File photo
File photo
Boston and New York firms have purchased 22 industrial buildings in the El Paso area with nearly 2 million square feet of space in what some are calling the largest industrial real estate transaction in the city in several years.
Raith Capital Partners, a commercial real estate investment firm based in New York City, and Equity Industrial Partners, developer and operator of industrial and office facilities based in Needham, Massachusetts, purchased the buildings and 35 acres of vacant land in industrial parks in El Paso’s Far East Side and Lower Valley plus Santa Teresa, New Mexico, according to the El Paso Times. The appraised value of the properties is over $66 million.
Arturo De la Mora, a vice president and commercial real estate agent at CBRE El Paso, told the El Paso Times that the industrial real estate deal is the largest in the El Paso-area market in at least 10 years.
The purchase included buildings that have nearly 2 million square feet of light manufacturing, distribution, warehouse and office space.
Many of the buildings will have warehouse and distribution products from manufacturing plants in Mexico.
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