By Laura Calugar
CBRE has facilitated the sale of Merchant Industrial, a 245,945-square-foot industrial asset in El Paso, Texas. The company worked on behalf of both the seller—ViaWest Group—and the buyer, Stonelake Capital Partners.
Located at 7155, 7157, 7177 and 7189 Merchant Ave., the four-building property provides easy access to Interstate 10. El Paso International Airport is only four miles away. The asset last traded in 2015, when ViaWest Group purchased it from New York-based Sullivan Crosby Trust. At that time, the buildings were only 40 percent leased, but ViaWest Group brought the property to almost full occupancy in October 2017.
“These four industrial buildings were previously deteriorated and underperforming assets. After heavy renovation investments and repositioning, these buildings quickly became attractive to the logistics users in this market,” said CBRE El Paso Associate Arturo De La Mora, in a prepared statement.
Near-record leasing activity
The El Paso industrial market had a 7.9 percent vacancy rate as of the end of the first quarter of 2018, according to CBRE research. De La Mora and CBRE Capital Markets’ Jonathan Bryan represented the seller in this transaction, while Bill Caparis, also part of the CBRE team in El Paso, worked on behalf of the buyer.
In a joint venture with Taconic Capital, ViaWest Group recently purchased the 252,350-square-foot Blackhawk Corporate Center in Phoenix.
Image via Google Street View