Sealy & Co. Buys Southern Border Industrial Asset
Sealy & Co. has purchased a 222,486-square-foot industrial property in El Paso, Texas. Stonelake Capital Partners previously owned the warehouse, according to CommercialEdge data. An in-house buyer team oversaw the transaction proceedings.
The 1993-built facility features a tri-load configuration, a clear height averaging 23 feet and 6 inches, 42 loading docks and 71 trailer parking spaces, among others. Flagstone Foods fully occupies the building, as well as part of an adjacent manufacturing plant.
Located at 15 Leigh Fisher Blvd., the warehouse is is less than 1 mile away from El Paso International Airport, while the Bridge of the Americas international entry port, as well as Interstate 10 and U.S. Route 54, are roughly 5 miles from the property.
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The building is within El Paso’s Butterfield Industrial Park—a supply-constrained submarket with a 97 percent average occupancy rate, which recently underwent infrastructure improvements.
The company’s footprint in Greater El Paso clocks in at 776,560 square feet spread throughout eight fully leased properties, according to its website.
Sealy & Co. Managing Director Jason Gandy and Director Davis Gibbs oversaw the transaction proceedings.
El Paso’s sturdy industrial demand
El Paso sees sustained industrial demand, stemming from its location along the southern border, proximity to international trade and business-friendly environment, Gandy said in prepared remarks. The nearshoring trends with Mexico also support the market.
The appetite for industrial space during the first three months stood above the 56-quarter trailing average, with tenants seeking 2.3 million square feet, according to a report by CBRE.
However, on account of last year’s record industrial completions, the vacancy rate continued its upward trajectory—albeit at a slower pace—climbing 70 basis points quarter-over-quarter to 10.2 percent in March, the same report shows.
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