CBRE announced that it has built 123,966 square feet of industrial property in El Paso. Texas is fully let to a single renter. The building, located at 9541 Joe Rodriguez Drive, is the second specification project in El Paso owned by Boston-based Equity Industrial Partners and New York-based Raith Capital Partners, and was successfully let prior to completion.
Equity Industrial Partners and Raith Capital Partners broke ground for the building in March 2020. The Spec building was rented to a 3PL company that services the manufacturing industry in the area. The facility is strategically located near the international port of entry of Zaragoza and was the first specification project to break the ground in 2020. In addition to the strategic location of the building, it also highlights the demand for more modern features, such as that are scarce in El Paso.
“We are seeing very strong demand in El Paso for high quality industrial products over 100,000 square feet,” said Arturo De la Mora, vice president of CBRE in El Paso. “The existing range of products that meet these requirements is minimal, which puts upward pressure on leasing rates and drives the development of specifications in our market.”
The completion of this building expands the El Paso portfolio of partnerships to a total of 23 buildings with a total area of more than 2,000,000 square meters.
De la Mora and Andres Sandoval from CBRE represent Equity Industrial Partners and Raith Capital Partners in marketing and leasing their portfolios.