Category: US/Texas Deals & Announcements

CBRE Pre-Leases 123,000-SF Industrial Speculative Development in El Paso

Posted on by Sarah

CBRE announced that a 123,966-square foot industrial property in El Paso. Texas has been fully leased to a single tenant. The building, located at 9541 Joe Rodriguez Drive, is the second spec development in El Paso owned by Boston-based Equity Industrial Partners and New York-based Raith Capital Partners and was successfully leased before construction had been completed. Equity Industrial Partners and Raith Capital Partners broke ground on the building in March 2020. The spec building was leased to a 3PL company who services the manufacturing industry in the region. The facility is strategically located near the Zaragoza international port of entry and was the first spec project to break ground in 2020. Beyond the building’s strategic location, it also highlights demand for more modern features, such as 28-foot clear height and overflow trailer parking, which are scarce in El Paso. “We’re seeing a very strong demand for quality industrial product above 100,000 square feet in El Paso,” said Arturo De la Mora, vice president with CBRE in El Paso. “The existing supply of product that meets these requirements is minimal, creating upward pressure on lease rates and propelling spec development in our market.” The completion of this building brings the partnerships’ El Paso portfolio to a total of 23 buildings with a total footprint of more than 2,000,000 square feet They are in the process of delivering their third spec building by Q2 2021. De la Mora and Andres Sandoval with CBRE are representing Equity Industrial Partners and Raith Capital Partners in the marketing and leasing of their portfolio.

WeWork Names Veteran Real Estate Executive as New Chief

Posted on by Sarah

WeWork, the troubled operator of shared office space, has named Sandeep Mathrani, a senior executive at the commercial real estate company Brookfield Properties, as its new chief executive. Mr. Mathrani, whose appointment was announced on Saturday, replaces Artie Minson and Sebastian Gunningham, the co-chief executives. Mr. Minson and Mr. Gunningham took over in September from Adam Neumann, the WeWork co-founder whose growth-at-all-costs strategy brought the company to the brink of financial collapse last year. In a statement, Mr. Mathrani said WeWork had “redefined how people and companies approach work with an innovative platform, exceptionally talented team and significant potential if we stick to our shared values and maintain our members-first focus.” Click to read more at www.nytimes.com.

BELLOMY & CO. ANNOUNCES THE SALE OF CHATHAM PARKWAY SELF STORAGE IN SAVANNAH, GEORGIA

Posted on by ginger

ATLANTA – July 25, 2016   Bellomy & Co. announced the sale of Chatham Parkway Self Storage in Savannah, Georgia.  The facility consists of 858 climate and non-climate units in 100,350 NRSF. The property was 83% physically occupied at the time of closing.

Click to read the rest of this Article.

 

Amazon to Open Sixth Fulfillment Center In Texas

Posted on by ginger

Amazon.com, Inc. today announced plans to open a second fulfillment center in Haslet, TX, north of Fort Worth, the Internet retailer’s fourth customer order and shipping center in the Dallas-Fort Worth metropolitan and the sixth in the Lone Star State.

The 1 million-square-foot Haslet facility will add 1,000 full-time positions to Amazon’s Texas workforce for a total of 9,000 employees, the company said in a release.

Amazon began shipping customer orders at its existing Haslet facility in 2013, and the Seattle-based company’s other centers are located in Coppell, southern Dallas and Schertz, TX, with a fifth now under construction in San Marcos. Amazon also operates three sortation centers in the state, in Irving, Houston and San Antonio.

Amazon employees will pick, pack and ship smaller customer items, such as books, electronics and toys at the new Fort Worth-area facility.

Is Texas or California more recession proof?

Posted on by ginger

On long car trips, when the batteries on their iPhones go dead, my three daughters like to play a game called “Would You Rather?”

The contest typically devolves into a series of choices between two evils. As in, would you rather die in a nuclear holocaust, or be the only human left on the planet?

You get the picture.

The findings of a new report reminded me of the business version of that game. The question it raises, among others, is essentially this: Would you rather weather an oil-and-gas collapse in Texas, or a tech slump in California?

The answer may surprise you.

Click here to read the rest of this story from Austin Business Journal.