EL PASO, TX-Bond Commercial Properties, headquartered in Anchorage, AK, has acquired the 497,611-square-foot Walter Jones Logistics Campus from Invesco Ltd. CBRE, which represented the seller, is also on board to finish leasing up the four-building campus which was built in the mid-1990s.
The campus at 48 Walter Jones is 71% leased to Penske Logistics. The complex consists of four buildings, including two distribution facilities with cross dock loading, an office building, and a standalone distribution facility. It also features a large truck court that can accommodate 180 trailers.
The logistics center is in Butterfield Trail Industrial Park, a 540-acre business park consisting of industrial, office, call center and warehouse space. “Historically, the Butterfield Trail Industrial Park has been a strategic location for logistics tenants such as Penske. Bond liked the stability provided by Penske and the ability to capitalize on improving El Paso market fundamentals and lease the existing vacancy,” says Jonathan Bryan, with CBRE in Dallas, who was part of the team representing the seller.
Other CBRE team members representing Invesco were Jack Fraker, Josh McArtor, Heather McClain Venegoni, and Anthony Mash. Mash has also been selected as the property's exclusive leasing agent.
Located in El Paso's Central submarket, the Butterfield Trail Industrial Park is close to the El Paso International Airport and benefits from the strong activity of Maquiladora Programs. With such programs, foreign merchandise is imported into Mexico where it is assembled, manufactured or repaired and then exported typically back to the country of origin. The Butterfield Trail Industrial Park is 100% developed, with no remaining large tracts of available land.
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