EL PASO, TX—CBRE has inked two long-term leases for logistics tenants at 7157 Merchant Avenue. The buildings are part of a larger industrial portfolio purchased by Phoenix-based ViaWest Group in 2015.
Tianhai Electric North America, electronic components manufacturer for the automotive industry, leased 21,809 square feet. The El Paso warehouse location will support the company's Ciudad Juarez operations plant across the US/Mexico border.
Green Bay, Wisconsin-based RES Food Products International, Inc., manufacturer of pickles, sauces and salad dressings, leased 20,000 square feet for distribution operations.
Since acquiring the four-building, 245,473-square-foot portfolio in March 2015, ViaWest Group has significantly improved the project, including installing new roofing, resurfacing the parking lots and updating the exterior paint. The portfolio is 60% occupied.
Arturo De la Mora, with CBRE's El Paso office, represented the landlord in lease negotiations.
"As a result of the improvements that were done to these buildings, we are experiencing a remarkable interest by distribution and logistics prospects in our market. These buildings have been repositioned as a viable, functional and appealing alternative to those users seeking to relocate or enter this market," said De la Mora.
Brad Dales of ViaWest Group adds, "We are really excited about the strong interest in the property since we started and completed our renovations. As one of the few properties in the central submarket that has a high clear-height, large truck court and brand new finishes, it is extremely well-situated for distribution tenants."
Established in 2003, ViaWest Group is a full-service commercial real estate acquisition, development, property management, investment and advisory firm. ViaWest Group manages approximately 2.5 million square feet and owns nearly $400 million of assets. ViaWest Group plans to acquire and develop more office, industrial, retail and commercial land parcels in the Southwestern United States.
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