CBRE has arranged the lease of a 169,011 sq. ft. speculative industrial building in far East El Paso to an undisclosed logistics company.
CBRE’s William Caparis and André Rocha represented the developer, Mississippi-based EastGroup Properties, in lease negotiations.
EastGroup Properties began construction on the speculative warehouse/distribution building—located at 12291 Gateway Boulevard West—in September 2021 with an estimated completion date of July 2022. The real estate investment trust currently owns a little over 1.2 million sq. ft. of industrial space in El Paso.
“El Paso industrial space is in high demand and space under construction—particularly speculative space—was at an all-time high at the end of the first quarter,” said CBRE’s William Caparis. “EastGroup’s facility was the last available speculative building in the market before the new wave of industrial development began.”
Once complete, the building will be 255’ deep with modern specifications including a clear height of 32 feet, 52’ by 50’ column spacing, and 42 dock-high doors. Additional specifications include skylights, three-phase power and an ESFR sprinkler system. The building will sit on 12.61 acres and include a 135’-deep truck court with staging for 50 trailers, as well as parking for 163 cars.
The new warehouse is situated in El Paso’s East submarket, a premier industrial corridor with quick access to Interstate 10 and Texas State Highway Loop 375. At the end of the first quarter of 2022, the submarket accounted for nearly half of all industrial construction with approximately 2.1 million sq. ft. in progress according to CBRE research. Of the 4.2 million sq. ft. of industrial space under construction throughout the metro, 2.0 million sq. ft. were speculative developments.