IndCor Expands Its Presence in Texas to 17.5 Million Square Feet
Recent acquisition includes 1.1 million square feet of Class A properties in El Paso.
- (1888PressRelease) June 17, 2014 - IndCor, a real estate company focused on the ownership and management of industrial properties, is significantly expanding its presence in the prospering El Paso real estate market, with a 1.1 million-square-foot portfolio of industrial properties.
These recent acquisitions, brokered by CBRE National Partners, increased the total square footage owned and managed by IndCor to approximately 118 million square feet.
"The El Paso market is thriving, and we are very excited to be a part of it," states Stephen Bryan,
Co-Chief Investment Officer. "These bulk, high-clear height, Class A industrial buildings in the El Paso market boost IndCor's portfolio substantially in Texas."
At present, the IndCor properties in El Paso are at a 96 percent occupancy rate. The portfolio's average occupancy rate over the past seven years is 90 percent, which peaked at 100 percent in 2007.
According to Forbes magazine, El Paso has become the 11th fastest-growing city in the United States since the recession. More than 2 million people currently reside in the El Paso metropolitan area, which includes Juarez, Mexico.
"We have had proven success in the El Paso market, and are well positioned in the East El Paso submarket as well, offering easy access to Mexico," says Bryan.
In addition to its prime location on the US-Mexico border less than a mile away from Interstate 10 and 5 miles from the Zaragoza International Bridge El Paso has limited new construction. Approximately 58,000 square feet of new construction was completed in 2013, representing only a 0.19 percent increase in El Paso's total stock.
About IndCor
IndCor Properties, Inc. (IndCor) is one of the largest real estate companies in the United States focusing on the ownership and management of industrial properties. As a comprehensive real estate operator, IndCor currently owns and manages approximately 117 million square feet located in over 29 key logistics markets in 24 states. IndCor is headquartered in Chicago, Illinois.
IndCor was formed in 2010 as a portfolio company of The Blackstone Group, one of the world's largest alternative asset managers and advisory firms. To learn more, visit www.indcor.com.
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