CBRE has been appointed as the exclusive leasing agent for three to be built speculative industrial warehouse buildings in El Paso totaling 304,303 sq. ft. Construction is scheduled to begin in the second quarter of 2022.
CBRE’s Andrés Sandoval and Arturo De la Mora are representing the developers, a joint venture (JV) between Boston-based Equity Industrial Partners and New York-based Raith Capital Partners.
The three speculative buildings will be part of two properties—Plaza Circle and Pan American—
strategically situated near the Zaragoza international port of entry off Loop 375, just four miles from Interstate 10. All three buildings will feature modern specifications, including 1,200-sq.-ft. office areas, 28’ clear heights, 6” flooring, LED high-bay lighting with motion sensors, and ESFR sprinkler systems.
Plaza Circle is located at 9577 Plaza Circle and will comprise two buildings and a 180’ shared truck court. Building 1 is a 113,377-sq.-ft. warehouse with 20 dock doors with pit dock levelers, two ramps, and 16 trailer- and 99 auto-parking spaces. Building 2 is a 102,067-sq.-ft. warehouse with 15 dock doors with pit dock levelers, one ramp, and 14 trailer- and 78 auto-parking spaces. The facility is expected to be completed in the fourth quarter of 2022.
Pan American is located at 455 Pan American Drive and will be an 88,859-sq.-ft. warehouse with 17 dock doors with pit dock levelers, one ramp, a single truck court depth of 120’, and 57 auto-parking spaces. The warehouse is expected to be completed in the first quarter of 2023.
“We’re pleased to continue our partnership with Equity Industrial Partners and Raith Capital Partners. After the previous disposition of another industrial portfolio, the JV partners held onto two strategic parcels of land in El Paso’s Lower Valley submarket,” said CBRE’s Arturo De la Mora. “The submarket is at full occupancy and continued above-average demand is driving the need for more spec industrial developments like these to bring much-needed relief to the area.”
To date, Equity Industrial Partners and Raith Capital Partners built two other spec facilities in El Paso that they have since sold.
In the fourth quarter of 2021, El Paso’s industrial market set records in net absorption and space under construction, according to CBRE research. The metro recorded over 3.1 million sq. ft of net absorption and the market-wide vacancy rate fell 40 basis points to 3.1 percent from the previous quarter. Moreover, El Paso ended the year with a record-high 3.7 million sq. ft. of industrial space under construction—1.5 million sq. ft. of which were spec projects.
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