Real estate investment platform CrowdStreet announced an offering for an equity investment in the third phase of an industrial development in El Paso, Texas.
Park 375 is a Class A industrial development that is the last of a three-phase, 920,000-square-foot project that will take advantage of the demand for industrial space in the El Paso region. This particular phase of the distribution center park will consist of 347,200 square feet of Class A industrial space.
El Paso is a part of the El Paso-Juarez Borderplex, the fifth-largest manufacturing hub in North America, and plays a significant role in the U.S. international trade economy. The El Paso metropolitan statistical area (MSA) has attracted more than 300 Fortune 1000 companies because of its strategic location, growing trade volume and abundant workforce. An inherent advantage for companies operating near the Borderplex is secure supply chains and distribution.
With the border seeing more than 800,000 cargo trucks last year, demand for industrial space is high in El Paso. The submarket vacancy rate for industrial buildings is 1.5% through the first quarter of 2023. With demand remaining far above historical averages, tenants are seeking to gain or expand in the market.
Construction on the third phase of the project is expected to begin in September, with an expected completion date of August 2024. Development sponsor Provident Realty Advisors is targeting a single-tenant lease, although the property is designed to accommodate four tenants.
Provident Realty Advisors was founded in 1991 and has a successful track record across multiple asset classes. The third phase of Park 375 marks Provident’s 17th investment offered on the CrowdStreet platform, including the two previous phases of this development. The real estate investment firm has over $1.6 billion in its actively managed portfolio and has completed over 20 million square feet across office, industrial, retail and multifamily assets.
The minimum investment for Park 375 Industrial-Phase III Development is $25,000.
CrowdStreet will host a live webinar at 10 a.m. PST on June 21 with the investment window opening 30 minutes into the webinar.
View details of CrowdStreet’s offerings
Photo courtesy of CrowdStreet
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