Realterm, NIT Industrial Team Up on El Paso Development
The project will take shape near the U.S.-Mexico border.
Realterm and NIT Industrial have formed a joint venture to develop a two-building, 452,966-square-foot industrial campus on 31.2 acres in El Paso, Texas, near the U.S.-Mexico border.
Building One will have 125,843 square feet and feature a dock-high, rear-load configuration with a clear height of 32 feet. The second facility will have 327,123 square feet designed in a dock-high, cross-dock configuration and a 36-foot clear height. The property will also feature a total of 134 docking doors and 165 trailer stalls.
The location will provide tenants with a prime position for international trade with Mexico. The property is minutes from Interstate 10, Highway 375, the Ysleta-Zaragoza Bridge, Bridge of the Americas, El Paso International Airport and Paso De Norte Port of Entry. The El Paso-Juarez crossing at Ysleta has the second largest trade volume along the border.
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Travis Westmoreland, vice president of development at Realterm, said in prepared remarks nearshoring has become more prominent in U.S. trade since the pandemic, creating sustained demand in the El Paso logistics market. The firm has a notable Texas portfolio with properties in Dallas, Houston, Austin, Del Valle, Hutchins and Laredo.
For NIT, a Houston-based commercial real estate investment, development and operating company specializing in the industrial and distribution sectors, this will be its third ground-up project in the El Paso market. The firm also developed a speculative three-building, 555,000-square-foot campus called Loop 375 Industrial and sold it to MDH Partners prior to completion.
Realterm recent activity
Earlier this year, Realterm and Patrinely broke ground on a four-building, 439,000-square-foot speculative industrial project in Austin, Texas, that is slated for delivery by the first quarter of 2025. The campus is taking shape on a 34.5-acre site in the southeast Austin airport submarket.
The firm is also very active in the industrial outdoor storage sector. In February, Realterm acquired three IOS truck terminals near major Northeast interstates as part of Yellow Corp.’s Chapter 11 bankruptcy proceedings. The properties that Realterm took over were located in North Reading, Mass., outside Boston, Lexington, Pa., near Philadelphia and Cranston, R.I., in the Providence, R.I., market.
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