CBRE has arranged the sale of a 79,883-square-foot warehouse in Laredo, Texas, to a 1031-exchange buyer for $9.15 million.
Anthony DeLorenzo, Bryan Johnson, Nick Williams, and Elizabeth Bachhuber with CBRE’s Investment Properties—California/Arizona/Nevada represented the seller, California-based Stos Partners, in the transaction.
Located at 13806 North Unitec Drive, the property was built in 2001 and is fully occupied by Grupo Cargoquin, a supply chain company that provides custom agency, third-party logistics (3PL), transportation logistics and foreign trade consulting services. The facility comprises two buildings with 22-foot clear heights, eight drive-ins, 21 loading bays and 53 parking spaces.
The facility sits on 4.94 acres just off Interstate 35, which connects Laredo with the rest of the United States and Canada. The property is 20 minutes from the Port of Laredo and 30 minutes from the Laredo International Airport, providing access to both passenger and cargo transportation. Laredo metro area is home to more than 260,000 people and 112,000 jobs, according to the Texas Development Corporation.
Laredo’s industrial real estate supply has grown by 10% over the past five years to 36 million square feet with a vacancy rate of just 1.5% in the fourth quarter of 2022, according to CBRE Research. The average asking rent increased by 6.1% year-over-year in 2022 to $9.53 per square foot for a triple-net lease. As more manufacturing operations are nearshored, trade with Mexico is expected to increase, along with industrial investor and occupier interest.