The Corpus Christi Portfolio consists of 1,773 units and 11 individual assets in the major port city of Corpus Christi, Texas. Each asset is available as part of a large portfolio, individually or in subsets.
Exceptional Secondary Texas Market
As a South Texas coastal city approximately 140 miles southeast of San Antonio and 220 miles south of Houston, Corpus Christi is ranked the eighth-largest city in the state of Texas according to the 2010 Census. The local population has grown 10% since 2000, currently estimated at 305,215 residents.
Unique Opportunity to Obtain a Large South Texas Portfolio: 11 Individual Properties in Corpus Christi Available for Sale Individually or as a Portfolio
The local economy, driven by the Port of Corpus Christi and the refining industry, has become a diverse economic hub with industry centers in oil, gas, manufacturing, healthcare, higher education, and a long-term military foothold. Dubbed ‘The Sparkling City by the Sea,’ Corpus Christi is currently experiencing a strengthening of market fundamentals with falling occupancy rates and robust rent growth. As the fifth largest port in the United States, Corpus Christi serves as a major shipping hub. Over 6,000 vessels and 80,000 tons of cargo travel through the port each year. The Port of Corpus Christi shares convenient access to multiple rail lines, as it is the deepest inshore port on the Gulf of Mexico.
The employment base in Corpus Christi has experienced continued improvement since late 2009. According to preliminary data from the Bureau of Labor Statistics, the metro gained 5,300 jobs during the year ending August 2011, representing a three percent growth rate. Major employers include Corpus Christi Army Depot (5,800 Employees), Naval Air Station Corpus Christi (2,822), Bay, Ltd. (2,100), CHRISTUS Spohn Health Systems (5,144), City of Corpus Christi (3,171), Corpus Christi Independent School District (5,178), Del Mar College (1,542), H.E.B. (5,000), Texas A&M University at Corpus Christi (991) and Driscoll Children’s Hospital (1,800), as well as the three major refineries; Flint Hills Resources, Valero Refining and CITGO Petroleum and Refining, totaling 2,274 employees.
Corpus Christi continues to benefit from massive expansion in the oil and gas sector, most notably, the Eagle Ford Shale. The Shale encompasses roughly 20,000 square miles and generated an economic impact of more than $25 Billion in South Texas in 2011. Technical advances in horizontal drilling and hydraulic fracturing have led to dramatic increases in new oil and gas discoveries. Oil production increased six-fold between 2010 and 2011 to more than 28.3 million barrels, while natural gas production doubled to 271.8 Billion cubic feet. By 2020, the Eagle Ford is expected to generate $21.6 Billion in total economic output and support more than 67,000 full-time jobs.The Corpus Christi Portfolio offers investors an excellent opportunity to capture a value-add opportunity in a highly desirable secondary market.
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