Provident Industrial Completes Sale of Key Logistics Facility

Author: Thomas Cooper Updated: 09-10-2024 02:39 PM

Provident Industrial Completes Sale of Key Logistics Facility

Provident Industrial, a division of Dallas-based Provident, has successfully completed the sale of Building III at Gateway Logistics Park. This acquisition was made by EQT Exeter, a leader in global real estate encompassing a diverse portfolio that includes logistics, industrial, and residential properties across various continents.

Highlights of Building III

Building III represents a critical phase in the expansive development of Gateway Logistics Park. This facility is notable for its impressive specifications, including 345,394 square feet of industrial space featuring 36-foot clear heights, 59 dock doors, and two ramp doors. Additionally, the facility boasts a dedicated trailer staging area equipped with 98 trailer spaces, raising the overall capacity to 173, ensuring excellence in logistics and functionality.

Strategic Location Benefits

Conveniently situated near Loop 375, Building III is a mere 7.5 miles from the Ysleta-Zaragoza Port of Entry, making it a prime location for companies engaged in cross-border logistics. This advantageous positioning significantly enhances the appeal of the site, particularly for tenants focused on logistics and distribution operations involving North America and beyond.

Upward Trends in the Industrial Market

Construction has seen impressive growth in the local industrial market, culminating in this latest development. The project was successfully completed by Harvey-Cleary, with Pritchard Associates providing construction management services. Provident's Managing Director Case Van Lare, along with Chris Martin, Director of Southwest Industrial Development & Acquisitions, played vital roles in bringing this project to completion. They have been vocal about the investment in El Paso, attributing growth in the area to the emerging trends of nearshoring and reshoring that have captured the interest of many industries moving to this region.

Provident's Broader Expansion Strategy

In addition to this significant sale, Provident has shown considerable growth in its industrial portfolio, with a staggering 7.9 million square feet either under construction or in the pre-development phase across Texas, Arizona, and the Carolinas. This strategic growth reflects the company's commitment to expanding its footprint and capitalizing on the evolving landscape of the real estate market.

About Provident Industrial

Provident is a renowned privately held real estate and investment firm with over 30 years of experience. Since its inception in 1991, Provident has developed or invested in more than $5.9 billion worth of real estate across the nation. Known for its forward-thinking approach to real estate, Provident continues to make strategic investments that align with market demands and trends.

Frequently Asked Questions

What did Provident Industrial sell?

Provident Industrial sold Building III at Gateway Logistics Park to EQT Exeter.

What is the size of Building III?

Building III encompasses 345,394 square feet of industrial space.

Who developed Building III?

The construction of Building III was completed by Harvey-Cleary, with Pritchard Associates overseeing the project management.

How does the location of Building III benefit tenants?

Its strategic location offers easy access to Loop 375 and proximity to the Ysleta-Zaragoza Port of Entry, enhancing logistics opportunities.

What is Provident's overall market strategy?

Provident focuses on expansion in the industrial sector, with 7.9 million square feet of developments underway across several states.

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Provident Industrial Completes Sale of Key Logistics Facility