Housing
Housing continues to buck any downward trends in 2016. There were 577 homes sold in Midland-
Odessa during the first quarter, a 7.6 percent gain from 536 a year earlier. The average Midland-
Odessa sales price was $237,794, up 3.6 percent from $229,495 the previous year. In Midland
the average sales price in March was $283,687, up 5 percent from $270,131 the previous March.
Midland’s year-to-date average sales price was $269,636, up 1.5 percent from $265,625 a year
earlier. In Midland, there were 360 homes sold in the first three months of 2016, up 15.8 percent
from 311 last year. Retail health follows rooftops, and Midland’s rooftops continue to grow despite
softening in the oil and gas sector.Midland
Plaza
MIDLAND, TEXAS
Ryan West Matt Berry William Duncan Robbie Kilcrease Matthew Putterman
Senior Managing Director Director Real Estate Analyst Real Estate Analyst Associate Director - Debt
rwest@hfflp.com mberry@hfflp.com wduncan@hfflp.com rkilcrease@hfflp.com mputterman@hfflp.com
hfflp.com 713.852.3535 713.852.3540 713.852.3435 713.852.3533 713.852.3524
HFF Houston Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker.
9 Greenway Plaza, Suite 700 ©2016 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate
industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more
Houston, Texas 77046 information please visit hfflp.com or follow HFF on Twitter @HFF.
713.852.3500 HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF, and neither Owner nor HFF,
nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income,
expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence
criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their
own independent investigation and rely on those results. The information contained herein is subject to change.You can also read
