STAG Buys 652 KSF El Paso Industrial Asset
The property is fully leased to three tenants.
BH Properties has sold 9600 Pan American Drive, a 652,090-square-foot industrial property in El Paso, Texas, to STAG Industrial Inc., a REIT focusing on industrial properties throughout the United States. Cushman & Wakefield’s National Industrial Advisory Group advised BH Properties in the sale.
An acquisition price was not disclosed.
The Class A building is in the East El Paso industrial submarket, the city’s largest. The property benefits from proximity to Interstate 10 and the Ysleta-Zaragoza International Bridge, the busiest commercial port of entry between El Paso and Mexico.
Built in 1983 and expanded in 1995, the property spans 36.9 acres and is fully leased to three tenants with a weighted average lease term of about 5.5 years. The tenant roster includes TransLoad Forwarding, Brokers Logistics and VRP, according to Yardi Matrix.
The property also includes about 12.5 acres of excess land that can accommodate additional trailer storage or future expansion.
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Cushman & Wakefield’s Vice Chair Jim Carpenter, Executive Managing Directors Jud Clements and Robby Rieke, Director Emily Brandt and Associate Trevor Berry represented BH Properties in the transaction.
Prospering on the border
The El Paso industrial space market is on the upswing, with an overall vacancy of 10.3 percent and year-to-date net absorption of 2.2 million square feet, according to a second-quarter report from Cushman & Wakefield.
About 4.4 million square feet of industrial space is under construction, while the market has a current inventory of 78.2 million square feet.
Separately, BH Properties has been acquiring office properties aggressively so far this year. For example, in August the company purchased Tollway North Office Park, a 297,591-square-foot, seven-building office campus in Plano, Texas, for an undisclosed price. The seller was KBS.
In January, BH acquired Mission City Corporate Center, a 285,876-square-foot office campus in San Diego, from City Office REIT. JLL Capital Markets arranged the deal on behalf of the seller.
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