CBRE announced that a 123,966-square foot industrial property in El Paso. Texas has been fully leased to a single tenant. The building, located at 9541 Joe Rodriguez Drive, is the second spec development in El Paso owned by Boston-based Equity Industrial Partners and New York-based Raith Capital Partners and was successfully leased before construction had been completed.
Equity Industrial Partners and Raith Capital Partners broke ground on the building in March 2020. The spec building was leased to a 3PL company who services the manufacturing industry in the region. The facility is strategically located near the Zaragoza international port of entry and was the first spec project to break ground in 2020. Beyond the building’s strategic location, it also highlights demand for more modern features, such as 28-foot clear height and overflow trailer parking, which are scarce in El Paso.
“We’re seeing a very strong demand for quality industrial product above 100,000 square feet in El Paso,” said Arturo De la Mora, vice president with CBRE in El Paso. “The existing supply of product that meets these requirements is minimal, creating upward pressure on lease rates and propelling spec development in our market.”
The completion of this building brings the partnerships’ El Paso portfolio to a total of 23 buildings with a total footprint of more than 2,000,000 square feet They are in the process of delivering their third spec building by Q2 2021.
De la Mora and Andres Sandoval with CBRE are representing Equity Industrial Partners and Raith Capital Partners in the marketing and leasing of their portfolio.