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Welcome to the Clay & Company Blog

Clay & Company is a Houston-based commercial real estate brokerage, investment, and auction company serving the needs of governmental agencies, financial institutions, insurance companies, and individuals 
throughout the State of T

Our regularly updated blog covers local and national news, events, and happenings affecting Texas and the commercial real estate industry.

Category Archives: Industrial

Analyzing Houston’s Industrial Market

Paul Bettencourt, CEO, Bettencourt Tax Advisors, shares the following:

Houston’s Industrial Sector, has seen an 11.8% drop to 5.2% in Vacancy Rates from Q311 to Q312, even though there were 26 projects (1.8 mill SF) completed in 3Q12 and 3.8 mill SF currently under construction.

The January 2013 edition of REDNews includes these notes & predictions from the Boyar Miller Breakfast Forum:

• Industrial supply is trailing demand

• 5.3%industrialvacancyoverall

• Katy is next boom area for industrial demand

• Houston is finally recognized as an important international gateway 
city, and institutional investors “need” to have us in their portfolios

• Cap rates for investment sales in the industrial arena are in 
the 6-8.5% range

• Baytown area/Ameriport is getting a lot of attention

• Lots of design/build coming out of the ground fast to meet 
immediate demand

• Energy industry is driving industrial expansion-also foreign trade 
and healthcare

• Panama Canal expansion lagging-maybe be a year late opening-count 
on 2015


San Antonio Industrial Market benefitting from Shale


The Alamo City’s industrial market continues to benefit from Eagle Ford Shale activity, according to NAI REOC San Antonio’s second quarter 2012 market report.

Eagle-Ford-Shale-Map-800x6141Three of the top five largest leases signed in the second quarter were by Chalk Mountain Services, an oilfield services company specializing in transportation of frac sand, an industrial sand used in deep well drilling of oil and natural gas.

Chalk Mountain signed leases at Alamo Downs Distribution Center (50,372 sf), Pan Am Distribution Center (47,183 sf) and Nickase Business Center (40,000 sf).

“It is estimated that frac sand is currently being stored in approximately 650,000 sf of San Antonio warehouse facilities, which has obviously benefitted the local market,” said Kim Gatley, senior vice president and director of research for NAI REOC San Antonio.

But Gatley said the local industrial market isn’t built wholly on shifting sand.

According to the firm’s survey of more than 31 million sf of tracked industrial space, the local market had 250,600 sf of positive net absorption in the second quarter. Year-to-date, local industrial properties had 912,958 sf of positive net absorption.

The citywide vacancy rate tightened to 10.3 percent at the close of the second quarter compared with 11.9 percent last quarter and 14 percent in the same quarter last year.

The average citywide quoted rental rate was up six cents from last quarter to $5.62 per sf per year on a triple net basis, and up nine cents compared with last year at this time for a moderate annual increase of 1.6 percent.

The city’s 24.3 million sf of warehouse space had the majority of leasing activity and absorption recorded in the second quarter, generating 225,776 sf of positive net absorption.

Citywide warehouse vacancy rate improved to 8.6 percent compared with 10.6 percent last quarter and 13.1 percent a year ago.

The citywide average quoted rental rate for warehouse space increased six cents from last quarter to $4.48 per sf, five cents higher than the average rate recorded in the same quarter last year.

Article source.
Map source.


10 Reasons Why Sustainable/Energy Retrofits of CRE Will Be the Next Big Thing


1. New financial tools created by lenders, academics and entrepreneurs to facilitate underwriting the economic benefits of such retrofits will become mainstream, proving the value of retrofits and thus unleashing untapped capital to finance the requisite reconstruction projects. The University of California at Berkeley, the World Bank, Wells Fargo Bank, former President Clinton and New York Mayor Michael Bloomberg’s C40 planning group, Richard Branson’s Carbon War Room, green financier Ygrene, Lockheed Martin, IBM and Barclays Capital are just a few of the multi-national players leading the charge for viable solutions to the existing funding gap.

2. Existing financing structures will become more acceptable, each serving certain segments of the marketplace: (i) traditional debt (loans and bonds), (ii) shared savings with Energy Performance Contracts (EPC), (iii) Tax-Exempt Lease-Purchase Agreements, (iv) Capital Leases, (v) New Market Tax Credits, (vi) Lease or Bond Pools, (vii) On-Bill Financing, (viii) Tax Lien Financing/Property Assessed Clean Energy (PACE) bonds, (ix) Power Purchase Agreements and (x) Energy Efficient Mortgages.

3. Performance contracting will continue to be used as turn-key solutions for sustainable energy retrofit projects and assist in securing existing third-party financing. Under a typical performance contract, an energy service company (ESCO) assumes some portion of the risk over a retrofit project’s useful life by offering a guaranty of energy and operational cost savings and in certain instances bringing a lender to finance the work. Such a guaranty affords third-party lenders a financeable stream of positive cash flow (regardless of the actual performance of the retrofit) and reduces the overall risk of a borrower default.

4. Green leases and green tenant demands are on the rise, causing landlords to support these market demands through increased energy efficiency. The green lease structure, when drafted and negotiated properly, combined with the ability to measure energy consumption on an outlet-by-outlet basis, motivates tenants to reduce consumption of energy, to produce less waste, to reduce water usage, and to utilize environmentally friendly office furnishings and equipment. On the flip side, the landlords are incentivized to provide the capital outlay, on a pass-through basis, necessary for the requisite energy retrofits. Tenants ultimately incur the cost of the retrofits, but they also see the direct benefits in the lower operating expenditures.

5. According to the Rocky Mountain Institute and Johnson Controls, the ESCO industry was sized in 2011 at $4.1 billion and is currently growing at a rate of 26 percent per year. By 2020, Pike Research projects that the market for retrofits in commercial buildings will reach $152 billion worldwide.

6. In order to meet legislative greenhouse gas (carbon reduction) mandates at the federal, state and local levels, large-scale retrofit projects, in which combined technologies are utilized to optimize buildings as a whole system, will have to be utilized on a national basis. The Deep Energy Efficiency Pays (DEEP) program is one example of a proposed utility-based incentive that is applied on top of other existing rebates to push for whole building retrofits through reduced payback timelines for owners and investors.

7. Advancements in building automation technologies and the convergence of information technology and building data are forcing the commercial marketplace towards DEEP retrofits on a global basis. This collection of information and analysis of data in central databases affords building owners and operators the ability to not only track and identify where a building’s energy inefficiencies lie but also allows for the creation of specialized solutions when effectuating each applicable retrofit. Post-retrofit, these technologies monitor, adjust and synchronize a comprehensive infrastructure that reduces energy consumption on a real-time basis and interfaces with smart meters and smart grids.

8. In the United States, various federal agencies responding to President Obama’s commitment (i) to green the executive branch (requiring LEED Gold certification on all federal building projects) and (ii) in his Better Building Initiative (seeking, through tax incentives, to reduce energy consumption in commercial buildings by 20 percent, which equates to savings of over $40 billion per year), are creating and rolling out programs to incentivize building owners to engage in sustainable/energy retrofits.

9. One of the fastest-growing LEED rating systems over the past two years has been LEED for Existing Buildings Operating and Maintenance (LEED-EB: O&M). This quantifiable measurement and certification standard, and others, will continue to assist the marketplace in monetizing the value applied to sustainable/energy retrofits.

10. Performance disclosures, highlighted by new legislation in California that mandates the disclosure of building performance to all new tenants and buyers, will drive building owners to increase overall efficiency metrics of existing commercial buildings through retrofits.

Full article available here.


Net-Leased Cap Rates Report

Capitalization rates for single-tenant net-leased retail properties declined in 2Q12, according to The Boulder Group’s 2Q12 Net Lease Market Report. In contrast, cap rates for office and industrial properties rose slightly, according to the report.

Restrained development and an abundance of available capital for these assets have contributed to continued cap rate compression in the retail sector. Tenants seeking reduced rents are backfilling existing space, such as vacated Borders locations, further hindering the sector’s supply, according to the report. Cap rates are likely to continue moving downward as many national retailers curtail expansion plans.

Available financing and stable cash flows are expected to fuel transaction volume in the overall national single-tenant net-leased market. Institutional and private investors are drawn to the sector’s stability, and core assets with investment-grade tenants will continue to be in high demand, according to the report.

Screen Shot 2012-07-19 at 10.14.20 AM

Source: The Boulder Group via CCIM


NAR Commercial Real Estate Forecast: Major Improvements Across The Board

The May 2012 NAR Commercial Real Estate Forecast published today brings a bumper crop of good news about the economy and fundamentals in commercial real estate in all its sectors. Significant job growth, full recovery and growth in the apartment sector lead the report.

NAR Chief Economist Lawrence Yun points to new jobs as driving the recovery: “Ongoing job creation, which is at a higher level this year, is fueling an underlying demand for commercial real estate space, assisted by a steady increase in consumer spending,” he said. “The pattern shows gradually declining commercial vacancy rates, with consequential but generally modest rent growth.”

Jobs Coming Back In The Millions

Yun expects the economy to add 2 to 2.5 million jobs both this year and in 2013, on the heels of 1.7 million new jobs in 2011, assuming a new federal budget is passed before the end of the year. “Although we need even stronger job growth, by far the greatest impact of job creation is in multifamily housing, where newly formed households striking out on their own have increased demand for apartment rentals – this is the sector with the lowest vacancy rates and strongest rent growth, which is attracting many investors.”

In all areas of commercial real estate, indicators are in the green, according to the forecast:

Office Space Vacancy Projected To Fall

Vacancy rates in the office sector are projected to fall from 16.3 percent in the second quarter of this year to 16.0 percent in the second quarter of 2013.

The markets with the lowest office vacancy rates presently are Washington, D.C., with a vacancy rate of 9.3 percent; New York City, at 10.0 percent; and New Orleans, 12.6 percent.

Office rents should increase 2.0 percent this year and 2.5 percent in 2013. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is forecast at 24.7 million square feet in 2012 and 48.0 million next year.

Retail Markets: Rents and Absorption Up

Retail vacancy rates are forecast to decline from 11.3 percent in the second quarter to 10.7 percent in the second quarter of 2013.

Presently, markets with the lowest retail vacancy rates include San Francisco, 3.7 percent; Fairfield County, Conn., at 4.0 percent; and Long Island, N.Y., at 5.0 percent.

Average retail rent should rise 0.8 percent this year and 1.3 percent in 2013. Net absorption of retail space is projected at 8.0 million square feet this year and 21.9 million in 2013.

Industrial Markets Manufacturing Demand

Industrial vacancy rates are likely to decline from 11.0 percent in the current quarter to 10.7 percent in the second quarter of 2013.

The areas with the lowest industrial vacancy rates currently are Orange County, Calif., with a vacancy rate of 4.7 percent; Los Angeles, 5.0 percent; and Miami at 7.2 percent.

Annual industrial rent is expected to rise 1.6 percent in 2012 and 2.4 percent next year. Net absorption of industrial space nationally is seen at 44.1 million square feet this year and 62.4 million in 2013

A Boom In Multifamily

The numbers here seem to be the other shoe dropping concerning the pent-up demand for apartment housing we wrote about here at The Source in January:

The apartment rental market – multifamily housing – is likely to see vacancy rates drop from 4.5 percent in the second quarter to 4.3 percent in the second quarter of 2013; apartment vacancy rates below 5 percent generally are considered a landlord’s market with demand justifying higher rents.

Areas with the lowest multifamily vacancy rates currently are New York City, 2.1 percent; Portland, Ore., at 2.3 percent; and Minneapolis at 2.4 percent.

After rising 2.2 percent last year, average apartment rent is expected to increase 4.0 percent in 2012 and another 4.1 percent next year. “Such a rent increase will raise the core consumer inflation rate. The Federal Reserve, in turn, may be forced to raise interest rates, possibly as early as late 2013.”

Multifamily net absorption is forecast at 215,900 units this year and 230,300 in 2013.



Houston Office and Industrial Markets Start Year with Positive Absorption

HOUSTON — (April 24, 2012) —

Houston Office Market

Houston’s office market ended the first quarter with a total of 699,266 square feet of positive net absorption, according to quarterly market research compiled by Commercial Gateway, the commercial division of the Houston Association of REALTORS®.

Reversing last year’s trends, Class B space accounted for 86.3% of the first quarter‟s positive activity, recording its second consecutive quarter of positive activity. This year paints a different picture for Class B properties than in recent years; absorption in First Quarter 2011 was a negative 468,093 square feet for Class B and overall negative 264,293 citywide.

This quarter, Class A buildings citywide recorded negative absorption after seven consecutive positive quarters. Overall, seven of the 13 market areas, including the Central Business District (CBD), recorded more space coming on the market than being taken off, with several large former sublease spaces entering the direct market during the first quarter.

officechartThe three submarkets which recorded the largest gains in absorption were the Energy Corridor, North/The Woodlands/Conroe and the Northwest. One large lease committed in the Northwest but not yet counted as absorbed was Noble Energy‟s 497,447 square feet in a former HP building; the building is reported to be undergoing renovations with the company planning a move in Second Quarter 2013, which is when the space will be recorded as absorbed.

The current 12.6% vacancy rate is the lowest vacancy since Second Quarter 2009‟s 12.5% rate, and 1.3% lower than that same period last year. Selected buildings are seeing slight increases in rental rates, but the overall annual, weighted averaged, gross rental rate quoted for this quarter of $22.78 is slightly lower than last quarter‟s $22.90 rate and lower than the same period last year, which was $23.19. The CBD’s quoted rates also showed minimal decreases from the same period last year, reporting $31.46 today vs. $31.60 then.

Overall sublease space, at 2.2 million square feet, decreased almost 300,000 square feet from last quarter, and a total 21.5% decrease from the same quarter a year ago. Sublease space is either being leased at very competitive rates or returned as direct space as lease terms move closer to expiration dates.

Construction activity is looking up with nine buildings currently under construction, four in The Woodlands, two each in the both the Uptown and West submarkets, and one building in the North Belt West submarket. Scheduled for completion in 2012 are the two properties in the West and the one property in the North Belt West submarkets. Total under construction is 1.97 million square feet, following completions in 2011 of six buildings totaling 2.2 million square feet. The Woodlands is home to the largest number and size of buildings and includes the 549,260- square-foot Anadarko Tower II, the 234,589-square-foot Waterway 3, and two 32,000-square- foot buildings in the Black Forest Technology Park. Several other projects in the West, The Woodlands and Westchase have been announced for starts later this year.

Houston Industrial Market

Houston‟s industrial market continues to improve with positive absorption recorded and limited major construction on the horizon, according to statistics

industrial chart

released by Commercial Gateway. With a ninth consecutive quarter of positive absorption, the industrial market has seen a gradual decrease in its vacancy rate and a stabilization of rental rates. Vacancy overall is down to 7.2%, compared to 8.4% a year ago.

Net absorption in the first quarter totaled almost 1.3 million square feet, which is triple the amount noted in First Quarter 2011, but down from last quarter‟s almost 2.6 million square feet. Warehouse/distribution properties recorded about 1.1 million square feet this quarter, continuing a five-year trend of positive absorption and accounting for 85.5% of all absorption.

Properties classified as manufacturing are reporting the lowest vacancy rate of 4.6%, with crane-ready buildings still in short supply. Properties classified as warehouse/distribution represent about 72.5% of the total market. The two largest leases of the quarter were Gulf Winds International’s 247,240-square-foot lease at Port Crossing and Francesca’s Collection‟s 217,869-square-foot lease at Clay Point Distribution Park.

Rental rates have increased marginally during the last four quarters, with this quarter’s quoted, weighted averaged annual rental rate of $5.65 per square foot slightly higher than reported a year ago. Sublease space has not fluctuated much during the last two years, with 1.8 million reported in the first quarter, which represents a slight drop from fourth quarter but is about the same as this time last year.Construction activity is still brisk, with build-to-suits leading the way. Currently, 43 buildings in 33 projects totaling about 2.2 million square feet are under construction, with only the largest, the 475,000-square-foot, build-to-suit for Ben E. Keith Food Distribution Center, scheduled for completion in 2013. All others should be completed in 2012, with 13 properties slatedforcompletioninthesecondquarter. Thispastyearalsorecordedthecompletionof22 buildings totaling 1.6 million square feet, with nine of those representing 802,027 square feet built specifically for individual companies.

Source: Press Release


Report: Austin office investment sales to surge

flagThe flow of office investment sales in Austin is expected to increase this year due to an improving economy and a tightening supply of office space, according to the 2012 Annual Report published by Marcus & Millichap.

About 27,000 new jobs will be added in office this year, predominantly in the health care and education sectors.

Only 50,000 square feet of new office space will be delivered this year, according to the survey. Thus, vacancy rates are dropping to an average of 19.2 percent this year. Asking rents will rise about 2.1 percent to $26.14 per square foot with effective rents increasing about 3.1 percent to $21.40 per square foot.

Though cap rates remain lower than in other parts of the state, the favorable economic outlook should attract a significant amount of capital to local office properties.

Excerpted from the Austin Business Journal


Bisnow: 12 PREDICTIONS FOR 2012

12 PREDICTIONS FOR 2012 via Real Estate Bisnow HoustonReal-Estate-Market-Outlook-2012


Performance in the hospitality industry is on the up, according to Smith Travel Research and PKF Hospitality Research. Smith reports that Houston is doing particularly well; our hotels rank second in the US (behind Nashville) for year-over-year gain in room demand.


With at least two spec office buildings slated to break ground in 2012, Westchase may just be the hottest submarket this year. Westchase District’s Sherry Fox tells us leasing volume in the submarket had topped 1M SF by Q3 ’11, well ahead of 2010 numbers. That put occupancy at 86.7% by the end of Q3, and Sherry says very big blocks are available.


Ernst & Young American RE sector leader Mike Straneva (we snapped him at an E&Y/Baker Botts event in December to the right of Archstone’s Neil Bown and HFF’s Jody Thornton) says the recession taught people that they need to know who all investors are in a deal. That said, funds that do exist are attracted to RE because of returns.


Commercial Mortgage Backed Security values will be on the rise this year: Wells Fargo Securities expects $25B, and Credit Suisse Group AG and UBS AG predict as much as $45B issued in 2012. But Andrews Myers CRE attorney Patrick Hayes has less confidence. Although Patrick has seen a resurgence of CMBS loans, he cautions borrowers that underwriting is tough to the point of being unreasonable. He suggests borrowers avoid that route unless they’re confident their properties can withstand the underwriting process.


Texas A&M Real Estate Center chief economist Mark Dotzour thinks US stocks and CRE broken deals are the most undervalued assets in the country right now. People are bound to catch on soon, making them the next investment trend.


Houston and Dallas are among the top CRE hot spots (NY and DC are the others) generating investor interest, says Younan Properties chairman/CEO Zaya Younan. Foreign investors (including the Chinese and Europeans) only want to talk Texas because of its fast-growing, strong fundamentals.


A problem everywhere: traffic congestion. For Austin and San Antonio, the problem compounds with 70% of the NAFTA truck traffic making its way up I-35. But, that also means opportunities, too, according to the experts at the Bisnow Future of the I-35 Corridor in Austin yesterday. Only 80 miles apart, the two major metro areas may one day mesh into one greater MSA with a population of about four million. Major universities, international airports, and the NAFTA superhighway are a recipe for growth between the two cities.


Houston’s office leasing market fundamentals improved remarkably last year, according to PMRG VP of research Ariel Guerrero. Office product absorbed 3.2M SF, the most since ’08. Look for a continued shift to a landlord-favorable market as rents rise and quality space options diminish.


Of the 3.2M SF Houston absorbed last year, 2.4M SF was Class-A.


Marcus & Millichap’s Tanner McGraw tells us investors in the healthcare space are paying more attention to Class-B product. According to Marcus & Millichap’s October report, statewide MOB transaction velocity increased 28% from the same period in 2010. Activity accelerated dramatically for buildings below 5,000 SF, and lower-quality properties were the lion’s share of deals. Tanner is also seeing more health systems building and acquiring off-campus assets through physician practice acquisitions.


The retail market in 2011 was dominated by HEB and Walmart, but look for specialty stores to creep into Houston in 2012. Transwestern’s Nick Hernandez says we’ll see Aldi, Trader Joe’s, Sprouts, and others open their first Houston stores this year. And here’s two for the price of one: Nick also says we can expect retail landlords to squeeze more value out of existing centers by adding pad sites in parking lots or tacking on small buildings for additional SF.


Expect modest gains in construction this year, according to Andrews Myers construction attorney Ben Westcott. He expects construction to increase in infrastructure, municipal, education-driven, and multifamily projects. The latter three project types will see a bump from the population spread across our fair city. This is leading to more construction jobs: The Labor Department reports that 9,000 were added in November and 17,000 in December. Plus, construction spending increased over three of the last four months of 2011.


Many of the spec developments under way will deliver this year, most have significant preleasing. And that means that concessions are burning off. The team predicts they’ll become the exception rather than the rule, a nice change for landlords from the previous three years. The north submarket will be the hottest, possibly running the risk of being overbuilt.

Each number has been summarized. See more on each category HERE.


Forecasting Commercial Real Estate


Last Friday, the CCIM Gulf Coast Chapter held the 18th Annual CRE Forecast Competition. Here Barton Kelly has summarized the days lectures for you.

Dr. Mark Dotzour, Chief Economist at the Real Estate Center at Texas A&M University, opened the competition with a report on the state of the national economy giving a positive outlook for the commercial real estate industry. Below are some of his key points.

• Every metro area in Texas is experiencing positive job growth this month and the private sector is ready to get back to work. Government layoffs are inevitable in the coming years, but the private sector’s willingness to hire should offset this.

• Banks need to clear their shadow inventory to bring normal values back to CRE. Thorough auditing and foreclosures of bank’s underperforming assets will help the nation in the long run. “Extend and pretend” practices need to stop. While it is unfortunate that many banks will go out of business, Dotzour sees new banks quickly taking their place.

• Look for Class A properties in large gateway cities to perform well; however, all other assets seem to be frozen. This is causing a “double bubble” effect in certain cities and inflated prices in Washington, New York, and San Francisco.

• In closing Dotzour stressed how important it is that the government show confidence this year and that banks stop solely buying treasuries.

Other area real estate experts were asked their opinions on the industrial, land, retail, office, and apartment sectors. Below we’ve broken down their predictions:


• Times are good for tenants with economical rental rates available; but with low vacancies and very little new construction, potential tenants are having a hard time finding the right property, especially on the north and west sides of town where very few crane-served buildings are on the market.

• Industrial cap rates are coming down: expect to see quality assets in the 7.5-8.5 cap range.


• Insiders predict midtown Houston land prices to remain high at $45-55/SF. Multi-family developers are purchasing land; currently there are 10 very large land deals in the Houston area set for apartment development, 6 of those inside the 610 loop.

• As housing is concerned, there’s only a 4-5 month land supply of quality lots in Houston.

• Interesting facts: Walmart paid $50/SF for the land between Washington Avenue and I-10, part of the new Washington Heights development by Ainbinder. Kroger recently paid $49/SF for the land to build their new store on Studemont.


• Insiders predict Class A, downtown office space will command rental rates between $34- $37/SF and sales will average $200-230/SF.

• Job growth was repeatedly stressed as the saving grace for the industry, and experts expect corporate management to finally make hiring decisions this year.

• Large nationwide firms perceive Houston to have office rents at below market rates, a favorable outlook for the city.

• To the investors out there: Don’t be looking for steals, because you won’t find any. Expect to pay market prices.


• Service-oriented retail will weather this recession stronger than solely merchandize-driven stores because internet sales are hurting brick-and-mortar companies harder than you’d expect. Given this fact, companies looking to open additional stores need to tap into the opportunites that internet sales provide.

• Zip codes and shipping addresses of current customers are an invaluable asset for expanding chains.

• Similar to the industrial markets, rental rates will increase in 2011 with quality space hard to find.

• “Lifestyle” retail centers with the “right” tenant mix and well-conceived parking garages will see a comeback after the recessionary years; however, population densities are key to their success.

• Investors best bets: size matters, small grocery-anchored centers with stable tenants.


• Big life insurance companies will be prolific lenders in the 2011 multi-family markets but expect to pony up at least 60% equity for such deals.

• We should expect big buys from large institutional investors in core, inner-city markets and for smaller, private companies to acquire apartments in the suburbs.

• Panelists forecast a $1.25/SF rental rate in Class A properties with average market occupancy rates to hover near 88%.


New Listing: Bank Owned 13,092 Office-Office/Warehouse Space!


13,092 SF, one-story, office-warehouse. Warehouse has 14-foot clear height and grade level loading docks. Building includes 1,000 square feet of office space. Property previously housed a gate and fence manufacturing company. Well-suited for light manufacturing or industrial. Located in an excellent area of Missouri City. Good visibility and accessibility to major thoroughfares and adjacent to rail line offering potential for rail service or spur. Priced well-below replacement value. Great opportunity on bank foreclosure!

More information here.