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11/24/20
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BH Properties has acquired a 187.4k sf dry and cold storage warehouse facility in Laredo, TX. The 132-door, cross-dock facility was purchased from Mastronardi Produce in a short-term sale leaseback transaction.
Built in 2000 as a distribution center for Walmart, the facility is located at 40767 Cannel St on a 19-acre lot within the International Commerce Center. The building features 115.2k sf of ambient cross-dock space and 56.7k sf of cooler space with 21’ clear heights and 15k sf of office space, which includes driver amenities such as a lounge area, showers, and a laundry room.
The facility is located near the Laredo Colombia Solidarity Bridge, one of Laredo’s two commercial truck crossings between Mexico and the United States. Approximately 14,000 trucks cross these bridges each day, according to the Laredo Economic Development Corporation.
Canada-based Mastronardi, one of the largest growers of produce in North America, acquired and upgraded the building in 2016 to meet its specific needs as a distribution center for vegetables and produce cultivated in Mexico for distribution in the United States. Under terms of the sale/leaseback, Mastronardi will continue to occupy the building for the next five months until it relocates to a larger refrigerated facility in Laredo.
This is the first asset in Laredo for BH Properties, a real estate investment firm which has approximately 20% of its 10 msf commercial and industrial real estate portfolio in Texas. BH is considering several options with the building including expanding the cold storage area to meet the supply/demand imbalance for cold storage space in the market.
“Laredo itself is not a large city, but it is the largest inland port of entry into the U.S., and arguably plays a critical role for both the U.S. and Mexico economies,” said Andrew Van Tuyle, Senior Managing Director Investments. “We have been searching for entry into Laredo for a long time, but not a lot of deals trade there. Now that we have broken into the market, we hope this is the first of many for BH as our goal is to build significant scale in Laredo.”
Scott Henry, Managing Director Acquisitions in BH’s regional office in Dallas, sourced the acquisition. Carlo Molano with Forum CRE and Rob Yaffa with RDY Advisors represented the seller on the sale. Molano will be handling the leasing for BH Properties locally.
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