Flowserve Pumps

Location: Pasadena, TX
Type: Industrial
Price: $16,000,000

SMC has provided an $16,000,000 five-year fixed rate mortgage to refinance existing debt collateralized by Flowserve Pumps, an 110,102 SF industrial building located in Pasadena, TX that is 100% leased to Flowserve US, Inc. The Property is 100% leased through April 2029 (approximately 12 years of remaining lease term). The lease is guaranteed by Flowserve (NYSE: FLS, Fitch: BBB, MIS: Baa3), a global leader in fluid motion control solutions for the power, oil & gas, chemical and water industries, among others. The improvements are situated over 8.1 acres and were completed in July 2016 as a build-to-suit for Flowserve. Of the total net rentable area, the building contains 84,580 SF (76.8%) of shop/warehouse space and two floors of office space totaling 25,522 SF (23.2%).