427 Burnet Rd$9.54 – $11.62/SF/yr NNN
Summit Place
134,100 SF of Industrial space available at 1981 Preston Rd, Odessa, TX 79761. For Lease through Concord Realty Services.
For LeaseStatus
134,100 SFAvailable
$10.83/SFAsking rent
1996Year built
AClass
Property facts
| Property type | Industrial |
|---|---|
| Building class | A |
| Rentable area | 360,400 SF |
| Available | 134,100 SF |
| Stories | 1 |
| Year built | 1996 |
| Typical floor | 360,400 SF |
| Lot size | 28.17 acres |
| Parking ratio | 3.2/1,000 SF |
| Occupancy | 62.8% |
| Zoning | CS |
| Parcel ID | 37-514-5030 |
| Submarket | Odessa |
| Market | Midland-Odessa |
| Days on market | 209 |
| Walk Score | 52 |
| Transit | Bus 1 block |
| Listing package | Diamond |
Building amenities
24 Hour Access, Security System, Restaurant, LEED Gold, Food Service, Roof Terrace, Banking
Spaces available
| Floor | Use | Type | Size (SF) | Asking rent | Term | Status |
|---|---|---|---|---|---|---|
| P 1st | Warehouse | Direct | 17,950 – 57,660 | On request | Thru Sep 2032 | Vacant |
| P 1st | Industrial | Direct | 7,770 – 20,590 | $9.06/SF | Negotiable | Sep 2026 |
| P 1st | Distribution | Sublet | 2,980 – 10,800 | $9.27/SF | Thru Sep 2032 | Vacant |
| P LBBY | Distribution | Direct | 9,260 – 16,090 | $11.07/SF | Negotiable | Vacant |
| P LBBY | Industrial | Direct | 13,900 | $11.92/SF | 5 Years | Vacant |
| P LBBY | Warehouse | Direct | 7,620 – 15,060 | $11.23/SF | 3-10 Years | Vacant |
Major tenants
| Tenant | Industry | Floor | SF | Lease expiry |
|---|---|---|---|---|
| Commonwealth Medical Group | Healthcare | 1 | 36,410 | 2030-09-01 |
| Alamo Federal Services | Government | 1 | 24,860 | 2027-04-01 |
| Brightwater Law LLP | Logistics | 1 | 54,780 | 2032-07-01 |
| Xenon Labs | Legal | 1 | 38,420 | 2033-10-01 |
| Lone Star Semiconductor | Healthcare | 1 | 26,890 | 2022-01-01 |
| Garden State Title | Government | 1 | 35,340 | 2026-06-01 |
Sale history
| Date | Price | $/SF | Cap rate | Buyer | Seller |
|---|---|---|---|---|---|
| 2025-09-26 | $39.93M | $110.78 | 8.94% | Everline Real Estate | Hill Country Capital |
| 2023-11-23 | $18.32M | $50.83 | 7.85% | James River Properties | Redwood Property Trust |
| 2021-10-23 | $23.21M | $64.41 | 5.46% | Northstar REIT | Lakeshore Realty Trust |
Public record
| Owner of record | Lone Star Property Trust |
|---|---|
| Assessed value | $14.43M |
| Land value | $4.9M |
| Improvement value | $9.53M |
| Annual tax | $328K |
| Tax year | 2026 |
| Lot size | 1,227,085 SF |
| Last deed | 2018-10-21 |
| Deed type | Special Warranty Deed |
| Legal description | LOT 8 BLK 410 ODESSA ADDN |
Location
1981 Preston Rd
Odessa, TX 79761
Odessa submarket · Midland-Odessa market
31.93216, -102.33773
Open in RealStarListing package
Diamond — Top placement across the network.
Top placement across search, market pages and the mobile app, full media production, machine-matched buyer targeting using transaction history, and a named marketing manager.
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