ODESSA, Texas – The Houston office of Cresa, North America’s largest tenant advisory firm, recently represented Sandridge Energy in the disposition of a 78,396-square-foot facility on 117 acres in Odessa, Texas.
Lariat Services, a subsidiary of Sandridge Energy was in the process of vacating its divisional office in the Permian Basin during the sale. Lariat Services focuses on drilling, from pad construction to rig completion – services that are typically contracted to third parties.
Both a steep contraction in crude oil prices and the downturn in the number of drilling rigs had a big impact on the decision to vacate the facility.
“We are extremely pleased with the transaction as it generated a great deal of activity and sold in under three months in the midst of the oil slump,” says André Granello of Cresa Houston.
The property is comprised of a mix of four industrial and two office buildings on 41.29 acres, as well as 75.5 acres of excess land. This repair and maintenance facility is located at 13416 W I-20 East. The property has significant frontage along I-20 and County Rd 1310, and the section of Interstate 20 where it is located is in a highly industrial area along the corridor between the cities of Midland and Odessa. Most of the businesses in this area are related to the energy sector.
André Granello and Rick Romano of Cresa Houston advised Sandridge Energy in the transaction.
Paul Ary of the Havens Group represented the buyer, Saulsbury Industries. The offering was a great opportunity for a company with a similar profile as Lariat.