Undertaking Grande will comprise two Class A logistics services. Picture courtesy of PCCP LLC
A three way partnership of PCCP LLC, Panattoni Improvement Co. and Hunt Cos. are creating Undertaking Grande, a 939,612-square-foot speculative industrial improvement in El Paso, Texas. The development of the 2 Class A logistics services is already underway, with completion anticipated within the third and fourth quarters of 2024. The buildings have been over 50 p.c pre-leased previous to breaking floor.
The event represents the primary part of a deliberate 1.8 million-square-foot industrial park. Upon completion, Undertaking Grande will characteristic 36-foot to 40-foot clear heights, ESFR sprinklers, in addition to rear-load and cross-dock configuration.
Positioned on the southeast nook of Pellicano Drive and Aircoupe Approach, the 45-acre improvement web site is inside El Paso’s East submarket. Undertaking Grande is close to to Loop 375, Interstate 10 and the Zaragoza Worldwide Port of Entry, in an space which is helpful for logistics and distribution.
As part of a bi-national, tri-state commerce area often known as the Borderplex Area, the El Paso industrial market advantages from sturdy fundamentals, together with a 3.3 p.c emptiness price. In accordance with a current CBRE report, the El Paso industrial market recorded 706,698 sq. ft of web absorption within the third quarter of 2023, whereas the year-to-date web absorption marked a brand new document excessive of two.6 million sq. ft. The identical supply reveals that roughly 4 million sq. ft of commercial house remained underneath building on the finish of the third quarter.
Panattoni and Crow Holdings Capital not too long ago secured $252.3 million in building financing for the event of three industrial buildings totaling 2.2 million sq. ft in Fredrickson, Wash. PCCP supplied the financing.
