Warehouse space has become hard to find in the El Paso area, spurring more real estate development companies to make their first investments in the region or grow their investment here.
Last week, Dallas-based Blue Road Investments announced it has started construction on a 315,000-square-foot speculative industrial building at 655 Industrial Ave. in the Westpark Logistics Center in Santa Teresa, New Mexico. Construction is expected to finish in January 2021.
“The Santa Teresa submarket of El Paso has been remarkable in recent years, during one of the most active industrial cycles ever seen along the El Paso/Juárez border,” Christian Perez Giese, senior vice president and director at CBRE in El Paso, said in a news release.
Meanwhile, Massachusetts-based Equity Industrial Partners and New York-based Raith Capital Partners have started construction on a 123,966-square-foot “Class A industrial facility” at 9541 Joe Rodriguez Dr. in El Paso. It should be finished in December, according to a news release.
The firms announced in February that they had jointly acquired 22 industrial buildings for an undisclosed price in El Paso and Santa Teresa, New Mexico. The deal included 2 million square feet of industrial space and 35 acres of land, mostly in El Paso
They also have plans to begin a second speculative project, meaning with no tenants lined up, later this year, according to a press release. It will be located near the Zaragoza international bridge
Earlier this month, yet another company, Hunt Southwest Real Estate Development in Dallas, announced that it has broken ground on a 370,000-square-foot industrial building at 12590 Rojas. The company said it was drawn to El Paso’s “low vacancy rate and meteoric rental rate growth.”