Lunnen Real Estate Services completed a Williston industrial lease-up at 5031 Petroleum Park Dr. The property has ±12,500 SF across two shop buildings on a ±5.53 acre fenced, stabilized yard, and it is now 100% leased.
The Assignment
Ownership engaged LRES to lease the full property. We retained the existing tenant in the 5,000 SF rear shop and placed a new tenant in the 7,500 SF front building, bringing the property to 100% occupancy.
The Property
5031 Petroleum Park Dr sits in an established Williston industrial park and offers the features energy service tenants ask for:
- 7,500 SF heated shop with office, dispatch, and reception space
- 5,000 SF shop with drive-through bays and a trench drain
- 10 covered truck parking stalls with electrical plug-ins
- ±5.53 acres, fully fenced with a scoria surface
What This Williston Industrial Lease Tells Owners
Tenants are still leasing well-built shops with yard. A property that pairs heated shop space with a fenced, stabilized yard gives operators room to work and room to park, which keeps it in demand. For current drilling and production activity across the basin, see the North Dakota Oil and Gas Division.
Two buildings can serve two tenants. Because the front and rear buildings work on their own, ownership could keep one tenant in place and lease the other building separately rather than waiting for a single user to take the whole property. We cover what tenants look for in our guide to Bakken shop facilities.
Keeping a good tenant is part of the result. Retaining the existing tenant protected the property’s income while we found a tenant for the other building.
Have a Williston Industrial Property to Lease?
If you own a shop, yard, or multi-building industrial property in Williston or elsewhere in the Bakken with space coming open, we can price it against recent leases and market it to the operators active in the basin. Request a free valuation to start a confidential conversation.
About Lunnen Real Estate Services
For more than 15 years, LRES has focused exclusively on industrial and energy service real estate in North Dakota’s Bakken region. The firm has closed more than $500M in transactions and developed seven industrial parks in the Bakken.
Jeff Lunnen, Principal Broker
701-428-1243 | jeff@lunnen.com
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