Due to increasing industrial demand in El Paso, Phase I is expected to reach full occupancy by Q2
VanTrust recently completed Phase I of its 59-acre speculative logistics park in East El Paso, Texas. Phase I of the El Paso Logistics Park consists of four buildings, totaling 514,135 square feet, located between Mercantile Avenue and Paseo Del Este Boulevard, bordered on the east by Bill Burnett Drive.
Since completion, VanTrust has leased over 187,323 square feet of its Logistics Park to three leading companies serving the El Paso/Juarez markets. OLA Logistics, LLC, a cargo and freight company, leased 76,848 square feet in Building Three, 12220 Paseo Del Este Boulevard. In addition, Building Three now houses Interceramic, Inc., a leading precision-crafted tile manufacturer, at 44,410-square feet. Buckland Global Trade Services, Inc., a customs and global trade logistics company, joins the El Paso Logistics Park in Building Four, located at 12425 Mercantile Avenue. This industrial lease totals 66,065 square feet. The remaining 326,812 square feet has strong demand, and 100% occupancy is expected in the coming months.
“These three leases are a great example of the industrial demand that El Paso, the world’s largest border community, is experiencing, acting only as the beginning of what is predicted to be a growing market in 2022,” said Josh Meredith, director of development at VanTrust. “With access to rail lines, two international airports and five international crossings, El Paso gives our Logistics Park the specialized amenities it needs to tap into this upward trend well into the future.”
Tenants of El Paso Logistics Park will be conveniently located within five miles of the Zaragoza Bridge, one of the busiest international points of commercial entry in the country and will have direct access to I-10, the fourth-longest interstate in the nation that extends cross-country from the Pacific Ocean to Jacksonville, Florida. In addition, the El Paso Logistics Park is within Foreign Trade Zone (FTZ) No. 68, providing all industrial residents with tax and duty exemptions on eligible inventory.
Due to its strategic geographic location, El Paso is experiencing its greatest demand for industrial space since 2018, with more than 3.1 million square feet of space absorbed during the last quarter of 2021, surpassing its previous record by nearly 1.6 million square feet. During the same timeframe, the market-wide vacancy rate fell by 40 basis points (bps), now at 3.1%, according to CBRE.
OLA Logistics, LLC was represented by David Hingst of PIRES International, Steve Berger of CBRE Dallas and Chad McCleskey of CBRE El Paso represented Interceramic, Inc. and Buckland Global Trade Services, Inc. was represented by Andres Sandoval of CBRE El Paso. The landlord representation for each transaction was Bill Caparis and Arturo De La Mora of CBRE El Paso.